Titan Company, part of Indian conglomerate Tata Group, will take a major step in its international growth plan after announcing that it was buying a majority 67 per cent stake in Dubai-based luxury brand Damas from Qatar’s Mannai Corporation.
The deal, based on an enterprise value of US$282.6M, makes Titan one of the largest jewellery businesses in the Middle East. Titan is completing the deal through its wholly owned subsidiary, Titan Holdings International FZCO. The completion of the deal is subject to closing conditions and mandatory regulatory approvals.
Titan entered the UAE market in October 2020 and already has a significant presence in the country through its seven Tanishq jewellery stores. The new deal gives it access to Damas’ 146 stores across the six Gulf Cooperation Council (GCC) countries – UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.
Titan expected the deal to be complete by 31 January 2026. The company also has the right to acquire the remaining 33 per cent stake in Damas after 31 December 2029.
CK Venkataraman, Managing Director of Titan, commented: “After successfully establishing Tanishq in the GCC countries and the USA, our ambitions for a global jewellery play is moving to the next stage.
“With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities. Damas is a prestigious brand revered in the GCC markets for its product innovation, quality and customer experience. The brand’s rich legacy and strong presence in the GCC region align perfectly with our vision to deliver exceptional value to customers through iconic, consumer-focused businesses.”
