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 AED 1,038 million (US$282.6 million), 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 acquires majority stake in Damas
Titan expected the deal to be complete by January 31, 2026. The company also has the right to acquire the remaining 33 per cent stake in Damas after December 31, 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.
“The acquisition not only creates a significant new global opportunity for Titan but also enhances the company’s overall position in the jewellery market in the GCC countries and brings in multiple synergy benefits in talent, retail networks and supply chain.”
While there is a huge Indian expat population in the Middle East which is a ready market for Titan, the company was also lured by “the region exhibiting robust economic growth creating a demand for differentiated, high-quality offerings rooted in Arabian aesthetic and appealing to sophisticated clientele seeking unique, culturally resonant designs.”
Founded in 1907, Damas Jewellery is headquartered in Dubai. It was previously listed on Nasdaq Dubai, before being taken over by Mannai and Egyptian investment bank EFG Hermes in 2012 for US$445 million. EFG Hermes sold its entire 19 per cent stake in the jeweller in 2014 to Mannai.
Mannai said it will use the proceeds of the deal to strengthen its resources in support of further expansion of its core trade and IT services businesses in addition to reducing the Group Debt.
Alekh Grewal, Group Chief Executive Officer of Mannai Corporation, added: “Mannai Corporation is focused in the B2B segment based on trade and IT services. Damas became a subsidiary of Mannai in 2012, and the time has come for investment in the next phase of its expansion in the region.
“So, we are delighted that Titan is taking the opportunity to invest in the future of Damas. Both Titan and Damas share the same values in terms of passion for beautiful jewellery, innovative design and dedicated customer service, and we are confident that the combination will drive Damas in the next chapter of its growth trajectory in the GCC.”
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