Ananthanarayanan Hariharan Takes Charge as CEO of Damas Jewellery: Titan Signals a Bold New Chapter in the GCC Luxury Market

In a move that marks one of the most significant leadership shifts in the Middle East’s jewellery retail landscape this year, Ananthanarayanan Hariharan has been appointed the Chief Executive Officer of Damas Jewellery, the iconic GCC brand now majority-owned by Titan Company Ltd. Hariharan will be based in Dubai, where Damas has been headquartered since 1907. His appointment aligns with Titan’s strategic acquisition of a 67% stake in the company through its subsidiary Titan Holdings International FZCO, a deal valued at approximately AED 1,038 million (~₹2,438 crore / ~$283 million).

This leadership change signals Titan’s most ambitious overseas retail play yet—one that combines its mastery in organised jewellery retail with Damas’s deep cultural equity and extensive footprint across the Gulf.

A Retail Leader with Rare Breadth Across Jewellery, Fashion, and Big-Box Retail

Hariharan brings to Damas more than three decades of operational and commercial experience across India’s most respected retail and consumer organisations. Beginning his career in supply chain and operations at Madura Coats, he went on to spend a decade with Reliance Retail, rising through roles that spanned supply chain, category management and retail operations. His retail leadership sharpened further at Reliance Trends, where he led supply chain and non-apparel categories—giving him a strong grounding in inventory velocity, assortment planning, and store network operations.

He later moved to Titan Industries, taking on the role of General Manager – Merchandising for Tanishq, one of India’s most trusted and profitable jewellery businesses. This experience placed him at the intersection of product, design, sourcing and consumer insight—capabilities that are deeply relevant to Damas’s future.

From 2017 to 2023, Hariharan served as Senior Vice President & Business Head – Fashion and Lifestyle at Reliance Retail, where he oversaw one of the fastest-scaling lifestyle retail portfolios in the country. Most recently, he spent over two years as Head of Retail & Merchandising at Novel Jewels, the jewellery venture of the Aditya Birla Group, strengthening retail frameworks, product architecture and customer experience.

He is an alumnus of IIM Calcutta (PGDM in Marketing & Operations) and BITS Pilani (B.E. in Electrical & Electronics Engineering).

Damas Jewellery: A Century-Old GCC Icon Enters a New Ownership Era

Damas Jewellery is one of the Middle East’s oldest and most recognised jewellery brands, founded over 118 years ago. With 146 stores across all six GCC countries, Damas holds a unique position in the region’s premium jewellery market—blending Arabic heritage, intricate craftsmanship, and modern design language.

Titan’s acquisition gives the Tata Group company immediate scale in a market that has historically been difficult for foreign players to penetrate, due to its distinct aesthetic preferences, competitive landscape, and high concentration of legacy brands. The deal structure also includes an option for Titan to acquire the remaining 33% stake from Mannai Corporation after December 2029, signalling intent toward eventual full ownership.

Why Titan Needed a Leadership Heavyweight — and Why Hariharan Fits the Mandate

Hariharan’s appointment must be viewed not merely as a CEO hire, but as a foundational step in Titan’s long-horizon GCC strategy. Operating Damas at its full potential will require deep organisational transformation, redesigning product lines for evolving GCC tastes, and upgrading store experience across high-street, mall and travel retail formats.

His experience across merchandising, supply chain, store operations, and retail P&L gives him a uniquely comprehensive leadership profile for a business of this complexity.

Key areas where his leadership is expected to make immediate impact include:

• Modernising and premiumising the Damas brand portfolio, while preserving its heritage cues.
• Enhancing retail productivity across 146 stores in highly competitive GCC markets.
• Leveraging Titan’s rigour in sourcing, karat control, hallmarking and product assurance to enhance trust and margin structure.
• Building stronger product collections and seasonal cycles, especially in wedding, diamond, gold and fashion categories.
• Establishing cross-border synergies between Damas and Titan’s India supply chain and design studios.

Damas at a Glance: Current Scale & Structure

A Strategic Inflection Point for Both Titan and Damas

Titan’s entry into Damas comes at a time when GCC jewellery retail is transitioning rapidly:

• Affluent younger consumers are seeking modern collections with global influences.
• Tourism-led consumption is rebounding strongly across Dubai, Abu Dhabi and Doha.
• Premium and experiential retail is becoming the core differentiator.
• Brand trust and certification are becoming more critical in gold and diamond purchases.

With Hariharan at the helm, Damas is expected to sharpen its brand relevance while benefiting from Titan’s globally recognised playbook in transparent pricing, karat integrity, and design-led retail.

For Titan, the appointment signals a deeper narrative: this is not a passive investment — it is a long-term commitment to becoming a significant force in the GCC jewellery market.

The Road Ahead

The industry will watch closely how Hariharan:

• Re-energises the Damas retail format
• Integrates Titan’s processes into the GCC ecosystem
• Elevates store-level unit economics
• Modernises the product portfolio
• Strengthens the brand for both GCC nationals and expat communities

His mandate is clear: take one of the Middle East’s most respected jewellery brands into its next era of scale, modernity and global competitiveness.

With Titan’s backing and Hariharan’s deep retail pedigree, Damas now stands on the threshold of a transformation that could redefine the jewellery retail playbook in the GCC.