Titan Acquires 67% Stake in Damas to Grow its GCC Marketshare

To deepen ambitions in the global jewellery landscape, India’s Titan Company Limited has signed a definitive agreement to acquire a controlling 67% stake in iconic Middle Eastern jeweller Damas LLC from Qatar-based Mannai Corporation. The deal, valued at an enterprise worth of AED 1.038 billion, marks a strategic milestone for Titan’s international expansion. It positions the Tata Group-backed company as a serious contender in the GCC’s high-value jewellery market.

The acquisition, routed through Titan’s wholly owned subsidiary Titan Holdings International FZCO, gives the company access to Damas’ extensive 146-store retail footprint across the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain, an enviable launchpad for deepening its regional influence. The transaction is expected to be financed through a blend of debt, internal accruals, and cash reserves, subject to regulatory approvals and customary closing conditions.

This deal also includes the planned discontinuation of Damas’ Graff Monobrand Franchisee business, setting the stage for a renewed brand positioning.

With this acquisition, Titan takes a bold leap beyond its diaspora-centric strategy in markets like the GCC and the US. Tanishq, Titan’s flagship brand, has already made inroads among Indian expats in the region but the Damas buyout opens up a broader cross-cultural play for the company.

“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,” said C.K. Venkataraman, Managing Director, Titan Company.

“The acquisition not only creates a significant new global opportunity for Titan, but also enhances Titan’s overall position in the jewellery market in the GCC countries and brings in multiple synergy benefits in talent, retail networks and supply chain.”

Founded in 1907 and headquartered in Dubai, Damas is one of the region’s most recognised luxury jewellery retailers. Known for marrying traditional Arabic motifs with contemporary design sensibilities, the brand has carved a niche with affluent locals and discerning expats alike. From in-house collections to global luxury labels, Damas’ portfolio offers a spectrum of offerings grounded in cultural authenticity.

Mannai Corporation will retain a 33% stake in Damas until at least December 2029, signalling a measured handover and continued alignment on Damas’ long-term growth.

“We are delighted that Titan is taking the opportunity to invest in the future of Damas,” said Alekh Grewal, Group CEO of Mannai Corporation.

“We are confident that the combination of Damas powered by Titan will drive Damas in the next chapter of its growth trajectory in the GCC.”

Reading Between the Lines: A New Phase for GCC Jewellery Retail

This acquisition comes at a time when the GCC jewellery market is undergoing rapid evolution. With rising disposable incomes, a growing appreciation for design-led products, and a sophisticated customer base seeking authenticity with modern aesthetics, Damas’ regional brand equity combined with Titan’s operational prowess could be a formidable combination.

For Titan, the deal bolsters its international footprint and sends a strong signal about its ability to orchestrate high-value acquisitions in culturally diverse markets.