Titan Company, a leading Indian jewellery brand under the Tata Group, has announced the acquisition of a 67% stake in UAE-based Damas Jewellery through its subsidiary Titan Holdings International FZCO. The all-cash deal, valued at AED 1,038 million (approximately ₹2,438.56 crore), marks a significant expansion of Titan’s presence in the GCC jewellery market.
Majority Stake to Drive Regional Growth
As part of the agreement, Titan Holdings signed a definitive deal with Qatar-based Mannai Corporation, the current majority stakeholder in Damas LLC. This acquisition includes the entire jewellery business of Damas, along with its brand rights across six GCC countries. The transaction is expected to close by January 31, 2026, subject to regulatory approvals in the respective jurisdictions.
Founded in 1907, Damas operates 146 stores throughout the GCC, generating AED 1,461 million (approximately ₹3,450.2 crore) in revenue in FY 2024. Titan views this acquisition as a key move to deepen its regional retail footprint.
Path to Full Ownership by 2029
Under the terms of the agreement, Titan Holdings will initially acquire 67% of Damas. However, by the end of 2029, Mannai will retain the option to sell, and Titan the right to purchase, the remaining 33% stake—subject to predefined conditions. This staggered structure enables Titan to gradually consolidate its control over the brand while leveraging Mannai’s regional expertise in the short term.
Titan stated that the move aligns with its ambition to expand beyond its current diaspora-focused approach, tapping into wider markets across the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.
Leadership Perspectives on the Deal
Titan’s Managing Director, C K Venkataraman, said, “After successfully establishing Tanishq in the GCC and the USA, our ambition for a global jewellery play is moving to the next stage. With the Damas acquisition, Titan is stepping out from its diaspora focus into other nationalities and ethnicities. Damas is a prestigious brand revered in the GCC for its innovation, quality, and customer experience.”
Mannai Group CEO Alekh Grewal confirmed that Mannai will continue to hold a minority stake in Damas for the next four years, during which time the brand’s expansion strategy will be executed. Proceeds from the deal will be used to strengthen Mannai’s core trade and IT services and reduce group debt.
Jewellery Leads Titan’s Revenue Mix
Titan Company began as Titan Watches in 1987 and diversified into jewellery in 1994 with its flagship brand Tanishq. It later expanded into the eyewear segment. In FY 2025, Titan reported ₹57,339 crore in revenue, with jewellery contributing ₹46,571 crore—over 81% of total operations.
The acquisition of Damas is expected to bring synergistic benefits across talent, supply chain, and retail networks, reinforcing Titan’s position as a global jewellery powerhouse.
