Titan Company to Acquire 67% Stake in Dubai-Based Damas for $283 Million

New Delhi: Titan Company announced on Monday that it will acquire a 67% stake in Dubai-based luxury jewellery retailer Damas for an enterprise value of AED 1,038 million (over $283 million), as part of its strategy to expand across the Gulf Cooperation Council (GCC) countries—UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.

The acquisition will be carried out through Titan Holdings International, Titan’s wholly-owned subsidiary, which has signed a share purchase agreement with Mannai Corporation, the current owner of Damas LLC, according to a filing with the stock exchange.

“The consideration for the proposed transaction is based on an enterprise value of AED 1,038 million. Upon completion, Titan Holdings will own 67% of the equity share capital and voting rights in Damas LLC,” the filing stated. It also mentioned that Titan will have a path to acquire the remaining 33% stake after December 31, 2029, subject to agreed conditions.

The deal is contingent upon receiving all necessary regulatory approvals.

The move comes amid strong economic growth in the GCC region, driving demand for high-quality, culturally resonant jewellery with a distinctive Arabian aesthetic, appealing to a sophisticated and diverse clientele.

Founded in 1907 and headquartered in Dubai, Damas Jewellery is one of the Middle East’s most prominent jewellery retailers, operating 146 stores across the six GCC countries.

“After successfully establishing Tanishq in the GCC and the US, our ambition for a truly global jewellery business is entering its next phase. With the Damas acquisition, Titan is broadening its focus beyond the Indian diaspora to cater to a wider international audience,” said C.K. Venkataraman, Managing Director of Titan Company.

Damas became a subsidiary of Mannai Corporation in 2012. With this new investment, it is now set for a fresh phase of regional expansion.

“We are pleased that Titan is investing in the future of Damas. Both companies share a deep passion for exquisite jewellery, innovative design, and exceptional customer service,” said Alekh Grewal, Group CEO of Mannai Corporation.

With inputs from IANS