Titan Acquires 67% Stake in Damas Jewellery to Boost GCC Expansion

Titan Company, through its wholly owned subsidiary Titan Holdings International FZCO, has entered into a definitive agreement to acquire a 67 percent stake in Damas LLC, the iconic UAE-based jewellery retailer. The acquisition, valued at an enterprise value of AED 1,038 million, marks a strategic leap in Titan’s efforts to scale its jewellery business beyond India and penetrate deeper into the fast-growing Gulf Cooperation Council (GCC) markets, including the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.

Highlights

• Titan to acquire 67% stake in Damas LLC from Mannai Corporation QPSC

• Enterprise value pegged at AED 1,038 million (approx. ₹2,350 crore)

• Transaction set to close on or before January 31, 2026

• Titan aims to expand its footprint beyond Indian diaspora to wider GCC demographics

• Mannai retains 33% stake with exit rights post-December 2029

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Acquisition Structure and Financial Details

As per the agreement, the acquisition will be structured around a newly formed entity — Signature Jewellery Holding Limited, UAE — to which the Damas business will be transferred. Titan will hold 67% equity in this entity. The transaction is expected to close by January 31, 2026, subject to regulatory clearances and fulfillment of customary conditions precedent. Titan intends to finance the deal through a mix of internal accruals, existing cash reserves, and debt. The net payout will be adjusted based on the final debt, cash, and working capital positions at the time of closure.

Highlights

• Target entity: Damas LLC (to be restructured as Signature Jewellery Holding Ltd.)

• Share capital: AED 500,000

• FY24 turnover: AED 1,461 million

• FY23 turnover: AED 1,332 million | FY22 turnover: AED 1,140 million

• Funding mix: Debt, cash balances, and internal accruals

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Strategic Significance for Titan

The acquisition of Damas represents a pivotal expansion for Titan’s jewellery vertical, allowing the company to serve a broader customer base across six Gulf nations. Damas’ strong legacy and extensive retail footprint — 146 stores across the GCC — position it as a natural partner for Titan, which is now aiming to move beyond its core Indian-origin clientele and tap into affluent Arab and expat segments that value luxury, heritage design, and premium craftsmanship.

Highlights

• Expansion beyond diaspora focus into regional markets of GCC

• Damas’ network of 146 stores enhances Titan’s international retail reach

• GCC jewellery market expected to grow amid robust economic activity

• Titan to leverage Damas’ brand equity and supply chain efficiency

Damas Jewellery: Profile and Market Presence

Founded in 1907, Damas Jewellery has emerged as a prominent name in the Middle Eastern luxury jewellery market. Based in Dubai, the brand blends regional motifs with contemporary international aesthetics and houses a portfolio of proprietary collections as well as global designer labels. Its consistent revenue growth over the past three years reflects strong consumer traction across the region.

Highlights

• Established in 1907; headquartered in Dubai

• 146 stores across UAE, Saudi Arabia, Oman, Qatar, Bahrain, and Kuwait

• Focus on heritage-driven collections and global luxury collaborations

• Consolidated FY24 revenue: AED 1,461 million, up 28% over FY22

Future Ownership Structure and Exit Clauses

Following the acquisition, Titan Holdings will control 67% of Damas, while Mannai Corporation QPSC will continue to hold the remaining 33%. Under the agreement, post-December 2029, Titan will have the right to acquire, and Mannai will have the right to sell, the balance stake under pre-agreed conditions. This structure offers both partners strategic flexibility over the medium term while ensuring alignment on Damas’ growth trajectory.

Highlights

• Mannai retains 33% stake until at least December 2029

• Both parties hold future exit and call/put rights

• Transaction subject to regulatory and legal approvals

Management Commentary on the Deal

Titan Managing Director C.K. Venkataraman described the acquisition as a “milestone” in the company’s global ambitions. He underlined that Titan is ready to extend its excellence in design, retail, and consumer trust to new geographies. Alekh Grewal, Group CEO of Mannai Corporation, expressed optimism that Titan’s backing will significantly enhance Damas’ scale, innovation, and operational standards across the GCC landscape.

Highlights

• Titan: Acquisition aligned with long-term global growth roadmap

• Mannai: Confident in Titan’s ability to accelerate Damas’ market leadership

• Emphasis on synergy, innovation, and expanding product-market fit across ethnic groups in GCC