Indian jewellery brand Titan Company said on Monday it would acquire a 67% stake in Dubai-based luxury jewellery retailer Damas at an enterprise value of AED 1038 million….
Titan India Limited subsidiary Titan Holding International FZCO announced on Monday that it has entered into an agreement to buy a 67% stake in Damas LLC, the holding company of the Damas jewellery business in the Gulf Cooperation Council (GCC) region.
Damas is a Dubai-based luxury jewellery retailer that provides luxury jewellery to customers, and the transaction is happening at an enterprise value of AED 1,038 million (over $283 million). Titan sees this as an increased presence in Gulf Cooperation Council region countries like UAE, Saudi Arabia, Oman, Qatar, Bahrain, and Kuwait.
Under the agreement, as informed to exchanges, Titan Holdings will acquire a 67% stake of the equity and voting rights in Damas LLC, and the balance 33% stake will be acquired after 31 December 2029 from Mannai, subject to conditions agreed upon in definitive documents.
The transaction will be funded through debt, internal accruals, and existing cash reserves.
Titan said this is a step to increase Titan’s dominance and accelerate its jewellery business in the Gulf region, given the strong economic momentum and rising demand.
Damas Jewellery, founded in 1907, has a network presence of 146 stores across GCC countries. It had revenue of ₹3,450 crore in the financial year 2024. The brand is known for its blended Arabic aesthetic, including architecture and script-inspired motifs, with modern design, lavishness, and sensibilities that cater to affluent people of the GCC and expatriate customers.
Titan expects the transaction to be completed by January 31, 2026, subject to regulatory clearances.
Commenting on the development, Titan Managing Director C. K. Venkataraman (he has diverse experience in marketing, sales, and retailing and has spent almost 30 years in the industry and with Titan) said that after successfully establishing Tanishq in GCC countries, this acquisition plays a very key role in their ambition for global jewellery play in the next stage.
Mannai Corporation and Damas
Mannai Corporation is a Qatar-based company, mainly working in trade and IT sectors. It had bought the Damas jewellery-based brand in 2012. Now Mannai is selling its majority stake to Titan, and after 4 years, the whole company will be sold to Titan. The money Mannai receives from this deal will be used to grow its trade and IT business and reduce company debt.
Titan Group
Titan Group is a joint venture between the Tata Group and TIDCO (Tamil Nadu government). The company was founded in 1987. Titan began its journey as a watchmaker, then expanded its business into jewellery under the brand of Tanishq in 1994, and later into eye care. In the financial year 2024–25, Titan made around ₹57,339 crores in total revenue, out of which the jewellery market alone contributed ₹46,571 crores, which is over 81% of the total income. Under Titan, they have four jewellery brands that cater to different income classes — some are in the luxury segment, and others are in the affordability segment. They are also increasing their retail outlets.
Titan’s philosophy is that Titan has never been just about scale or numbers. It is about moving forward with intention, led by purpose, shaped by people, and anchored in responsibility. Pragati is the name we give to this forward motion. It brings together everything we believe in: care for the planet, inclusive growth, and transparent, ethical governance.