Titan buys $189 million stake in Dubai jeweler Damas

Titan Co. Ltd has acquired a 67% stake in Dubai-based Damas Jewelry from Qatar’s Mannai Corp for $189 million (about AED695 million).

The acquisition was made through Titan’s wholly owned subsidiary, Titan Holdings International, and includes the jewelry business and brand Damas in the Gulf Co-operation Council (GCC) countries.

The deal values Damas at $283 million and provides Titan an option to purchase the remaining 33% stake from Mannai after 31 December 2029, subject to certain conditions.

Damas, which was founded in 1907, operates 146 stores across six GCC countries: the UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.

Its portfolio includes in-house collections and international jewelry brands. The agreement excludes its franchise operations for the British luxury brand Graff.

“This acquisition not only creates a significant new global opportunity for Titan, but also enhances its overall position in the jewelry market in the GCC,” said C.K. Venkataraman, Titan’s managing director. “After successfully establishing Tanishq in the GCC and the US, our ambition for a global jewelry play is moving to the next stage. With the Damas acquisition, Titan is stepping out from its diaspora focus into other nationalities and ethnicities.”

Titan has been active in the GCC region since 1993. It currently operates 13 Tanishq stores and two Mia by Tanishq outlets in the region. A flagship Tanishq store was opened in Dubai in 2020.

The deal is Titan’s second-largest acquisition and supports its aim to grow internationally beyond its core Indian customer base.