Titan Eyes GCC Luxury Domination Through Damas Acquisition

Titan Company Ltd., through its wholly owned subsidiary Titan Holdings International FZCO, has signed a definitive agreement to acquire a 67% stake in UAE-based Damas Jewellery from Mannai Corporation for AED 1,038 million. The all-cash transaction positions Titan to significantly strengthen its presence across the Gulf Cooperation Council (GCC) countries. The remaining 33% stake is expected to be acquired post-2029, subject to agreed conditions.

Mannai Exits Majority Stake to Refocus on Core Business

Qatar-based Mannai Corporation, which acquired Damas in 2012, is divesting its majority interest to reallocate capital toward its core trade and IT services businesses and reduce group debt. It will retain a 33% minority stake in Damas for the next four years. The Graff monobrand franchisee business currently housed within Damas will be discontinued before the deal closes.

Why Damas Is a Strategic Gem

Founded in 1907 and headquartered in Dubai, Damas is the GCC’s leading jewellery retailer, with a network of 146 stores across the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. Its offerings include culturally rich in-house collections and premium global brands, rooted in Arabian aesthetics. Damas clocked revenue of AED 1,461 million (~₹3,450 crore) in FY24 and is widely respected for its trust, legacy, and design leadership.

Titan’s Global Ambitions Take Shape

With this acquisition, Titan is transitioning from serving primarily the Indian diaspora to targeting a broader international clientele. Managing Director C.K. Venkataraman described it as the next stage in Titan’s global jewellery journey, building on the success of Tanishq in GCC and U.S. markets. The deal is expected to deliver synergies across talent, retail networks, and supply chains.

Deal Structure and Financials

The transaction, structured as an all-cash deal, is valued at AED 1,038 million (~₹2,438 crore), based on Damas’ enterprise value. Titan will fund the deal through a combination of internal accruals, cash reserves, and debt. The acquisition is expected to close by January 31, 2026, subject to customary regulatory approvals and conditions precedent.

Market Response and Future Outlook

Titan’s stock saw a mild uptick post-announcement, reflecting investor optimism about the brand’s expanded global footprint. Analysts view the acquisition as a logical and value-accretive move, given Damas’ strong regional position and Titan’s proven operating capabilities. The Middle East luxury market, backed by robust economic growth and rising affluence, offers a fertile ground for Titan’s next phase of expansion.

Final Word

Titan’s strategic acquisition of Damas Jewellery marks a major leap in its internationalisation strategy and a decisive step into the culturally nuanced GCC luxury market. As global investors increasingly eye the Middle East for premium retail growth, this move could redefine Titan’s global brand identity and reinforce its dominance in the high-margin jewellery segment.