Titan Company Ltd announced on Monday that it will acquire a majority stake in Dubai-based jeweller Damas LLC for USD 283 million, or 1.04 billion dirhams, as part of its plan to expand its jewellery business in the Middle East beyond the Indian diaspora.
The acquisition will be carried out through Titan’s fully owned subsidiary, Titan Holdings International, which has entered into an agreement to buy a 67 percent stake in the holding company of Damas from Qatar-headquartered Mannai Corporation, a publicly listed firm.
According to Titan’s filing with the stock exchanges, the deal includes the entire jewellery business and the brand Damas that Mannai owns in the Gulf Cooperation Council (GCC) region. As of 31 March 2025, Titan’s Tanishq operated 13 stores across GCC countries, along with two Mia by Tanishq outlets.
Founded in 1907, Damas has a presence across all six GCC countries — the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain — with a network of 146 stores. The brand houses a mix of in-house jewellery collections and high-end international labels. Damas reported a consolidated turnover of USD 394.47 million in FY24.
Titan said the acquisition is a step forward in its ambition to serve a more diverse customer base in the Middle East. Indian brands have historically catered mainly to the diaspora in the region, but Titan plans to focus on reaching other nationalities and ethnicities as well.
C.K. Venkataraman, managing director of Titan, said, as quoted by Mint: “After successfully establishing Tanishq in the GCC countries and the USA, our ambition for a global jewellery play is moving to the next stage. With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities.”
Titan Holdings will hold 67 percent of the equity share capital and voting rights in Damas, with an option to buy the remaining 33 percent from Mannai after 31 December 2029, subject to conditions. The current Graff Monobrand franchise business of Damas will be discontinued before completion of the transaction.
Mannai Corporation had acquired Damas in 2012. Commenting on the deal, Alekh Grewal, group CEO of Mannai Corporation, said, “Mannai will continue to own a minority stake in Damas for the next 4 years as the growth plans for Damas are taken forward. It is intended that the proceeds of the sale transaction will be deployed by Mannai to strengthen its resources in support of further expansion of its core trade and IT services businesses in addition to reducing the group debt.”
Titan already has a presence in the Middle East with its brands Tanishq and Zoya, and last year expanded into the North American market as well.
CaratLane, its diamond jewellery brand, opened its first international store in New Jersey, USA, in FY25. The company said the GCC market is seeing strong economic growth and rising demand for high-quality, culturally resonant jewellery offerings rooted in Arabian design.
The company sells jewellery through brands such as Tanishq and Zoya, watches, eyewear, fragrances, accessories, Indian dress wear under Taneira, and women’s bags under IRTH.
In FY25, Titan’s jewellery sales crossed INR 50,000 crore (USD 578.47 million) for the first time, marking a 20 percent growth over the previous year.
The company’s consolidated revenue from operations stood at INR 60,456 crore (USD 699.73 million) in FY25, up 18 percent year-on-year. Titan’s stock closed 1 percent higher at INR 3,433.30 (USD 39.70) on Monday on the BSE.
As of 31 March 2025, Titan operated a total of 3,312 stores across its businesses.
