Editor’s Note
This acquisition by Titan Company represents a major strategic move into the lucrative Gulf luxury market, significantly expanding the Tata Group’s global retail footprint.
India’s Titan Company, part of the Tata Group, has taken a significant step forward in its global expansion by acquiring a 67% stake in Dubai-based luxury jeweller Damas LLC. The deal, valued at AED 1.038 billion (approximately USD 283.2 million or INR 2,435 crore), marks one of the biggest international acquisitions by the company and opens doors to a robust presence in the Gulf region’s high-end jewellery market.
With this acquisition, Titan gains control over Damas’ extensive retail footprint—146 stores across six GCC countries including the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. Damas, founded in 1907, is a heritage brand known for its reputation in the Middle East’s luxury jewellery space. This strategic move not only boosts Titan’s retail reach in the Gulf but also positions the brand to serve a wider customer base beyond the Indian diaspora.
The deal has been signed through Titan Holdings International FZCO, Titan’s Dubai-based subsidiary, and is expected to close by January 31, 2026, subject to regulatory approvals. Titan also has the option to acquire the remaining 33% stake after December 31, 2029. The current majority stake is being acquired from Qatar’s Mannai Corporation, which will retain a minority holding for at least the next four years.
According to C.K. Venkataraman, Managing Director of Titan Company, this acquisition signals a shift from Titan’s existing strategy.
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For Mannai Corporation, this marks a confident handover. CEO Alekh Grewal stated that the shared values between Titan and Damas—such as craftsmanship, service, and design excellence—make this a natural transition.
The synergy between the two brands is evident. Damas’ portfolio includes both in-house and international labels such as Graff, Roberto Coin, and Mikimoto, giving Titan access to a more luxurious segment of the market. In turn, Titan brings deep operational expertise, a strong design ecosystem, and efficient supply chain mechanisms that can strengthen Damas’ backend capabilities.
This acquisition also comes at a time when the Gulf jewellery market is experiencing strong growth, driven by evolving consumer preferences and increased spending on luxury products. Titan’s move is expected to position it more competitively against regional and international players, particularly in the premium segment.
Investor interest in Titan has surged following the announcement, with analysts praising the strategic timing and long-term potential of the deal. However, the success of this venture will hinge on how well Titan manages the integration while preserving Damas’ brand identity and regional loyalty.
In essence, this is not just a business deal—it’s a cultural and strategic merger. By bringing together the legacy of Damas with Titan’s vision and capabilities, the acquisition could redefine how luxury jewellery is retailed across the Gulf. If the strategy plays out as envisioned, Titan may soon emerge as a formidable player in the global jewellery landscape.