Editor’s Note
Titan Company’s $283 million acquisition of a controlling stake in GCC-based Damas Jewellery marks a significant strategic expansion for the Indian giant into the Gulf markets. This deal is poised to reshape the regional competitive landscape.
Titan Company shares will be in focus on Tuesday after its wholly owned subsidiary, Titan Holdings International FZCO, signed a definitive agreement to acquire a 67% stake in Damas LLC, the holding company for the Damas Jewellery business in the Gulf Cooperation Council (GCC) region, from Mannai Corporation.
The deal, valued at AED 1,038 million ($283 million), will give Titan a strong foothold across the six GCC countries—UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain—as the Indian jewellery major looks to expand its global presence.
Under the agreement, Titan Holdings will acquire 67% of the equity and voting rights in Damas LLC. The remaining 33% stake, currently held by Mannai, will be available for purchase by Titan after 31/12/2029, subject to mutually agreed terms.
The acquisition will be funded through a mix of debt, internal accruals, and existing cash reserves. The deal is subject to customary closing conditions, including regulatory approvals in certain jurisdictions.
Founded in 1907 and headquartered in Dubai, Damas is one of the oldest and most prominent jewellery retailers in the Middle East, with 146 outlets across the GCC. The brand is known for combining Arabic design elements with modern aesthetics, catering to both local and expatriate customers.
Titan also confirmed that Damas’ Graff monobrand franchisee business will be discontinued prior to the completion of the deal.