Editor’s Note
This strategic acquisition marks a significant step for Titan in expanding its international footprint, particularly within the lucrative GCC jewellery market. The move underscores the company’s ambition to grow beyond its dominant position in India.
Titan’s Strategic Expansion into GCC Markets
The country’s leading branded jewellery maker, Titan, will acquire a majority 67% stake in UAE-based Damas Jewellery in an all-cash deal, a move which helps the Tata group-managed firm to expand its business in GCC countries.
Titan’s wholly-owned subsidiary, Titan Holdings International FZCO, on Monday signed a definitive agreement with Mannai Corporation for the purchase of its 67% shareholding in Damas LLC (UAE), the current holding company for the Damas jewellery business in GCC countries.
“The consideration for the proposed transaction is arrived on the basis of the enterprise value of AED 1,038 million (nearly ₹2,438.56 crore),” said a joint statement.
Founded in 1907, Damas Jewellery has a network presence of 146 stores across six GCC countries. It had a revenue of AED 1,461 million (around ₹3,450.2 crore) in FY’24.
“The purpose of acquisition is to acquire the entire jewellery business, including the brand ‘Damas’ held by Mannai Corporation in GCC countries through Damas LLC (UAE),” it said.
Titan expects the proposed transaction to be completed before January 31, 2026, subject to regulatory clearances.
Deal Structure and Future Options
“As per the Proposed Transaction, Titan Holdings will acquire 67 per cent shareholding subject to conditions precedent specified in the Definitive Agreement and relevant regulatory approvals, as may be required, in the applicable jurisdictions,” it said.
However, after four years, by the end of 2029, Mannai shall have the right to sell and Titan Holdings shall have the right to acquire the balance 33 per cent shareholding in the holding company, subject to conditions agreed upon.
Strategic Significance and Market Vision
This deal is “strategically significant” for Titan’s jewellery business as it will facilitate expansion across the six GCC countries – UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain, said Titan.
“The region is exhibiting robust economic growth, creating a demand for differentiated, high-quality offerings rooted in Arabian aesthetic and appealing to sophisticated clientele seeking unique, culturally resonant designs,” it said.
Commenting on the development, Titan Managing Director C K Venkataraman said:
“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. Damas is a prestigious brand revered in the GCC markets for its product innovation, quality and customer experience.”
Damas jewellery’s rich brand legacy and strong presence in the GCC region align perfectly with Titan’s vision.
“This acquisition not only creates a significant new global opportunity for Titan, but also enhances Titan’s overall position in the jewellery market in the GCC countries and brings in multiple synergy benefits in talent, retail networks and supply chain,” it said.
Seller’s Perspective and Future Plans
Mannai Corporation Group CEO Alekh Grewal said:
“Mannai will continue to own a minority stake in Damas for the next four 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.”
Mannai Corporation is a publicly listed company headquartered in Qatar, with activities mainly focused on the Business to Business segment based on trade and IT services.
