New Delhi: Watch and jewelry retailer Titan Firm Ltd, by means of its wholly owned subsidiary Titan Holdings Worldwide, on Monday introduced the acquisition of a majority stake in Dubai-based jeweller Damas Llc (UAE) for $283 million or 1.04 billion dirham.
Titan, through its absolutely owned arm, has entered an settlement to accumulate a 67% stake in Damas’s present holding firm for its jewelry enterprise in Gulf Cooperation Council (GCC) nations from publicly listed Mannai Corp, headquartered in Qatar, in line with a regulatory submitting by Titan.
The aim of the acquisition is to accumulate the complete jewelry enterprise, together with the model Damas, held by Mannai within the GCC nations.
As of 31 March, Tanishq operates 13 shops in GCC nations and two Mia by Tanishq retailers.
Center East enlargement
This transfer goals to broaden Titan’s footprint within the Center East, becoming a member of a league of different homegrown gold and diamond retailers with a presence within the Gulf.
Damas Jewelry, based in 1907, has a community of 146 shops throughout the six GCC nations—the UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. Damas homes a curated portfolio of in-house collections alongside high-end worldwide jewelry labels.
Damas reported a consolidated turnover of $394.47 million in FY24, in line with regulatory filings made by Titan Co.
Usually, Indian jewelry manufacturers have expanded in these markets, drawn by demand from the Indian diaspora that proceed to worth jewelry purchases. Titan will, nonetheless, use the acquisition to deal with different nationalities and ethnicities.
Titan Holdings will maintain 67% of the fairness share capital and voting rights in Damas and a path to accumulate the steadiness 33% stake from Mannai after 31 December 2029, topic to situations. The present Graff Monobrand franchise enterprise of Damas shall be discontinued earlier than completion of the transaction, per a submitting with the exchanges.
Titan Co. already operates its Tanishq jewelry model within the Miidle East, with shops in Dubai and Abu Dhabi.
Final fiscal, each Tanishq and Zoya expanded their world presence, opening shops in North America and GCC area primarily catering to the Indian diaspora. Its diamond model Caratlane additionally opened its first worldwide retailer in New Jersey, USA in FY25.
“After efficiently establishing Tanishq within the GCC nations and the USA, our ambition for a world jewelry play is transferring to the following stage. With the Damas acquisition, Titan Firm is stepping out from its diaspora focus into different nationalities and ethnicities,” C.Okay. Venkataraman, managing director of Titan, mentioned.
“The acquisition not solely creates a major new world alternative for Titan, but in addition enhances Titan’s general place within the jewelry market within the GCC nations and brings in a number of synergy advantages in expertise, retail networks and provide chain,” he added.
Learn extra: As gold costs hit report excessive, Tanishq rethinks wedding ceremony jewelry technique
Analysts mentioned the transfer might doubtlessly supply the corporate a playbook to broaden in worldwide markets past its personal manufacturers. The deal makes a whole lot of “sense” mentioned Harminder Sahni, managing director, and accomplice at Wazir Advisors.
This might work as a mannequin the place they construct extra property within the jewelry enterprise abroad, he mentioned. “The Tata Group has the bandwidth and integration capabilities for such a transfer. The transfer can be attention-grabbing as a result of it stresses on increasing past the prevailing and core shopper base of the Indian diaspora,” he added. The Tata Group already operates a shopper items enterprise through Tata Client Merchandise in abroad markets.
The GCC area is exhibiting strong financial progress creating a requirement for differentiated, high-quality choices rooted in Arabian aesthetic and interesting to classy clientele searching for distinctive, culturally resonant designs, the corporate mentioned in its assertion saying the acquisition.
To make certain, jewellers from south India have a well-established presence within the Center East, with manufacturers like Malabar Gold & Diamonds, Joyalukkas, Kalyan Jewellers having a major presence in these markets.
Mannai Company has enterprise pursuits within the business-to-business phase primarily based on commerce and IT companies. Damas, headquartered in Dubai, grew to become a subsidiary of Mannai in 2012, and the time has come for funding within the subsequent part of its enlargement within the area, mentioned, Alekh Grewal, group chief government officer, Mannai Company.
“Mannai will proceed to personal a minority stake in Damas for the following 4 years as the expansion plans for Damas are taken ahead. It’s supposed that the proceeds of the sale transaction shall be deployed by Mannai to strengthen its sources in assist of additional enlargement of its core commerce and IT companies companies along with decreasing the group debt,” he mentioned.
Titan Firm sells jewelry (Tanishq), watches, eyecare merchandise, fragrances, equipment and Indian gown put on (Taneira) and girls luggage (IRTH).
In FY25, the corporate’s jewelry gross sales surpassed ₹50,000 crore for the primary time, reflecting a 20% leap in yearly revenues. It reported ₹60,456 crore in income from operations (consolidated) for the total yr, up 18% y-o-y.
Titan operated 3,312 shops as of 31 March 2025.