NEW DELHI— Titan Company announced on Monday that it will acquire a 67 percent stake in Dubai-based luxury jewelry retailer Damas for an enterprise value of AED 1,038 million (over $283 million), as part of its strategy to expand across the Gulf Cooperation Council (GCC) countries — including the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.
The Indian conglomerate will make the acquisition through its wholly-owned subsidiary, Titan Holdings International. According to a stock exchange filing, Titan has entered into a definitive agreement with Mannai Corporation to purchase the stake in Damas LLC, the current holding company for Damas’ jewelry business across the GCC.
“The consideration for the proposed transaction is based on an enterprise value of AED 1,038 million. Upon completion, Titan Holdings will hold 67 percent of the equity share capital and voting rights in Damas LLC, with a pathway to acquire the remaining 33 percent from Mannai after December 31, 2029, subject to agreed conditions,” the filing stated.
The deal remains subject to regulatory and other necessary approvals.
The GCC region is experiencing strong economic growth, which is driving demand for high-quality, culturally resonant luxury offerings rooted in Arabian design and appealing to a sophisticated, diverse clientele.
Founded in 1907 and headquartered in Dubai, Damas Jewellery is recognized as the Middle East’s leading jewelry retailer, operating 146 stores across all six GCC countries.
“After successfully establishing Tanishq in the GCC and the U.S., our ambition to become a global jewelry player is entering the next phase. With the Damas acquisition, Titan is expanding beyond a diaspora-focused approach to reach new nationalities and demographics,” said C.K. Venkataraman, Managing Director of Titan Company.
Damas became a subsidiary of Mannai Corporation in 2012. As the brand enters its next phase of growth, Mannai expressed confidence in Titan’s leadership.
“We are pleased that Titan is investing in the future of Damas. Both companies share a deep passion for exquisite jewelry, innovative design, and exceptional customer service,” said Alekh Grewal, Group CEO of Mannai Corporation. (Source: IANS)
