Mumbai/Dubai, July 2025 – Titan Company Ltd., the Tata Group’s lifestyle and consumer products powerhouse, has announced a strategic acquisition to deepen its global footprint. Through its wholly owned international arm, Titan Holdings International FZCO, the company will acquire a 67% controlling interest in Damas LLC, the parent firm of iconic Middle Eastern jeweller Damas Jewellery.
The stake is being purchased from Mannai Corporation, a Qatari conglomerate, at an enterprise value of AED 1,038 million (approximately USD 282 million).
This landmark acquisition positions Titan as a key player in the Gulf Cooperation Council (GCC) markets — spanning the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. As part of the agreement, Titan will have the option to purchase the remaining 33% stake in Damas after December 31, 2029, contingent on certain conditions.
The deal, which is subject to regulatory approvals and standard closing conditions, will be funded through a combination of internal accruals, cash reserves, and debt. Notably, Damas’ Graff monobrand franchise will be divested prior to the transaction’s completion.
A Century-Old Brand Meets Global Ambitions
Founded in 1907, Damas Jewellery has become a household name in the Middle East, blending traditional Arabic motifs with modern jewellery design. With 146 stores across the region, it caters to both native and international audiences, delivering a mix of proprietary collections and global luxury labels.
Titan’s Managing Director, C.K. Venkataraman, emphasized the acquisition’s strategic significance:
“With Tanishq already established in the GCC and the USA, this marks the next phase in our global journey. Damas’ deep heritage and trusted reputation make it an ideal partner. This move allows us to move beyond diaspora-focused retail into wider demographics, tapping into the region’s vibrant consumer base. We’re thrilled to welcome Damas to the Titan family and look forward to enhancing its legacy while unlocking new growth opportunities together.”
Mannai’s Strategic Realignment
Commenting on the deal, Alekh Grewal, Group CEO of Mannai Corporation, stated:
“Since acquiring Damas in 2012, we’ve seen the brand evolve and grow. Now, it’s ready for its next chapter. Titan shares our dedication to craftsmanship, design excellence, and customer service. With this transition, Damas is well-positioned for sustained expansion. Mannai will retain a minority stake for the next four years, while the transaction proceeds will support our core B2B businesses, including trade and IT services, and aid in reducing group-level debt.”
Looking Ahead
Titan’s acquisition of Damas not only signals its commitment to international expansion, but also reflects a broader ambition to be a global leader in the jewellery segment. With cultural resonance, market reach, and operational synergies aligning, this partnership sets the stage for a bold, cross-border growth narrative in the luxury retail sector.
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
