Titan has entered into an agreement to acquire a 67% stake in Dubai-based jewellery firm Damas from Qatar-based Mannai Corporation. The consideration for the proposed transaction is based on an enterprise value of AED 1,038 million ($ 282 million).
The Tata Group company, which runs Tanishq jewellery stores in India abroad, would also have the option to acquire the balance 33% stake from Mannai after 31st December 2029.
Titan said the acquisition is strategically significant for its jewellery business as it will facilitate expansion across the six Gulf Cooperation Council (GCC) countries of UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. The current Graff Monobrand Franchisee business of Damas LLC will be discontinued before completion of the proposed transaction (on or before 31st January 2026).
C.K. Venkataraman, Managing Director of Titan, said that after successfully establishing Tanishq in the GCC countries and the USA, their 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…The 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," added Venkataraman.
Founded in 1907, Damas has 146 stores across the six GCC nations and retails in-house and international labels. Damas LLC reported revenue of AED 1,461 million in 2024.
Alekh Grewal, Group Chief Executive Officer of Mannai Corporation, said that 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,” added Grewal.
Besides Titan, Indian jewellery brands such as Malabar Gold & Diamonds and Kalyan Jewellers have a significant presence in the Gulf region.
“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,” Titan said in a statement.
Mannai Corporation is a publicly listed company headquartered in Qatar. Their activities are mainly focused in the Business to Business segment based on trade and IT services. Damas, headquartered in Dubai, became a subsidiary of Mannai in 2012.