In a significant step towards global expansion, Titan Company Limited has entered into a binding agreement to acquire a 67% stake in Damas Jewellery LLC, a historic and well-known jewellery retailer in the Middle East. The acquisition, announced on July 19, has received approval from Titan’s Board and was disclosed in accordance with SEBI’s LODR regulations.
The deal will be carried out through Titan Holdings International FZCO, Titan’s fully-owned subsidiary based in the UAE. The stake in Damas will be purchased from Mannai Corporation QPSC, a diversified Qatari conglomerate listed on the Qatar Stock Exchange.
As part of the process, Titan has set up a special purpose vehicle (SPV) named Signature Jewellery Holding Limited, registered in the Dubai International Financial Centre (DIFC). This entity, fully owned by Titan Holdings, will serve as the direct acquirer.
The acquisition deal is valued at an enterprise value (EV) of AED 1,038 million (approximately ₹2,350 crore) and is structured as a complete cash transaction. Titan will also have the option to purchase the remaining 33% stake in Damas after December 31, 2029, following pre-established terms.
Established in 1907, Damas Jewellery boasts 146 retail outlets across the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain, making it a major organised jewellery player in the GCC region. Notably, the acquisition excludes Damas’s Graff monobrand franchise, which remains outside this deal.
For the fiscal year ending March 31, 2024, Damas recorded revenues of approximately AED 1,461 million (₹3,300 crore). Its product range spans diamonds, gold, and branded jewellery, with a strong presence in key Gulf markets known for high jewellery spending.
Titan confirmed the deal is conducted at arm’s length, with no related-party transactions involved, and remains subject to required regulatory and antitrust clearances.
This acquisition is Titan’s largest international investment to date, signalling a move beyond Indian jewellery exports to directly owning and operating retail chains overseas. Through Damas’s well-established presence and customer loyalty in the Gulf, Titan aims to accelerate its global ambitions and strengthen its foothold in the premium branded jewellery sector.
Once regulatory processes are completed, Titan will secure majority ownership of a century-old brand, a milestone that could significantly elevate its position in the global jewellery industry.