Titan Company Ltd. has announced that its wholly owned subsidiary, Titan Holdings International FZCO, UAE (Titan Holdings), has completed the acquisition of the Damas Jewellery business in the Gulf Cooperation Council (GCC) countries through its subsidiary at an enterprise value of AED 1,038 million (about ₹2,560 crore).
The acquisition, which underscores Titan’s expansion strategy in one of the world’s fastest-growing jewellery markets, has been executed through Titan Holdings Signature Jewellery Holding Ltd.
Under the revised ownership structure, Signature Jewellery, the holding company for the Damas jewellery business across the GCC, will be owned 67% by Titan Holdings and 33% by MC International Ltd, a wholly owned subsidiary of Mannai Corporation QPSC, Qatar. Titan plans to acquire the remaining stake by the end of 2029.
The transaction marks a significant milestone for Titan’s jewellery business and is expected to facilitate expansion across the six GCC countries, a region characterised by strong economic growth and rising demand for premium, differentiated jewellery offerings.
Damas Jewellery is one of the Middle East’s leading jewellery retailers, with a legacy spanning over a century and a strong reputation for craftsmanship and innovation. The brand operates a network of 146 stores across the six GCC countries and offers a curated portfolio of in-house collections alongside well-known international jewellery labels.
The deal comes at a time when Titan has reported strong performance for the December quarter, with its consumer businesses—particularly jewellery—delivering robust growth. Titan’s consumer businesses grew about 40% year-on-year during the quarter, led by a 41% increase in jewellery revenues. International operations also posted strong expansion, supported by continued store additions across segments and geographies.
Commenting on the acquisition, Titan Managing Director C.K. Venkataraman said that after successfully establishing Tanishq in the GCC countries and the US, the company’s ambition for a global jewellery play was moving into its next phase.
“With the Damas acquisition, Titan is stepping beyond its diaspora-focused strategy to cater to a wider mix of nationalities and ethnicities,” he said adding that Damas’ rich legacy and strong regional presence align well with Titan’s vision of building iconic, consumer-focused businesses.
“The acquisition not only creates a significant new global opportunity for Titan, but also strengthens our position in the GCC jewellery market, while offering multiple synergies across talent, retail networks and the supply chain,” Venkataraman said.
Mannai Corporation Group CEO Alekh Grewal said Damas, headquartered in Dubai, became a subsidiary of Mannai in 2012, and the current transaction marks the beginning of its next phase of growth.
“We are delighted that Titan is investing in the future of Damas. Both companies share common values around design innovation and customer service,” he said.
Mannai will continue to hold a minority stake in Damas for the next four years, while the proceeds from the transaction will be used to support the expansion of Mannai’s core trade and IT services businesses, as well as to reduce group debt.