In a strategic move to expand its international jewellery footprint, Titan Company Limited has signed a definitive agreement to acquire a 67% stake in Damas Jewellery LLC, one of the oldest and most recognisable jewellery retail brands in the Middle East. The deal, announced on July 19, was approved by Titan’s Board and disclosed under SEBI’s LODR guidelines.
The transaction is being executed via Titan Holdings International FZCO, a wholly owned subsidiary of Titan Company, headquartered in the UAE. Titan Holdings will acquire the Damas stake from Mannai Corporation QPSC, a diversified conglomerate listed on the Qatar Stock Exchange.
To facilitate the deal, Titan has incorporated a special purpose vehicle — Signature Jewellery Holding Limited — in the Dubai International Financial Centre (DIFC). Signature Jewellery will act as the acquiring entity and will be directly owned by Titan Holdings.
The transaction, valued at an enterprise value (EV) of AED 1,038 million (approximately ₹2,350 crore), is structured as an all-cash acquisition and includes an option for Titan to acquire the remaining 33% stake in Damas post December 31, 2029, under pre-agreed terms.
Founded in 1907, Damas Jewellery operates a network of 146 stores across the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain, making it one of the region’s largest organised jewellery retailers. The current acquisition excludes the Graff monobrand franchise business, which is not part of the deal.
For the financial year ending March 31, 2024, Damas reported revenues of AED 1,461 million (approx. ₹3,300 crore). The company offers a broad mix of diamond, gold, and branded jewellery, and holds significant brand equity across multiple GCC markets known for their high per capita jewellery spend.
Titan clarified that the deal is being undertaken on an arm’s-length basis with no related-party involvement, and is subject to regulatory and anti-trust approvals.
The acquisition represents Titan’s most decisive international push so far, marking a shift from exporting Indian jewellery to owning and operating retail platforms in foreign markets. By leveraging Damas’s established retail footprint and local consumer trust, Titan aims to fast-track its international ambitions and tap into the strong branded jewellery demand across the Gulf.
Once regulatory approvals are secured, Titan will assume majority control of a century-old retail icon — a move that could redefine the company’s role in the global jewellery landscape.