In a regulatory filing made post market hours yesterday, the company informed that Titan, through its wholly owned subsidiary Titan Holdings International FZCO (Titan Holdings), has entered into an agreement for the sale and purchase of shares, to acquire 67% stake in Damas LLC (UAE), the current holding company for Damas jewellery business in GCC countries from Mannai Corporation.
The current Graff Monobrand Franchisee business of Damas LLC will be discontinued before completion of the proposed transaction.
The consideration for the proposed transaction is arrived on the basis of the enterprise value of AED 1,038 million. On the completion of this acquisition. Titan Holdings would hold 67% of the equity share capital and voting rights in Damas LLC and a path to acquire the balance 33% stake from Mannai after 31 December 2029, subject to conditions agreed upon in the definitive document.
The proposed transaction is strategically significant for Titan’s jewellery business as it will facilitate the expansion across the 6 GCC countries of UAE, Saudi Arabia, Qatar, Oman. Kuwaij and Bahrain.
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.
Dubai-based Damas Jewellery stands as Middle East’s premier jewellery retailer. With a network presence of 146 stores across the 6 GCC countries, Damas today, houses a rich and curated portfolio of in-house collections alongside prestigious international labels.
C.K. Venkataraman, managing director of Titan, said: “After successfully establishing Tanishq in the GCC countries and the USA, our 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. Damas is a prestigious brand revered in the GCC markets for its product innovation, quality and customer experience.
The brand’s rich legacy and strong presence in the GCC region align perfectly with our vision to deliver exceptional value to customers through iconic, consumer-focused businesses. 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."
Titan Company is a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO). The company diversified into Jewellery (Tanishq) and subsequently into the eye care segment.
The company’s consolidated net profit jumped 12.97% to Rs 871 crore in Q4 FY25 as compared with Rs 771 crore in Q4 FY24. Revenue from operations increased 23.76% year-on-year to Rs 13,897 crore in Q4 FY25.