India's Titan to buy 67% stake in Damas to expand Gulf presence

Qatar's Mannai to retain minority stake for four more years

Damas has a network of 146 stores across the Gulf countries. Jaime Puebla for The National

Indian jeweller Titan will acquire a 67 per cent stake in Dubai-based luxury jewellery retailer Damas for an enterprise value of Dh1.04 billion ($283.2 million) as it seeks to expand its presence in the Gulf.

It has signed a share sale and purchase agreement with Damas International, UAE, a wholly owned subsidiary of Qatari conglomerate Mannai Corporation, for the stake, Titan said in a statement to the National Stock Exchange of India, where its shares are listed, on Monday.

On completion of the acquisition, Titan Holdings will hold 67 per cent of the equity share capital and voting rights in Damas and will have a path to acquire the remaining 33 per cent stake from Mannai after December 31, 2029, subject to conditions, the statement said.

The completion of the proposed transaction is subject to certain precedent conditions and approvals from antitrust and other regulatory authorities.

The transaction is expected to be financed through a combination of debt, cash balances and internal accruals, Titan said.

“After successfully establishing Tanishq in the GCC countries and the US, our ambition for a global jewellery play is moving to the next stage,” CK Venkataraman, managing director of Titan, said.

“The acquisition not only creates a significant new global opportunity for Titan but also enhances our overall position in the jewellery market in the GCC countries and brings in multiple synergy benefits in talent, retail networks and supply chain.”

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Titan, a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation, commenced its operations in 1987 under the name Titan Watches. In 1994, Titan diversified into jewellery with the Tanishq brand and subsequently into eye care.

Damas Jewellery, a premier jewellery retailer, was founded in 1907 and is headquartered in Dubai. It has a network of 146 stores across the Gulf countries. The jeweller houses both in-house collections and international labels and posted revenue of Dh1.46 billion for the financial year 2024.

The transaction is “strategically significant” for Titan's jewellery business as it will enable expansion across six Gulf countries, the statement said.

The current Graff Monobrand franchise business of Damas will be discontinued before completion of the proposed transaction, it added.

Mannai is a publicly listed company headquartered in Qatar, whose activities are mainly focused on trade and IT services. Damas, which completed a Dh3 billion debt restructuring in 2011, became a subsidiary of Mannai in 2012.

The Qatari company will use the sales proceeds to strengthen resources for further expansion of its core trade and IT services businesses and reduce group debt, the statement said.

Alekh Grewal, group chief executive of Mannai, said the company would continue to own a minority stake in Damas for the next four years as “growth plans are taken forward”.

As per the proposed transaction, Damas (UAE) will be restructured to Signature Jewellery Holding, a DIFC entity, which will become a holding company after acquiring the fully-paid shares of Damas and its subsidiaries, Titan said in the statement.

“Currently, Damas is the holding company for the entire jewellery business of Mannai Corporation. Post restructuring, Signature Jewellery Holding will become the holding company for Damas, and all the entities under Damas (UAE) will become step-down subsidiaries of Signature Jewellery Holding,” the company added.