The Tata Group jewellery brand, Titan, has purchased a 67 per cent stake in Damas UAE from Mannai Corporation. In an exchange filing, Titan said that it has acquired the leading jewellery brand in the United Arab Emirates for Rs 2,357.25 crore or 1038 million AED (United Arab Emirates Dirham)
After the deal’s completion, Titan will have ownership of the business and trademark of Damas in the GCC countries of UAE, Saudi Arabia, Qatar, Oman. Kuwait and Bahrain. While Mannai Corporation, the largest company in Qatar, still holds 33 per cent stake in Damas, Titan could acquire the remaining stake after 2029.
What is significance of the Damas acquisition?
Damas is one of the biggest jewellery companies in the GCC region. Founded in 1907, and having a network of 146 stores, the company brings a rich brand legacy and a vast store network to Titan’s portfolio.
Titan has been pushing for an expansion in the GCC and UAE region for some time, but hasn’t been able to crack the market. In Q1FY26, the company opened 1 Tanisq and 1 Tata Eye+ store in Dubai and Sharjah; however, in the same quarter, the company had to close its Mia store in the region. With the latest acquisition of Damas, the company has an opportunity to scale in the region with an established brand.
CK Venkataraman, Managing Director of Titan, said, “With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities.” Venkataraman added that 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.
A look at Damas’ financials
According to the exchange filing by Titan, Damas posted a consolidated turnover of AED 1,461 million or about Rs 3432 crore in the financial year 2024. In the financial year 2023 and 2022, the company posted a consolidated turnover of AED 1332 million and AED 1140 million, respectively.
Titan said the proposed transaction will be completed on or before January 31, 2026. The deal is still subject to customary antitrust approvals and other regulatory approvals from the required applicable jurisdictions.