Titan Acquires 67% Stake in Damas for 1.038 Billion AED
By Ankur Chandra | Published at: Jul 21, 2025 07:35 PM IST
Bangalore, July 21, 2025: Titan Company Limited (NSE: TITAN, BSE: 500114) has announced a significant strategic move in the international jewellery retail space with the acquisition of a 67% stake in Damas LLC, a premier jewellery brand in the Middle East. This acquisition will be executed through its wholly-owned subsidiary, Titan Holdings International FZCO.
Valued at an enterprise worth AED 1,038 million (approximately ₹2,440 crore based on current exchange rates), this marks Titan’s largest global buyout to date. The acquisition is set to deepen Titan’s presence and expand its market reach in the Gulf Cooperation Council (GCC) countries.
Transaction Snapshot
| Particulars | Details |
|---|---|
| Target Entity | Damas LLC (UAE) (to be restructured as Signature Jewellery Holding Ltd) |
| Stake Acquired | 67% |
| Consideration | Cash-based; Enterprise Value: AED 1,038 million |
| Completion Timeline | On or before January 31, 2026 |
| Nature of Business | Jewellery Retail (excluding Graff Franchise) |
| FY24 Turnover (Damas LLC) | AED 1,461 million |
| Ownership Rollover | Mannai Corporation to retain 33% till Dec 2029 |
Titan will have the option to acquire the remaining 33% stake after December 31, 2029, as per the terms laid out in the definitive agreement.
Financial Details
| Parameter | Value |
|---|---|
| Share Capital (Damas) | AED 500,000 |
| FY24 Revenue | AED 1,461 million |
| FY23 Revenue | AED 1,332 million |
| FY22 Revenue | AED 1,140 million |
| Consideration Mode | 100% Cash |
| Funding Structure | Mix of debt, internal accruals, and cash balances |
The acquisition is subject to regulatory and antitrust approvals across applicable jurisdictions.
Strategic Intent & Market Positioning
With this acquisition, Titan is aggressively expanding beyond its established diaspora markets in the USA and GCC (where it operates through Tanishq) into broader regional demographics. Damas, founded in 1907 and headquartered in Dubai, boasts a pan-GCC presence with 146 stores across the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.
C.K. Venkataraman, Managing Director, Titan, stated:
“With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities… 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.”
The acquisition brings complementary synergies in talent, retail networks, and supply chains, allowing Titan to leverage Damas’ local insights and brand equity while deploying its own design, customer engagement, and operational strengths.
Seller’s Commentary
Alekh Grewal, Group CEO, Mannai Corporation, added:
Mannai Corporation will continue to hold a minority stake until 2029 and plans to use the sale proceeds to strengthen its IT and trade business and reduce debt.
What Does This Mean For The Investors?
Titan’s acquisition of a 67% stake in Damas marks a major step in expanding its international footprint, especially in the high-potential GCC market. This move is likely to enhance Titan’s revenue and profitability by tapping into a well-established Middle Eastern brand with 146 stores. It signals confidence in global demand and positions Titan as a stronger player in global jewellery retail. The deal may improve long-term shareholder value through market diversification and brand synergy. However, investors should watch out for execution risks and regulatory approvals.
Share Price Performance
On July 21, the shares of Titan closed at ₹3,433.00, up 0.88% or ₹30.10. The shares made an intraday high of ₹3,439.10 and a low of ₹3,365.20.
About the Companies
Titan Company Limited, a Tata Group venture, began in 1987 and diversified from watches into jewellery (Tanishq), eyewear, fragrances (SKINN), and Indian wear (Taneira). Listed on NSE and BSE, Titan has redefined Indian retail with customer-centric innovations.
Damas Jewellery is one of the oldest and most iconic luxury jewellery brands in the GCC, renowned for designs rooted in Arabian heritage. It operates in all six GCC countries with in-house collections and international luxury labels.
This transaction positions Titan as a formidable player in the Middle Eastern jewellery retail space and signals its intent to build a globally resonant jewellery portfolio.
REF: https://nsearchives.nseindia.com/corporate/TITAN_21072025161456_SEAcquisition.pdf
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