Dubai: India’s Titan Company, part of the Tata Group, has signed a deal to acquire a 67% stake in Damas Jewellery for Dh1.038 billion ($280 million), marking a significant expansion into the Gulf’s luxury retail sector.
The deal was signed through Titan’s UAE-based subsidiary, Titan Holdings International FZCO. Damas, a century-old Dubai-born brand, currently operates 146 stores across the UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, and Oman.
Titan plans to retain the essence of the Damas brand, known for its jewellery inspired by Arabic calligraphy and traditional design, while enhancing it with digital innovation and product diversity through its Tanishq brand.
Mannai Corporation, which acquired Damas in 2012, will retain a 33% stake until at least December 2029. Titan reserves the right to buy the remaining shares after that period. The acquisition will be funded via internal accruals, reserves, and debt, pending regulatory approvals.
Titan’s Managing Director, C.K. Venkataraman, said the move signifies a shift from catering solely to the Indian diaspora to a broader Gulf audience. “This creates a significant global opportunity for Titan,” he said.
While no immediate changes are expected in Damas outlets, the brand’s Graff monobrand franchise will be discontinued before the deal’s closure. Mannai said the proceeds from the sale would be used to strengthen its core trade and IT businesses and reduce debt.
Founded in 1907, Damas remains one of the Gulf’s most iconic jewellery names, with strong appeal among both expats and nationals. Titan’s entry signals a new chapter for the brand as it aims to blend legacy with innovation in a fast-evolving regional market.
