Quick Summary: Titan Company Limited will acquire a 67% stake in Damas LLC, a major jewellery retailer in the GCC region, for an enterprise value of AED 1,038 million. The deal, signed with Mannai Corporation, will expand Titan’s presence across six GCC countries. The transaction is expected to close by January 31, 2026, with an option to buy the remaining 33% stake after December 2029. Damas, with 146 stores and FY24 revenue of AED 1,461 million, aligns with Titan’s global growth strategy.
Full Article: Titan Company Limited, a Tata Group enterprise, announced that it will acquire a 67% stake in Damas LLC, a leading jewellery retailer in the GCC region, through its wholly owned subsidiary, Titan Holdings International FZCO. The acquisition, valued at an enterprise value of AED 1,038 million, marks Titan’s biggest global move in the jewellery business to date.
The definitive agreement was signed with Mannai Corporation QPSC, the current owner of Damas. Post-acquisition, Titan will have a path to acquire the remaining 33% stake from Mannai after December 31, 2029. The deal is expected to close by January 31, 2026, subject to regulatory and anti-trust approvals in relevant jurisdictions.
Damas, founded in 1907 and headquartered in Dubai, operates 146 stores across six GCC countries: UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. The brand is well known for its regionally inspired design and product innovation. Damas posted a revenue of AED 1,461 million in FY24, growing steadily from AED 1,332 million in FY23 and AED 1,140 million in FY22.
This acquisition will help Titan expand beyond its current diaspora-focused markets. It plans to finance the deal using a mix of internal accruals, cash reserves, and debt. Titan views this acquisition as a strategic opportunity to deepen its presence in high-growth international markets.
Mannai Corporation will retain a 33% stake in Damas for the next four years. The proceeds from the transaction will support Mannai’s core IT and trade businesses, while also helping reduce its debt.
The acquisition excludes the Graff Monobrand Franchisee business, which will be exited before the transaction is completed.