Titan Acquires 67% Stake in Damas Jewellery to Strengthen GCC Presence

Titan Company Limited, through its wholly owned subsidiary Titan Holdings International FZCO, has signed a definitive agreement to acquire a 67% stake in Damas LLC, the leading jewellery retailer in the GCC, from Mannai Corporation. The deal values Damas at an enterprise value of AED 1,038 million. The current Graff Monobrand Franchisee business of Damas will be discontinued before completion. Following the acquisition, Titan will hold majority control with an option to purchase the remaining 33% stake from Mannai after December 31, 2029, subject to agreed terms. The acquisition will be financed through a mix of debt, internal accruals, and cash reserves, and is contingent on regulatory and antitrust approvals.

Founded in 1907 and headquartered in Dubai, Damas Jewellery has built a legacy as the Middle East’s premier jewellery house. With 146 stores across the GCC, it offers an eclectic portfolio of in-house collections and global luxury labels. Damas is known for designs inspired by Arabic architecture and calligraphy, blending tradition with contemporary style. Over the decades, it has cemented its reputation for craftsmanship, authenticity, and customer-centricity.

C.K. Venkataraman, Managing Director of Titan, described the acquisition as the next step in Titan’s global jewellery ambitions, moving beyond diaspora-driven markets into broader ethnicities. He highlighted that Damas’ strong brand equity and heritage complement Titan’s customer-centric approach, creating synergies in retail networks, talent, and supply chain.

Alekh Grewal, Group CEO of Mannai Corporation, expressed confidence in Titan’s ability to steer Damas into its next growth chapter. He noted that while Mannai will retain a minority stake for the next four years, the sale proceeds will be directed towards strengthening its trade and IT services businesses and reducing group debt

The acquisition positions Titan to scale its global footprint, while ensuring Damas’ heritage continues to resonate with diverse GCC customers.

Titan Acquires 67% Stake in Damas Jewellery to Strengthen GCC Presence

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