The strategic deal will expand Titan’s footprint across six Gulf countries, enhancing its international jewellery portfolio.
Mumbai, July 2025 — In a significant step towards global expansion, Titan Company Ltd. has announced its plan to acquire a 67% stake in Damas LLC, a prominent jewellery retailer in the Gulf region, for $283 million. The acquisition is set to deepen Titan’s presence across the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.
The deal was formalised through Titan’s wholly owned subsidiary, Titan Holdings International FZCO, which signed a definitive agreement with Mannai Corporation to purchase its majority shareholding in Damas. The transaction is based on an enterprise value of AED 1.038 billion, according to a joint statement from the companies.
Founded in 1907, Damas is one of the most established jewellery brands in the Middle East, operating a retail network of 146 stores across six Gulf Cooperation Council (GCC) nations. The company posted revenues of AED 1.461 billion in FY24, reflecting its strong regional position and consumer appeal.
Through this acquisition, Titan gains full access to the Damas brand and business in the GCC, aligning with its broader strategy to scale international operations and tap into fast-growing luxury markets abroad.
The proposed acquisition gives Titan an entry into key global markets where Damas enjoys strong brand equity,” said sources familiar with the development. It also builds on Titan’s ambition to evolve from a leading Indian player to a formidable global jewellery powerhouse.
The deal marks one of Titan’s largest international investments and reinforces the brand’s confidence in the GCC's retail growth, driven by increasing consumer demand for branded, design-led jewellery offerings.
