Mannai Corporation: Titan's Damas Acquisition Signals Major Overhaul of Gcc Jewellery Retail Market

The deal gives Titan access to 146 Damas stores across the UAE, KSA, Qatar, Kuwait, Bahrain, and Oman, positioning its jewellery brand Tanishq at the top of the GCC jewellery market. Doha – 05 August 2025: Titan Company Limited, part of the Tata Group and parent company of Tanishq, is bullish to lead the retail jewelry market in the GCC with its recent acquisition of a 67 percent stake in Damas Jewellery, the century-old Dubai-headquartered luxury jewelry retailer. With an enterprise value of Dh1,038 Million ($282.83 million) to acquire multiple outlets of Damas across the region, Titan plans to expand its presence in the Gulf. Titan said in a statement that this deal marks a significant turning point in its international strategy and carries far-reaching implications for the GCC’s organised jewellery market. "More than a transaction, it represents the union of two iconic brands and Titan’s growing commitment to the GCC region. This acquisition significantly strengthens Tanishq’s regional footprint and unlocks new potential in one of the world’s fastest-growing jewellery markets," the company said at a press conference held in Dubai. The acquisition was executed through Titan’s wholly owned subsidiary, Titan Holdings International FZCO, and immediately gives Tanishq access to 146 Damas stores across the UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, and Oman. It firmly positions Tanishq by Titan as a leading player in the GCC jewellery market, the world's fourth-largest. Commenting on the acquisition, Mr. CK Venkataraman, Managing Director of Titan Company Limited, said, "As part of the integration, about 13 of the existing Damas stores will be fully transitioned into Tanishq-branded outlets. In the remaining locations, consumers will experience a co-branded retail model, walking into a store that seamlessly presents Diamonds by Damas on one side and Gold by Tanishq on the other. This dual-brand presence is designed to offer customers the best of both brands in one elevated shopping experience." "The transaction is expected to close by January 2026, subject to regulatory approvals. Titan retains the option to acquire the remaining 33 per cent stake from Mannai Corporation, which has owned Damas since 2012 and will continue as a valued strategic partner during the transition. While Damas will continue to operate under its brand identity, the collaboration will introduce enhanced collections, operational synergies, and a seamless retail experience, setting the stage for both brands to expand their market share and build long-term relevance across the region," he added. Mr. Alekh Grewal, Group Chief Executive Officer, Mannai Corporation, commented, “Damas has always stood for elegance, tradition, and craftsmanship. With Titan’s backing, we gain access to global retail expertise and a future-ready vision. This partnership will allow us to invest further in our people, innovate across our portfolio, and serve our customers with even greater depth and distinction.” Mr. Ashok Sonthalia, Chief Financial Officer of Titan Company Limited, said, “Our investment is a reflection of our confidence in the long-term opportunity the GCC represents. It’s a dynamic market that values tradition, innovation, and excellence, qualities both Tanishq and Damas are deeply aligned on. We see this partnership as a significant step toward building shared market leadership." “This is not just about scale; it’s about shared purpose. We’re committed to offering jewellery experiences that are emotionally resonant, locally relevant, and globally benchmarked. Together, Tanishq and Damas are poised to emerge as transformative players in a region that’s central to the future of luxury retail," he added. “This acquisition is a bold step in our