Tata-Backed Titan To Buy Dubai Jeweler For $282 Million

Published: Tuesday, July 22, 2025 at 6:36 am

Titan Company to Acquire Dubai Jeweler Damas Jewellery for $282 Million

Mumbai, India – Titan Company, a jewelry retailer backed by the Tata Group, has announced its agreement to acquire a 67% stake in Dubai-based Damas Jewellery for 1.038 billion dirhams ($282 million). The acquisition will be facilitated through Titan Holdings International, which will purchase the stake from Qatar-based Mannai Corp. The deal will be financed through a combination of debt and internal cash. Titan plans to acquire the remaining stake in Damas by the end of 2029.

The acquisition marks a strategic shift for Titan, moving beyond its current focus to encompass a broader range of nationalities and ethnicities. C.K. Venkataraman, managing director of Titan, stated that the company aims to expand globally after scaling up its retail network in the Gulf Cooperation Council (GCC) countries and the United States.

Upon completion of the transaction, which is subject to regulatory approvals, Titan will gain access to Damas's 146 stores across Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. Titan anticipates robust demand for jewelry in these markets. The company entered the GCC market in 2020 with the opening of its first Tanishq store in Dubai.

Titan Company, established in 1987, is a joint venture between the Tata Group and the Tamilnadu Industrial Development Corp. In addition to jewelry, Titan also sells watches, eyewear, fragrances, women's bags, and Indian dresswear through stores in over 400 cities across India.

BNN's Perspective: This acquisition represents a significant move for Titan, demonstrating its ambition to expand its global footprint. While the move into the GCC market is a logical step, the long-term success of this venture will depend on Titan's ability to integrate Damas's operations and effectively cater to the diverse tastes of its new customer base. The Tata Group's history of successful global acquisitions suggests a strong foundation for this expansion.

Keywords: Titan Company, Damas Jewellery, acquisition, Dubai, jewelry, Tata Group, GCC, retail, expansion, investment

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