Titan Company has announced that it will acquire a 67 percent stake in Dubai-based jewellery firm Damas for 283.2 million dollars. The stake will be purchased from Qatar-based Mannai Corporation, according to a stock exchange filing made on July 21.
This acquisition supports the Tata Group firm’s growth strategy across six countries in the Gulf region. Titan will now strengthen its presence in the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. Currently, Damas operates 146 stores across these nations and offers a mix of in-house and international jewellery brands.
Titan’s managing director CK Venkataraman said, “With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities. Damas is a prestigious brand revered in the GCC markets for its product innovation, quality and customer experience.” He added, “The acquisition not only creates a significant new global opportunity for Titan, but also enhances Titan’s overall position in the jewellery market in the GCC countries and brings in multiple synergy benefits in talent, retail networks and supply chain.”
As per the agreement, Titan will also have the right to acquire the remaining 33 percent stake in Damas after December 31, 2029.
Titan noted that the region is witnessing strong economic growth which is driving demand for premium and culturally rooted designs. The acquisition is expected to boost the company’s ability to meet this demand with offerings that reflect Arabian aesthetics and appeal to refined tastes.
Titan earns nearly 90 percent of its revenue from jewellery sales and has been present in the UAE since October 2020 through its Tanishq stores.
Alekh Grewal, group chief executive officer of Mannai Corporation, said, “Mannai will continue to own a minority stake in Damas for the next 4 years as the growth plans for Damas are taken forward. It is intended that the proceeds of the sale transaction will be deployed by Mannai to strengthen its resources in support of further expansion of its core trade and IT services businesses in addition to reducing the group debt.”
Titan’s stock closed 0.74 percent higher at 3428 rupees on the NSE. The deal was announced after market hours.
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