Titan Company has finalized its acquisition of a 67% controlling stake in Damas Jewellery, a Dubai-based luxury retailer, for a total enterprise value of AED 1.038 billion (approximately $283 million). This transaction represents Titan’s largest foray into the Gulf luxury market, where consumer demand for gold, diamonds, and bridal jewelry remains robust. The purchase was completed from Qatar-based Mannai Corporation, which had privatized Damas in 2012, and grants Titan immediate access to a retail network covering six GCC countries, including the UAE, Saudi Arabia, and Kuwait.
A new entity, Signature Jewellery Holding Ltd., has been established to oversee the combined operations. Titan retains the option to acquire the remaining 33% stake by December 31, 2029, structured through a call-and-put arrangement that allows for gradual consolidation.
Unlike previous acquisitions where brands were fully absorbed, Titan will maintain Damas’ identity through a dual-brand strategy. Of the retailer’s 146 stores across the GCC, 13 will operate as standalone Tanishq outlets, targeting South Asian customers, while the remaining 133 locations will continue under the Damas name, serving Arab and international luxury shoppers. This approach builds on a 2014 pilot program where Tanishq jewelry was sold through select Damas locations, demonstrating the regional viability of Titan’s premium brand.
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Damas holds a well-established reputation in the Gulf, recognized for its heritage, prime retail locations, and strong trust among high-net-worth consumers. Titan now faces the task of modernizing operations without compromising that loyalty.
The acquisition could also advance Titan’s efforts to establish regional manufacturing capabilities. The company has previously explored shifting portions of its production to GCC countries to lower import costs and leverage the region’s logistics advantages. By combining Damas’ existing infrastructure with Titan’s supply chain expertise, the partnership may create operational efficiencies, particularly as global trade policies continue to shift. The Gulf’s strategic position as a trade hub between Asia, Europe, and North America further enhances its potential for manufacturing and distribution.
This move occurs as competition in the GCC luxury market grows more intense. Local retailers and regional players are also expanding their presence. Damas’ acquisition provides Titan with a competitive advantage in a market where brand heritage, prime retail locations, and customer trust are critical factors. The dual-brand approach, preserving Damas while expanding Tanishq, indicates Titan is positioning itself to capitalize on both established reputation and broader market opportunities.
