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Titan Buys Majority Stake in Dubai's Damas for $283 Million
Mint Mumbai
|July 22, 2025
With the Damas acquisition, Titan Co. is stepping out from its diaspora focus, said MD C.K. Venkataraman
Watch and jewellery retailer Titan Co. Ltd on Monday said it's acquiring a majority stake in Dubai-based jeweller Damas Llc (UAE) for $283 million, or 1.04 billion dirham, as it aims to expand its footprint in the Middle East and cater to a broader base of clientele beyond the Indian diaspora.
Titan, via its fully owned arm Titan Holdings International, has entered a pact to buy a 67% stake in Damas's holding company for its jewellery business in the Gulf Cooperation Council (GCC) countries from publicly listed Mannai Corp., headquartered in Qatar, according to a regulatory filing by Titan.
The purpose of the deal is to acquire the entire jewellery business, including the brand Damas, held by Mannai in the GCC countries.
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