Titan Company Limited, through its wholly owned subsidiary Titan Holdings International FZCO, has entered into a definitive agreement to acquire a 67% stake in Damas LLC — the holding company for the iconic Damas jewellery brand in the GCC region.
The stake will be purchased from Qatar-based public company Mannai Corporation. This strategic move marks a major milestone in Titan’s international jewellery expansion plans.
This acquisition will significantly strengthen Titan’s presence in the six GCC countries—UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. This move comes as these regions are witnessing strong economic growth and rising demand for distinctive, high-quality jewellery rooted in local culture.
The deal values Damas at an enterprise value of AED 1,038 million. As part of the agreement, Damas will discontinue its Graff Monobrand Franchisee business before the transaction is completed. Once the deal closes, Titan will own 67% of Damas and have full voting rights. Titan will also have the option to buy the remaining 33% stake from Mannai after December 31, 2029, subject to agreed terms.
Established in 1907 and headquartered in Dubai, Damas is one of the Middle East’s most respected jewellery retailers, operating 146 stores across the GCC.
C.K. Venkataraman, Managing Director of Titan, said, “After successfully establishing Tanishq in the GCC countries and the USA, our ambition for a global jewellery play is moving to the next stage. With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities. Damas’ rich legacy and strong presence in the GCC region aligns perfectly with our vision to deliver exceptional value to customers through iconic, consumer-focused businesses.”
