Titan in talks to acquire stake in Damas Jewellery from Qatar-based Mannai Corporation, says report

The two firms are negotiating valuation terms, with no final agreement yet. This marks the second attempt at a deal, underpinning Titan’s global expansion strategy in the West Asian jewellery market

Dubai: Titan Company, the watches and jewellery unit of the Tata Group, is in talks with Qatar-based Mannai Corporation to acquire a significant stake in Damas Jewellery, a major jewellery retailer in West Asia, The Economic Times (ET) reported. The discussions are focused on the valuation of Damas, estimated at Rs 4,500 crore (approximately $518 million), but no consensus has been reached yet, according to sources cited by the report.

This is the second time Titan and Damas have explored a deal. A previous round of negotiations, held a few years ago, did not materialise due to valuation disagreements. The renewed discussions indicate Titan’s continued interest in expanding its footprint in the West Asian jewellery market, in line with its broader international strategy.

Mannai Corp, which acquired Damas in April 2012, has been looking to divest the jewellery retailer for the past two years. Earlier discussions with two leading South Indian jewellers did not materialise, and talks with Titan’s jewellery brand, Tanishq, began a year ago.

Damas, headquartered in Dubai, operates 300 stores across the Gulf Cooperation Council (GCC) region and employs over 2,000 people. The company’s portfolio includes international brands such as Graff, Djula, Roberto Coin, and Mikimoto, alongside its in-house collections. In the third quarter of FY24, Damas reported revenue of 1,043 million Qatari riyals (Rs 2,487 crore) and a net profit of 3 million Qatari riyals (Rs 7 crore).

Titan has been expanding its presence in the GCC region through Tanishq, which opened a flagship store at Dubai’s Gold Souk in January. The brand also has stores in Doha, Sharjah and Abu Dhabi, catering primarily to the Indian diaspora but also adapting to local preferences. Tanishq has launched jewellery collections inspired by Arabic motifs and introduced store layouts customised for different markets within the GCC.

Titan’s jewellery division includes brands such as Tanishq, Zoya, CaratLane and Mia by Tanishq. For FY24, the division reported a 20% growth in total income, reaching Rs 38,353 crore. Titan’s overall business, valued at Rs 58,447 crore ($6.73 billion), spans multiple categories, including watches, wearables, fragrances, fashion accessories and Indian apparel.

According to industry experts, if Titan successfully acquires Damas, it will significantly strengthen its presence in the GCC jewellery market. The acquisition would align with Titan’s international expansion strategy, granting it access to an established luxury retail network. The UAE is the world’s fifth-largest market for gold jewellery.

Titan, Mannai Corp and Damas have not commented on the ongoing discussions, according to the report.

Retail Jeweller India News