According to the Economic Times, Titan has reportedly agreed to a valuation of around Rs 2,500 crore, though Damas had sought Rs 3,000 crore for the stake. Once the deal is formalized, Damas’ parent company Mannai Corporation is slated to retain 28% stake in it
Mumbai: Tata Group’s Titan Company – with jewellery brands such as Tanishq, Zoya, CaratLane and Mia by Tanishq under it – is reportedly moving forward to acquire a majority stake in UAE-based jewellery retail chain Damas International from its current owner, Mannai Corporation.
According to a report in The Economic Times (ET), Titan began discussions to finalize the deal in February this year, and is now in advanced talks for the proposed acquisition of 72% stake in Damas. While Damas is said to have sought Rs 3,000 crore for the stake, Titan has reportedly agreed to a valuation of around Rs 2,500 crore. Once the deal is formalized, Mannai Corporation, which wholly owns Damas, is slated to retain 28% stake in the company.
The deal is likely to be sealed in the second quarter of FY26, ET reported, citing sources.
This is the second time that Titan has sought to acquire a stake in Damas, with earlier talks reportedly falling through due to valuation disagreements.
Titan will emulate the CaratLane model for Damas, where it had initially picked up a 62% stake in 2016 and completely acquired it subsequently, the ET report said, citing a source. The report also quoted the source as saying that Titanis working on how the company will be restructured and whether the stores will be named ‘Damas by Titan’.
Damas Internationaloperates 251 stores across the GCC. It offers inhouse collections of jewellery along with a wide range of international brands, including Graff, Fope, Roberto Coin, Marco Bicego, Mikimoto, Forevermark, Magerit, Parmigiani, Perrelet, Louis Moinet and Ernest Borel.
Recently, Titan’s jewellery brand Tanishq opened showrooms in Sharjah in the UAE, and Atlanta and Santa Clara in the USA. Its international presence now includes 23 stores—21 Tanishq and 2 Mia outlets—across countries including Singapore. CaratLane also has one store in New Jersey, USA.Tanishq has a significant presence in the Gulf itself, with 13 stores — 10 in the UAE, two in Qatar and one in Oman. In December 2024, it opened a flagship boutique store in Dubai Gold Souk.
Titan has come a long way since its inception in 1984, when it started with just one product category. Today, it has more than 16 brands. A journey of over 30 years saw Titan Watch Project becoming Titan Watches, then Titan Industries, and finally the$6.7-billion Titan Company of today, spanning jewellery, wearables, fragrances, fashion accessories and apparel.
In Q4 FY25, Titan reported a total income of Rs 12,730 crore, up 22% from Q4 FY24. Profit before tax also increased 23% to Rs 1,218 crore.
For the full financial year FY25, Titan’s total income grew 22% to Rs 57,818 crore. Profit before tax declined 2% to Rs 5,535 crore, mainly due to a cut in gold import duties.
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