Officials pose for a picture during the announcement of acquisition.
Doha: Titan Company Limited, part of the Tata Group and parent company of Tanishq, is bullish to lead the retail jewelry market in the GCC with its recent acquisition of a 67 percent stake in Damas Jewellery, the century-old Dubai-headquartered luxury jewelry retailer.
With an enterprise value of Dh1,038m ($282.83m) to acquire multiple outlets of Damas across the region, Titan plans to expand its presence in the Gulf.
Titan said in a statement that this deal marks a significant turning point in its international strategy and carries far-reaching implications for the GCC’s organised jewellery market.
Commenting on the acquisition, CK Venkataraman, Managing Director of Titan Company Limited, said, “As part of the integration, about 13 of the existing Damas stores will be fully transitioned into Tanishq-branded outlets.
In the remaining locations, consumers will experience a co-branded retail model, walking into a store that seamlessly presents Diamonds by Damas on one side and Gold by Tanishq on the other.
This dual-brand presence is designed to offer customers the best of both brands in one elevated shopping experience.”
Alekh Grewal, Group Chief Executive Officer, Mannai Corporation, commented, “Damas has always stood for elegance, tradition, and craftsmanship.With Titan’s backing, we gain access to global retail expertise and a future-ready vision. This partnership will allow us to invest further in our people, innovate across our portfolio, and serve our customers with even greater depth and distinction.”
Ashok Sonthalia, Chief Financial Officer of Titan Company Limited, said, “Our investment is a reflection of our confidence in the long-term opportunity the GCC represents. It’s a dynamic market that values tradition, innovation, and excellence, qualities both Tanishq and Damas are deeply aligned on. We see this partnership as a significant step toward building shared market leadership.”
