Company Update : Titan by Motilal Oswal Financial Services Ltd
Titan acquires 67% stake in Damas Jewellery Business
Titan Limited (Titan) has announced the acquisition of a 67% stake in Damas LLC, UAE—currently a wholly-owned subsidiary of Mannai Corporation QPSC, Qatar— through its wholly-owned subsidiary (Titan Holdings International FZCO). This excludes the Graff Monobrand Franchisee business.
* Acquirer: Titan
* Seller: Damas LLC, UAE (a subsidiary of Mannai Corporation QPSC, Qatar) ? Stake Acquired: 67%
* Enterprise Value: INR24.3b (AED1,038m)
* Funding Structure: Combination of internal accruals, cash reserves, and debt
* Expected Deal Closure: On or before 31st January 2026
* Damas LLC Financials: Reported revenue of INR26.8b/INR31.3b/INR34.3b during FY22/FY23/FY24. (1AED = INR 23.5).
Strategic Rationale
* Strengthens Titan's global jewellery footprint: This move marks Titan’s shift from catering predominantly to the Indian diaspora to a more diverse, international clientele.
* Entry into the premium GCC market: The acquisition enables a deeper expansion across all six GCC countries—UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain—which are experiencing strong economic growth and rising demand for luxury jewellery.
* Access to a reputed brand with rich legacy: Damas is a prestigious and trusted brand with over a century-long heritage and wide consumer trust in the Middle East.
* Synergies across operations: This move offers opportunities for synergy in talent acquisition, retail networks, and supply chain capabilities between Titan and Damas.
* Growth acceleration: It helps Titan capitalize on Damas’ established presence (146 stores across GCC) and accelerate growth through product innovation and enhanced customer experience.
* Long-term control path: While acquiring 67% now, Titan has a clear path to own 100% stake after Dec 2029, ensuring future strategic flexibility and control.
About Damas Jewellers
* Founded: In 1907, headquartered in Dubai, UAE.
* Nature of Business: Premium jewellery retail across the GCC, with a portfolio of both in-house collections and prestigious international labels.
* Retail Presence: Operates 146 stores across the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.
* Design Philosophy: Known for blending traditional Arabian designs (Arabic architecture/alphabet) with contemporary styles to serve affluent locals and expatriates.
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