Titan Eyes Stake in Damas Jewellery to Strengthen Gulf Presence
Titan Company is in talks with Qatar-based Mannai Corporation to acquire a stake in Damas Jewellery, a leading West Asian retailer valued at ₹4,500 crore ($518 million). This is Titan’s second attempt to strike a deal after previous discussions fell through over valuation differences. Mannai, which fully acquired Damas in 2012, has been looking to sell the business for the past two years.
Talks with other jewellers didn’t materialize, leading to renewed discussions with Titan’s Tanishq brand. Tanishq has been aggressively expanding in the Gulf region, with a flagship store at Dubai’s Gold Souk and operations in Doha, Sharjah, and Abu Dhabi, catering to the Indian diaspora with collections inspired by Arabic motifs. If finalized, this deal could significantly enhance Titan’s presence in the Middle East’s luxury jewellery market.