Indian lifestyle retail company Titan, owner of the Tanishq jewellery brand, has acquired a 67 per cent stake in Dubai-based Damas Jewellery from Qatar’s Mannai Corporation for US$189 million (AED695 million).

The deal marks Titan’s second-largest acquisition to date and a strategic push to expand beyond its core customer base in the Gulf region.

Founded in 1907, Damas operates 146 stores across six Gulf Cooperation Council (GCC) countries: the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. The agreement excludes its franchise business for the British brand Graff.

“This acquisition not only creates a significant new global opportunity for Titan, but also enhances its overall position in the jewellery market in the GCC,” said C K Venkataraman, Titan’s MD.

 “After successfully establishing Tanishq in the GCC and the US, our ambition for a global jewellery play is moving to the next stage. With the Damas acquisition, Titan is stepping out from its diaspora focus into other nationalities and ethnicities.”

The transaction, based on Damas’ enterprise valuation of $283 million, includes an option for Titan to purchase the remaining 33 per cent stake from Mannai after December 31, 2029, subject to conditions.

Titan, a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), entered the GCC market in 1993 with Tanishq. It now operates 15 stores across the region, including a Dubai flagship launched in 2020.