Titan Acquired 67% Stake in Gulf Jewellery Icon Damas via UAE Subsidiary
Titan Company Ltd., through its Dubai-based subsidiary Titan Holdings International FZCO, completed the acquisition of a 67% stake in Damas LLC, the renowned jewellery retailer rooted in the Gulf Cooperation Council (GCC) region. The deal was struck with Damas International Limited, a subsidiary of Qatar-based Mannai Corporation. The value of the transaction has been pegged at around USD 282 million (AED 1,038 million).
Funding Structure
The acquisition will be funded through a mix of internal accruals, existing cash balances, and debt, the company said. Following the acquisition, Titan will have an option to acquire the remaining 33 per cent stake after December 31, 2029.
Managing Director’s Statement
CK Venkataraman, Managing Director of Titan, said, “With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities. Damas is a prestigious brand revered in the GCC markets for its product innovation, quality and customer experience.” He added that the acquisition is expected to merge Damas’ established brand equity with Titan’s growth ambitions, unlocking synergies in retail presence, supply chain management, and talent development.
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