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Titan shares gained after its wholly-owned subsidiary Titan Holdings International FZCO, acquired a majority 67% stake in UAE-based Damas Jewellery in an all-cash deal.
What’s happening: the consideration for the proposed transaction is nearly ₹2,438 crore. Titan expects the proposed transaction to be completed before January 31, 2026, subject to regulatory approvals.
Founded in 1907, Damas Jewellery has a network presence of 146 stores across six GCC countries.
The why: the deal is significant for Titan’s jewellery business as it will facilitate the expansion across the six GCC countries, including UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.
Titan believes the region is exhibiting robust economic growth, creating a demand for high quality offerings, culturally resonant designs.
Big picture: the global luxury retail landscape is shifting, and the Gulf Cooperation Council - GCC region, home to some of the world’s most affluent consumers is emerging as a critical battleground for growth.
For Titan, this acquisition is more than just a financial transaction. The GCC luxury jewellery market is projected to reach $3.61 billion by 2025, growing at a CAGR of 16.94% through 2030.
Titan’s acquisition of Damas gives it immediate access to 10% of the GCC’s $24 billion overall jewellery market. By integrating Damas’ extensive retail footprint with its own Tanishq brand and digital platforms like CaratLane, Titan is building a ‘hub-and-spoke’ model.
This model leverages Dubai's tourism-driven retail hubs, like the Gold Souk, as gateways for international shoppers, while utilising 251 existing stores to meet regional and local demand.
