Indian jewelry giant Titan has agreed to pay AED 1.038 million ($283 million) for a 67% stake in Damas, the 250-store Middle Eastern jeweler based in Dubai.
Currently owned by Qatar’s Mannai Corp., Damas is considered one of the largest jewelers in the Middle East, with stores in the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.
Starting in 2030, Tanishq will have “a path” to purchase the remaining 33% of the company from Mannai, it said.
Damas’ sales for its most recent fiscal year totaled AED 1.46 million ($397 million). One of its holdings—a franchise of a Graff store—will be discontinued after this transaction.
“After successfully establishing Tanishq in the GCC [Gulf Cooperation Council] countries and the United States, our ambition for a global jewelry play is moving to the next stage,” C.K. Venkataraman, managing director of Titan, said in a statement. “With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities.”
Post-transaction, Signature Jewellery Holding Ltd. will become the holding company for Damas, and all Damas entities will become subsidiaries of Signature.
Top: a Damas store (photo courtesy of Damas)