Jhunjhunwala’s hold 5.15% stake: Tata Group & TIDCO-backed company entered into an agreement to acquire Damas Jewellery, Expanding GCC presence!

Titan Company Limited, through its subsidiary Titan Holdings International FZCO, has entered into an agreement to acquire a 67 per cent stake in Damas LLC, the holding company for the Damas jewellery business in GCC countries. This strategic move, announced on July 21st, 2025, will see Titan Holdings taking a controlling interest in Damas LLC, with a future option to acquire the remaining 33 per cent from Mannai Corporation after December 31, 2029. The deal is valued at an enterprise value of AED 1,038 million and will be financed through a mix of debt, cash balances and internal accruals, pending customary regulatory approvals.

This acquisition marks a significant step for Titan, enabling it to expand its jewellery business across the six GCC countries: UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. The region's strong economic growth is fuelling demand for high-quality, distinctive jewellery that reflects Arabian aesthetics and appeals to a sophisticated clientele seeking culturally resonant designs. The current Graff Monobrand Franchisee business of Damas LLC will be discontinued before the transaction's completion.

Damas Jewellery, established in 1907 and headquartered in Dubai, is a premier Middle Eastern jewellery retailer with a legacy spanning over a century. With 146 stores across the GCC, Damas offers a rich portfolio of in-house collections and international brands. The brand is renowned for blending intricate designs inspired by regional heritage with contemporary trends, catering to affluent customers and expatriates who value quality, authenticity and emotional connection in their jewellery.

About Titan Company Limited

Established in 1987 as Titan Watches Limited, Titan Company Limited is a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO). Over the decades, Titan has significantly diversified beyond watches, venturing into jewellery (Tanishq) in 1994, followed by EyeCare. They've continued to expand into various lifestyle segments, introducing brands for fragrances (SKINN), accessories, Indian dress wear (Taneira) and women's bags (IRTH). Titan is recognised for its transformative impact on India's watch and jewellery sectors and pioneering experiential retail in the country.

The company is a part of the BSE Sensex Index with the market cap of over Rs 3 lakh crore. Jhunjhunwala holds a 5.15 per cent stake, Tamil Nadu Industrial Development Corporation (TIDCO) holds 27.88 per cent and Tata Group holds a 25.02 per cent stake in the company as of June 2025. The stock is up by 18.4 per cent from its 52-week low of Rs 2,947.55 per share.

Disclaimer: The article is for informational purposes only and not investment advice.