Titan India to merge with Damas Jewellery within the next 3-6 months.
Titan Company, a Tata Group entity, has made a significant move in the jewellery retail industry by acquiring a 67% stake in Dubai-based Damas Jewellery for $280 million from Qatar-based Mannai Corporation. This acquisition is set to impact Tanishq stores, the Damas workforce, and Titan's expansion strategy in the Gulf Cooperation Council (GCC) region.
Changes for Tanishq Stores
Approximately 13 existing Damas stores will be fully rebranded and transformed into Tanishq outlets, while other stores will adopt a co-branded retail model, showcasing both Diamonds by Damas and Gold by Tanishq. This integrated premium shopping experience aims to offer customers an expanded range of choices. Additionally, Tanishq will continue opening new stores, including two more in the UAE.
Support for the Damas Workforce
The acquisition is expected to support investment in the Damas workforce, innovation, and portfolio expansion through Titan’s global retail expertise. While no specifics on job changes were disclosed, the partnership suggests a commitment to strengthening and growing the workforce aligned with strategic goals in the Gulf market. Any decisions regarding the workforce will be made with long-term growth and organizational continuity in mind.
Gulf Expansion Strategy
With this acquisition, Titan gains immediate access to Damas' 146-store network across six GCC countries—the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. This move positions Titan as a leading organized jewellery retailer in the GCC, leveraging Damas’ brand equity and regional design aesthetics alongside Tanishq’s brand presence and operational expertise. The acquisition is part of Titan’s broader international growth strategy, financed via debt, accruals, and cash, with potential future purchase of the remaining 33% stake after 2029.
A Unique Deal in the UAE Jewellery Market
Jewellery retailers in the UAE typically grow by adding one store at a time, making the Tanishq-Damas deal unique. Titan Company already has multiple stores in the UAE and other Gulf states, and the acquisition allows Tanishq to expand its network rapidly without the usual gradual growth process.
Collaborative Approach and Streamlined Operations
The integration of Damas into Titan Co. is expected to take 3-6 months and proceed smoothly. While no structural changes have been confirmed yet, there is potential for streamlining operations between the two companies. The approach to decisions will be collaborative, respecting the strengths of both the Damas and Tanishq brands.
Damas, which operates 146 stores and a mass-design focused jewellery production facility in Dubai, has a solid share of the regional market for gold jewellery, especially among upscale Arab shoppers. Some Damas stores may be converted into Tanishq outlets where it makes strategic sense.
This acquisition marks the second major corporate transformation for Damas in the last 15 years. In 2012, Damas was bought by Qatar's Mannai Corp. from its founding family members Tawhid, Tawfique, and Tamjid Abdullah.
- The acquisition of Damas Jewellery by Tanishq will lead to the rebranding of 13 stores as Tanishq outlets, while others will adopt a co-branded model, providing customers with an expanded range of jewelery choices.
- Titan's investment in Damas is expected to foster growth in the workforce, innovation, and portfolio expansion, underscoring a commitment to long-term success in the Gulf market.
