Titan Company, through its wholly-owned subsidiary Titan Holdings International FZCO, has signed an agreement to acquire a 67% stake in Damas LLC (UAE), the holding company for Damas jewellery business in GCC countries, from Mannai Corporation QPSC. The acquisition is based on an enterprise value of AED 1,038 million and is aimed at expanding Titan's presence in the GCC region.
| Particulars | Details |
|---|---|
| Target Entity | Damas LLC (UAE) (to be restructured to Signature Jewellery Holding Limited, UAE) |
| Share Capital | AED 500,000 |
| Turnover (as of December 31, 2024) | AED 1,461 million |
| Stake Acquired | 67% |
| Enterprise Value | AED 1,038 million |
| Completion Date | On or before January 31, 2026 |
Strategic Rationale
The acquisition is strategically significant for Titan's jewellery business, facilitating expansion across the 6 GCC countries: UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. These regions exhibit robust economic growth, creating demand for differentiated, high-quality offerings rooted in Arabian aesthetics.
Target Company Profile
Damas Jewellery, founded in 1907 and headquartered in Dubai, is a premier jewellery retailer in the Middle East with a network of 146 stores across the GCC countries. It offers a portfolio of in-house collections and international labels, blending regional heritage-inspired designs with contemporary trends.
Damas LLC has operations in all GCC countries, and the consolidated turnover of Damas LLC (Revenue as per audited financials) for the last three years is as follows:
- FY 2024: AED 1,461 million
- FY 2023: AED 1,332 million
- FY 2022: AED 1,140 million
Transaction Details
Titan Holdings will acquire 67% shareholding in Damas LLC, subject to conditions precedent and regulatory approvals. After December 31, 2029, Mannai will have the right to sell, and Titan Holdings will have the right to acquire, the remaining 33% shareholding, subject to agreed conditions.
The acquisition is expected to be financed through a combination of debt, cash balances, and internal accruals. The net consideration is subject to customary adjustments for debt, cash, and other factors.
Management Commentary
C.K. Venkataraman, Managing Director of Titan, stated that the acquisition marks Titan's expansion beyond its diaspora focus into other nationalities and ethnicities. He emphasized Damas' prestigious brand and strong presence in the GCC region, aligning with Titan's vision to deliver exceptional value to customers. Alekh Grewal, Group Chief Executive Officer of Mannai Corporation, expressed confidence that the combination of Damas and Titan will drive Damas' growth in the GCC, with Mannai retaining a minority stake for the next four years.
