Titan Company Limited is moving to reshape the GCC’s jewellery retail sector as it begins a new chapter with Damas Jewellery, following the recent completion of a majority stake acquisition in the Dubai-based luxury retailer.
The Tata Group subsidiary now holds a 67 percent share in Damas through its fully owned international arm, Titan Holdings International FZCO.
The move gives Titan immediate access to 146 retail outlets across the UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, and Oman — positioning it as a key player in the region’s highly competitive jewellery market.
Dual-brand strategy
Titan plans to operate a two-brand model in the region: Tanishq will target Indian and South Asian customers, while Damas will continue serving Arab and global clientele under its own brand identity.
“This is more than just a transaction, it’s the coming together of two iconic names built on trust, design, and a deep understanding of what jewellery means to people,” said CK Venkataraman, Managing Director of Titan Company Limited.
“This acquisition significantly strengthens Tanishq’s regional footprint and unlocks new potential in one of the world’s fastest-growing jewellery markets. Yet beyond scale, it’s the consumer-facing transformation that makes this move remarkable,” he added.
Expanding regional footprint
Titan’s entry comes at a time when the GCC jewellery market is witnessing a shift toward branded, organised retail. The company aims to introduce new collections and enhance the shopping experience across Damas locations, while also expanding the Tanishq presence.
“While Damas will continue to operate under its brand identity, the collaboration will introduce enhanced collections, operational synergies, and a seamless retail experience for our consumers,” Venkataraman said.
Alekh Grewal, Group CEO of Mannai Corporation, the previous majority stakeholder in Damas, said: “Damas has always stood for elegance, tradition, and craftsmanship. With Titan’s backing, we gain access to global retail expertise and a future-ready vision. This partnership will allow us to invest further in our people, innovate across our portfolio, and serve our customers with even greater depth and distinction.”
Venkataraman added, “Together, we aim to set new benchmarks in quality, trust, and customer experience across the region.”
tanvir@dubainewsweek.com
