Titan Company, the Tata Group’s premium jewellery arm, has acquired a 67 percent stake in Damas Jewelry for $280 million in a major international expansion move. Moreover, the stake was purchased from the Qatar-based Mennai Corporation. Thus, it marks a strategic entry into the GCC’s luxury gold jewellery market.
Seamless Integration Planned Over 3–6 Months
Titan’s official has confirmed that the integration process will take place over the next three to six months with minimal disruptions. Damas will keep its brand identity and run independently under Titan, even with the ownership change.
No Job Losses; Workforce Considered an Asset
Bhakare has reassured the current employees in the company. He said, “Damas has an exceptionally skilled workforce, especially in retail and jewellery design. We value that immensely.”
He highlighted that all decisions would be made with the long-term growth and organizational stability in mind. Moreover, this collaborative approach showed the Titan’s respect for employees continuity and Damas’ legacy in the region.
Store Expansion & Strategic Conversions between Damas and Titan
Tanishq (Titan) is all set to continue its expansion because it is opening two new stores in the UAE. In addition, Titan is also evaluating converting four to five Damas stores into Tanishq outlets where strategically feasible.
Bhakare said, “There is a potential to streamline the operation, but it is too early to confirm any structural change.”
Damas’ Journey: From Family Ownership to Titan
This is the second significant transition for Damas in the previous 15 years. Notably, the Abdullah family sold the company to Mannai Corporation in 2012. Now, Titan is set to lead Damas, which will bring fresh growth due to the combination of Indian design excellence with the Gulf market leadership.
What This Means for the Jewellery Industry
As of now, there are a total of 146 retail outlets and an advanced jewelry production unit of Damas in Dubai. Moreover, the acquisition of Tanishq or Titan is seen as a game-changer moment for the gold retail sector in the Middle East.
Therefore, it is set to empower the position of the Titan in the UAE. In addition, it will showcase a collaborative merger model that respects legacy and focuses on innovation. However, it will not impact the operation of Damas and Tanishq in the region as of now. So, jewelry lovers can enjoy their offers as they used to do.
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