M&A M&A
Titan to acquire 67% stake in Middle East-based jewellery retailer Damas for $283-M
Source Economic Times (opens in a new tab)BSE Announcement (opens in a new tab)
Titan Company, the publicly listed watches and jewellery unit of the Tata Group, has acquired a 67% stake in Dubai-based jewellery retailer Damas Jewellery (from Qatar-based Mannai Corp) for USD 283 million (around INR 2435.5 crore).Founded in 1907, Damas is one of the most prominent jewellery retailers in the Middle East with 300 stores and employs over 2,000. Its portfolio includes brands such as Graff, Djula, Roberto Coin, and Mikimoto, alongside in-house collections.Through this acquisition funded via a mix of debt and cash reserves , Titan will expand its global presence in Gulf countries.