Titan Company Limited , a renowned Indian watchmaker and jeweler, is set to make a significant move in the global jewelry market by acquiring a majority stake in Damas Jewellery, a prominent Middle Eastern jewelry retailer. This strategic acquisition marks Titan's ambitious expansion into the Gulf Cooperation Council (GCC) countries, signaling a new chapter in the company's international growth strategy.

Acquisition Details

Titan, through its wholly-owned subsidiary Titan Holdings International FZCO, has entered into a definitive agreement to acquire a 67% stake in Damas LLC (UAE), the current holding company for Damas Jewellery's business in GCC countries. The deal is based on an enterprise value of AED 1.038 billion (approximately INR 2,340 crore).

Strategic Significance

The acquisition is strategically crucial for Titan's jewelry business as it facilitates expansion across six GCC countries: UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. This move allows Titan to tap into a region experiencing robust economic growth and increasing demand for high-quality, culturally resonant jewelry designs.

About Damas Jewellery

Founded in 1907 and headquartered in Dubai, UAE, Damas Jewellery is recognized as the Middle East's premier jewelry retailer. With a rich legacy spanning over a century, Damas has built a reputation for unparalleled craftsmanship and innovation. The brand operates a network of 146 stores across the GCC countries, offering a curated portfolio of in-house collections and prestigious international labels.

Key Points of the Deal

• Titan will acquire 67% shareholding in Damas LLC, subject to conditions and regulatory approvals.
• The transaction is expected to be completed on or before January 31, 2026.
• Mannai Corporation, the current owner, will retain a 33% stake in Damas.
• After December 31, 2029, Titan will have the option to acquire the remaining 33% stake from Mannai.

Financial Insights

Damas LLC has shown consistent growth in recent years:

Management Perspectives

C.K. Venkataraman, Managing Director of Titan, commented on the acquisition: "With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities. The acquisition not only creates a significant new global opportunity for Titan but also enhances Titan's overall position in the jewelry market in the GCC countries."

Alekh Grewal, Group CEO of Mannai Corporation, added: "We are delighted that Titan is taking the opportunity to invest in the future of Damas. Both Titan and Damas share the same values in terms of passion for beautiful jewelry, innovative design, and dedicated customer service."

Looking Ahead

This acquisition represents a significant milestone in Titan's global expansion strategy. By leveraging Damas' strong presence in the GCC region and combining it with Titan's expertise in the jewelry industry, the company aims to create a powerful synergy that will drive growth and innovation in the Middle Eastern luxury jewelry market.

As Titan continues to expand its footprint beyond India, this move into the GCC market through Damas Jewellery acquisition showcases the company's commitment to becoming a global player in the jewelry industry. The transaction is subject to customary closing conditions and regulatory approvals, with both companies expressing confidence in the potential for growth and value creation in the coming years.

Titan Company Ltd , a leading player in India's consumer goods sector, has unveiled a significant leadership reorganization, setting the stage for a new era of management at the company.

Key Leadership Changes

The company has announced several high-profile changes in its top management:

1. New Managing Director: Ajoy Chawla, currently serving as the CEO of Titan's jewellery division, is set to take on the role of Managing Director effective January 1, 2026.

2. Jewellery Division Leadership: Arun Narayan, who currently leads Titan's Tanishq India business, will succeed Ajoy Chawla as the CEO of the jewellery division, also effective January 1, 2026.

3. Watches Division Changes: Kuruvilla Markose, presently the CEO of Titan's International Business Division, will step into the role of CEO for the watches division. He will replace Suparna Mitra, with the change taking effect from August 13, 2025.

Profile of New Appointees

Arun Narayan

• Post-graduate from IIM Calcutta
• Nearly three decades of experience with the Tata group and Titan
• Expertise in Retail, Marketing, and Sales leadership roles
• Currently leads Tanishq India business, responsible for Retail, Marketing, and Merchandising
• Previous roles include Regional Business Head (West, all categories), Helios Business Head, and National Sales & Retail Head for Titan watches

Kuruvilla Markose

• Holds degrees in Agriculture and an MBA from IIFT, New Delhi
• Joined Tata Administrative Services in 1995
• Three decades of experience across various sectors including FMCG, Telecom, BPO, Consulting, Digital, and Retail
• Joined Titan in 2015 as Chief Digital Officer
• Currently serves as CEO of Titan's International Business Division, leading international expansion in Watches, Jewellery, and EyeCare

These strategic appointments reflect Titan's commitment to leveraging internal talent and ensuring a smooth transition in key leadership positions. The company's decision to promote experienced executives from within its ranks suggests a focus on maintaining continuity while also bringing fresh perspectives to its various divisions.

As Titan prepares for these significant changes, stakeholders will be keenly watching how these new leaders shape the future direction of one of India's most renowned consumer goods companies.