Titan’s Damas acquisition signals major overhaul of GCC jewellery retail market
The Peninsula
Doha: Titan Company Limited, part of the Tata Group and parent company of Tanishq, is bullish to lead the retail jewelry market in the GCC with its re...
Doha: Titan Company Limited, part of the Tata Group and parent company of Tanishq, is bullish to lead the retail jewelry market in the GCC with its recent acquisition of a 67 percent stake in Damas Jewellery, the century-old Dubai-headquartered luxury jewelry retailer.
With an enterprise value of Dh1,038m ($282.83m) to acquire multiple outlets of Damas across the region, Titan plans to expand its presence in the Gulf.
Titan said in a statement that this deal marks a significant turning point in its international strategy and carries far-reaching implications for the GCC’s organised jewellery market.
Commenting on the acquisition, CK Venkataraman, Managing Director of Titan Company Limited, said, “As part of the integration, about 13 of the existing Damas stores will be fully transitioned into Tanishq-branded outlets.
In the remaining locations, consumers will experience a co-branded retail model, walking into a store that seamlessly presents Diamonds by Damas on one side and Gold by Tanishq on the other.
