Titan Company Limited ("Titan") through its wholly owned subsidiary Titan Holdings International FZCO ("Titan Holdings") has entered into an Agreement for the Sale and Purchase of Shares ("Definitive Agreement"), to acquire 67% stake in Damas LLC (UAE) ("Damas LLC"), current holding company for Damas jewellery business in GCC countries ("Damas Business") from Mannai Corporation ("Mannai") ("Proposed Transaction"). The current Graff Monobrand Franchisee business of Damas LLC will be discontinued before completion ofthe Proposed Transaction. The consideration for the Proposed Transaction is arrived on the basis of the enterprise value of AED 1,038 million. On completion of the acquisition, Titan Holdings would hold 67% of the equity share capital and voting rights in Damas LLC and a path to acquire the balance 33% stake from Mannai after 3 1 st December 2029, subject to conditions agreed upon in the definitive document.
The completion of the Proposed Transaction would be subject to certain conditions precedent, customary closing adjustments, and approvals from anti-trust and other regulatory authorities in certain jurisdictions as may be applicable and is expected to be financed through a combination of debt, cash balances, and internal accruals.
The Proposed Transaction is strategically significant tòr Titan's jewellery business as it will facilitate the expansion across the 6 GCC countries of UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. The region is exhibiting robust economic growth creating a demand for differentiated, high quality offerings rooted in Arabian aesthetic and appealing to sophisticated clientele seeking unique, culturally resonant designs.
Damas Jewellery, founded in 1907, headquartered in Dubai, UAE, stands as Middle East's premier jewellery retailer, weaving a rich legacy of over a century marked by unparalleled craftsmanship and innovation. With a network presence of 146 stores across the 6 GCC countries, Damas today, houses a rich and curated portfolio of in-house collections alongside prestigious international labels. The brand seamlessly blends intricate designs inspired by the regional heritage, such as Arabic architecture and the Arabic alphabet, with contemporary trends to cater to a diverse clientele of affluent customers and expatriates seeking quality, authenticity, and an emotional connection. Over the last decade, Damas has continued to solidify its position as a trusted, design-led jewellery house, empowering and celebrating the modern customers.
Commenting on the acquisition,
C.K. Venkataraman, Managing Director of Titan, said:
"After successfully establishing Tanishq in the GCC countries and the USA, our ambition for a global jewellery play is moving to the next stage. With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities. Damas is a prestigious brand revered in the GCC markets for its product innovation, quality and customer experience. The brand's rich legacy and strong presence in the GCC region align perfectly with our vision to deliver exceptional value to customers throuoh iconic, consumer-focused businesses. The acquisition not only creates a significant new global opportunity for Titan, but also enhances Titan's overall position in the jewellery market in the GCC countries and brings in multiple synergy benefits in talent, retail networks and supply chain.
We are happy to welcome Damas into the Titan family. We look forward to building on Damas' rich heritage while driving the brand's sustainable growth journey together with Mannai Corporation."
Alekh Grewal, Group Chief Executive Officer of Mannai Corporation, said:
"Mannai Corporation is a Public Listed Company headquartered in Qatar, our activities are mainly focused in the Business to Business segment based on trade and IT services. Damas , headquartered in Dubai, became a subsidiary of Mannai in 2012, and the time has come for investment in the next phase of its expansion in the region. So, 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 jewellery, innovative design and dedicated customer service , and we are confident that the combination of Damas powered by Titan will drive Damas in the next chapter of its growth trajectory in the GCC. Mannai will continue to own a minority stake in Damas for the next 4 years as the growth plans for Damas are taken forward. It is intended that the proceeds of the sale transaction will be deployed by Mannai to strengthen its resources in support of further expansion of its core trade and IT services businesses in addition to reducing the Group Debt."
