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.
