This marks a significant move for Titan’s jewellery business as it will facilitate the expansion across the six GCC countries of United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain
Titan Holdings International FZCO, UAE (Titan Holdings), a wholly owned subsidiary of the Titan, has completed the acquisition of the Damas Jewellery business in the Gulf Cooperation Council (GCC) countries through its subsidiary Signature Jewellery Holding.
Consequently, Signature Jewellery has now become the holding company for Damas jewellery business with Titan Holdings’ stake at 67 per cent. The balance 33 per cent is held by MC International, a wholly owned subsidiary of Mannai Corporation QPSC, Qatar.
Earlier, the company said that it will acquire 67 per cent stake in Damas jewellery business in GCC countries at the enterprise value of AED 1,038 million. With this, Titan is on the path to acquire the balance 33 per cent by end of 2029.
It is a significant move for Titan’s jewellery business as it will facilitate the expansion across the six GCC countries of United Arab Emirates, 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, the company stated.
Damas Jewellery stands as Middle East’s premier jewellery retailer, the company pointed out. With a network presence of 146 stores across the six GCC countries, Damas today, houses a rich and curated portfolio of in-house collections alongside prestigious international labels.
