Managing Director Ajoy Chawla says the jewellery retailer sees North America and the Gulf as its biggest overseas opportunity, with the Arab consumer market emerging as a new growth avenue
Titan Company is betting on the Gulf and the United States to power its next leg of growth, with the Tata Group retailer saying its international jewellery business is poised to scale significantly following its acquisition of Gulf-based Damas Jewellery despite near-term risks from the conflict in the Middle East.
Ajoy Chawla, Managing Director, said in the annual report Titan’s increasing focus on overseas markets as it seeks to build on its dominant position in India and tap demand from both the Indian diaspora and local consumers in international markets. “The international business for Jewellery and Watches has grown handsomely in the previous year and is now poised to achieve substantial scale in the North American and GCC markets where the Indian diaspora is significant,” Chawla said. “With the Damas acquisition, the opportunity to target the Arab segment also holds much promise.”
The strategy comes after Titan acquired a 67 per cent stake in Damas Jewellery during the financial year, giving it access to one of the Gulf’s largest jewellery retail networks spanning the United Arab Emirates, Saudi Arabia, Kuwait, Qatar, Oman and Bahrain. Titan has the option to acquire the remaining 33 per cent stake by the end of 2029.
The acquisition was Titan’s biggest international expansion in jewellery and broadens its customer base beyond the Indian diaspora to include Arab consumers, a segment where the company has had limited exposure.
Middle East Conflict A Near-term Challenge
Even as Titan accelerates its international expansion, Chawla cautioned that geopolitical tensions in the region could affect business in the short term. “In the near term, there are some headwinds due to the Middle East War. Nevertheless, the longer-term opportunities significantly outweigh the risks, and our approach is to continue to prioritise growth, build scale across categories, while innovating across the value chain,” he said.
The remarks underline Titan’s decision to continue investing in the Gulf despite the uncertainty, reflecting management’s confidence in the region’s long-term demand for jewellery.
The Gulf is one of the world’s largest gold jewellery markets, supported by affluent local consumers and a sizeable expatriate population, making it a strategic geography for Indian jewellers seeking growth outside the domestic market.
US Network Expansion
Titan is also strengthening its presence in North America, where it said Tanishq now operates across the top 10 Indian diaspora markets in the United States. The company plans to add four more stores as it expands its retail footprint. The overseas expansion complements Titan’s domestic strategy, where the company continues to add stores in tier 2 and 3 cities while investing in digital channels and premium product categories.
During the year, Titan also strengthened its international brand profile through collaborations and global showcases. Tanishq partnered with designer Bibhu Mohapatra at New York Fashion Week, while luxury brand Zoya collaborated with British designer Alice Cicolini. The company also expanded its lab-grown diamond brand, beYon, targeting younger consumers seeking more affordable jewellery options.
Titan crossed the Rs 75,000 crore revenue milestone during 2025-26, with jewellery remaining its largest business. The company said rising discretionary spending, increasing formalisation of the jewellery industry and growing demand for trusted branded retailers continue to support its long-term expansion plans, while overseas markets are expected to become an increasingly important contributor to future growth.
