MUMBAI: Titan’s CaratLane may look to tap into Dubai’s Damas Jewellery to foray into the Middle East, scrapping earlier plans to launch into the region on its own, a top company executive said, even though the scourge of the West Asia war on the region might prolong the entry timeline. Titan has bought a majority 67% stake in Damas from Qatar-listed Mannai Corporation in a Rs 1,630 crore deal, its second-largest acquisition, which was closed earlier this year. Titan also has the option to purchase the remaining 33% stake in Damas by the end of 2029. CaratLane will leverage Damas’ store network to reach customers in the Middle East as and when the plans firm up. One way could be the brand installing its own counters within the stores, said industry insiders. CaratLane did not share details.“We were actively pursuing the Middle East market, but following recent conflicts, we have paused those plans for the time being. However, Damas remains our most likely partner to facilitate our entry into the region as and when we decide to proceed,” Saumen Bhaumik, MD at CaratLane, said in an interview here. Damas operates over 140 stores across six GCC countries. Founded in 2008 by Mithun Sacheti and Srinivasa Gopalan, CaratLane was bought by Titan for Rs 5,038 crore between 2016 and 2024.
The brand, with its portfolio of lightweight diamond and gold jewellery for everyday wear, caters to young shoppers. CaratLane is betting big on online channels and wants to get more sales through its website and apps. Besides, the focus is on reducing delivery timelines with faster shipments increasingly becoming the new retail norm. While for bigger metros, it is already piloting its own quick delivery service Dash, the company also wants to deliver within 24-48 hours in smaller cities where currently shipments can take up to a week, said Bhaumik. Through Dash, which is being tested in Bengaluru and Gurugram for now, the company wants to make deliveries in a few hours, and an expanded pilot launch is on the anvil.
“The current threshold (for Dash) is six hours, but we will also see if, within a radius, we can do it in two hours. As far as smaller cities (not part of Dash) are concerned, people there have the willingness to spend but not many options. Online allows us to reach cities where we don’t have any stores,” said Bhaumik. Within the broader Tata Group, the focus is on sharpening digital reach and growing new-age businesses such as BigBasket, which recently went through a leadership change.
