Indian jeweller Titan Company said on Monday it would acquire a 67% stake in Dubai-based luxury jewellery retailer Damas at an enterprise value of 1.04 billion UAE dirham ($283.2 million), as it expands its presence in the Middle East.
The Tata Group company will have the right to acquire the remaining 33% stake in Damas after December 31, 2029, it said in an exchange filing.
Titan derives nearly 90% of its revenue from jewellery sales.
The company has had a presence in the United Arab Emirates since October 2020 through its Tanishq jewellery stores, according to the company website.
Damas, owned by Qatar-based Mannai Corporation, has 146 stores across the six Gulf Cooperation Council countries – UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.
Standard Chartered was Titan’s advisor for the deal.
