Dubai, UAE – Indian company Titan is preparing to acquire a significant stake in Dubai’s well-known jewellery retailer Damas for over Dh1 billion. This acquisition is expected to boost Titan’s expansion across six GCC countries.
Founded in 1907, Damas operates a wide network of 146 stores throughout the Gulf Cooperation Council region. The deal highlights Titan’s strategic plan to grow its presence in the Middle East’s lucrative fashion accessories market.
With this acquisition, Titan aims to combine its design and manufacturing strengths with Damas’ strong retail network and brand recognition in the GCC. This move could also bring new collections and innovative products to customers in the region.
Industry experts suggest the partnership will:
- Strengthen the position of both companies,
- Offer greater variety for shoppers,
- Enhance business ties between India and UAE, fostering investment and collaboration.
Titan, known for its watches, jewelry, and accessories, is stepping into a broader market by teaming up with an established local player. This development is significant for the retail sector in Dubai and the wider Gulf area, indicating strong economic prospects.
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