India-based Titan Company has announced a strategic acquisition of a 67% stake in Damas LLC, expanding its footprint in the Gulf countries. The deal, valued at approximately USD 285 million, positions Titan to strengthen its global jewellery presence, though analysts signal the need for a sharper store expansion strategy to unlock full value.
Titan Company share price gained in early trading on Tuesday, July 22, following the announcement of its proposed acquisition in the Gulf region, marking a significant step in its global growth strategy.
The company revealed plans to acquire a 67% stake in Damas LLC (UAE), the entity overseeing Damas’ jewellery business in the GCC, through its wholly-owned subsidiary Titan Holdings International FZCO. The transaction, valued at AED 1.04 billion (approximately USD 285 million or ₹24.3 billion), was formalized through a definitive agreement signed with the current owner of Damas, positioning Titan to deepen its footprint across key Gulf markets.
The acquisition will be financed from Titan’s strong cash reserves, which stood at ₹2,800 crore as of FY25. Post-transaction, Titan will hold 67% ownership in Damas, with an option to acquire the remaining 33% stake from its current partner after December 31, 2029, contingent upon certain agreed terms.
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From a valuation standpoint, the deal is being executed at a CY24 EV/Sales multiple of 0.7x—significantly lower than Titan’s own FY25 EV/Sales multiple of 5.6x—suggesting a potential for value creation upon integration and scale-up.
Financial experts point out that while the near-term contribution to Titan’s consolidated revenue, EBITDA, and profit before tax is expected to remain moderate (6%, 6%, and 1% respectively), the long-term value could be unlocked through an aggressive retail strategy and sharper operational synergies in the GCC region.
The proposed acquisition is expected to close by January 31, 2026, and analysts are awaiting further clarity before including the impact in forward projections. However, it is widely recognized as a strategic lever to enhance the brand’s global reach, aligning with Titan’s broader ambition of becoming a leading global jewellery player.
Titan’s move demonstrates the ongoing evolution of India’s premium retail sector, where domestic giants are increasingly eyeing international markets to drive sustained growth and market capitalization.
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