India's Titan to integrate Dubai jeweller Damas in 'next 3-6 months'

Dubai: The integration of Dubai-based gold retailer Damas into India’s Titan Co. will take the better part of the next 3-6 months, with top officials expecting the whole process to proceed smoothly.

It was late last month that Titan – the Tata Group entity that owns the Tanishq jewellery brand – bought a 67% stake in Damas for $280 million from Qatar-based Mannai Corporation.

Tanshiq already has multiple stores in the UAE and some of the other Gulf states, while Damas has a solid share of the regional market for gold jewellery, especially among upscale Arab shoppers.

Damas operates 146 stores as well as a mass-design focused jewellery production facility in Dubai. The Titan takeover is expected to have no major disruptions for Damas staff.   

“Damas will continue with its brand identity,” said Niraj Bhakare, Chief Sales and Marketing Officer, Titan Compnay. “Tanishq will continue opening new stores, and we’re already adding two more in the UAE.

“We’re also evaluating converting a few Damas stores, perhaps four to five, into Tanishq outlets where it makes strategic sense. There’s a lot of potential to streamline operations, but it’s too early to confirm any structural changes.”

This is the second major corporate transformation for Damas in the last 15 years. In 2012, it was bought by Qatar’s Mannai Corp. from Damas’ founding family members Tawhid, Tawfique and Tamjid Abdullah.  

On what the plans are for Damas’ workforce, Bhakare said: “Damas has an exceptionally skilled workforce, especially in retail and (jewellery) design. We value that immensely.

“Any decisions will be made keeping long-term growth and organisational continuity in mind. Our approach will be collaborative and respectful of both brands’ strengths.”

Typically, jewellery retailers in the UAE have grown through adding one store after the other rather than through acquiring existing brands. This is where the Tanishq-Damas deal is unique, giving the former instant access to 140 odd stores and markets where it is not represented.