Titan India to Establish 75 Tanishq and Damas Retail Outlets Across GCC Region, Generating 675 New Employment Opportunities within UAE
Titan Company Expands Presence in GCC's Luxury Jewellery Market
Titan Company, the parent firm of Tanishq and majority stakeholder in Dubai-based luxury retailer Damas, has announced ambitious plans to expand its store network in the Gulf Cooperation Council (GCC) region. The expansion aims to open up to 75 new outlets over the next five years, with a particular focus on Saudi Arabia, Kuwait, Bahrain, and Qatar.
The acquisition of a 67% stake in Damas LLC for $283 million, finalized by early 2026, is strategic for Titan to gain a strong presence in the six GCC countries (UAE, Saudi Arabia, Qatar, Oman, Kuwait, Bahrain). This move will allow Titan to capture a growing luxury jewellery market projected to expand at a 16.9% Compound Annual Growth Rate (CAGR) through 2030.
Saudi Arabia is highlighted as an underrepresented market where Titan intends to increase its footprint significantly. CK Venkataraman, Managing Director of Titan Company, emphasised the importance of understanding the unique staffing requirements in Saudi Arabia, where only nationals can be employed in retail roles.
Titan plans to integrate Damas' extensive retail network with its digital platforms like CaratLane and premium brand Tanishq. This integration will serve both tourists and local consumers, leveraging digital innovations such as AR try-ons, AI personalization, and cost advantages to target a 10% market share in the GCC luxury jewellery segment.
In addition to retail expansion, Titan is considering shifting some of its manufacturing to the GCC region to bypass rising U.S.-India tariffs. This manufacturing shift complements the retail expansion and reflects a broader strategy to fortify Titan’s global supply chain amid geopolitical uncertainties.
Tanishq, which operates on a franchise model, is also set to grow. If 25 new Tanishq outlets are opened, each employing around 15 people, it would result in approximately 375 jobs. With the expansion, Titan Company aims to create approximately 675 new jobs in the region over five years.
Alekh Grewal, Group CEO of Mannai Corporation, stated that with Titan's support, they gain access to global retail expertise and a forward-looking vision. Damas will continue operating under its existing brand identity. Damas currently employs just over 1,000 people, and with the expansion, an additional 300 jobs could be created if 50 more locations are opened.
In summary, Titan’s five-year plan for the GCC features the opening of up to 75 new Damas and Tanishq stores, with 40-50 new Damas stores and scaling Tanishq to 40 stores. The plan also includes leveraging digital innovation to appeal to diverse consumer segments, exploring GCC manufacturing bases to circumvent US import tariffs, and focusing on underrepresented markets such as Saudi Arabia, Kuwait, Bahrain, Qatar, and outside the UAE. These initiatives position Titan for substantial growth in the GCC’s luxury jewellery market and increased presence in key Gulf countries beyond its current UAE-centric operations.
- Titan Company, with its expansion plans, aims to capture a significant portion of the finance in the form of investments, as they intend to open up to 75 new outlets in the real estate sector of the Gulf Cooperation Council (GCC) region over the next five years.
- The health of the business sector in the GCC is projected to improve with the influx of new ventures, as Titan's focus on Saudi Arabia, Kuwait, Bahrain, and Qatar could boost the economy of these countries.
- In the world of news and finance, it's worth noting that the acquisition of a 67% stake in Damas LLC for $283 million is strategically important for Titan, as it aims to secure a strong presence in the luxury real estate and jewellery market in the GCC.
- The integration of Damas' extensive retail network with digital platforms like CaratLane and Tanishq has the potential to revolutionize the business of investing in jewellery, as it offers advanced digital features like AR try-ons, AI personalization, and cost advantages to consumers.
- In the sport of business, Titan is facing challenges in staffing due to unique regulations in Saudi Arabia, where only nationals can be employed in retail roles. However, understanding and adapting to these requirements is crucial for Titan to maintain a competitive edge in the GCC's luxury jewellery market.
