Titan Company's jewellery brand CaratLane has shelved earlier plans to enter West Asia independently and may instead use the store network of Damas Jewellery, in which Titan acquired a majority stake earlier this year, according to a top company executive. The move comes amid ongoing regional conflicts that have delayed the expansion timeline.
Acquisition Details
Titan purchased a 67% controlling stake in Damas from Qatar-listed Mannai Corporation for Rs 1,630 crore earlier this year, marking its second-largest acquisition. The deal also gives Titan an option to acquire the remaining 33% stake by the end of 2029, as per industry sources. CaratLane was itself acquired by Titan between 2016 and 2024 for a total of Rs 5,038 crore.
Middle East Strategy Shift
"We were actively pursuing the Middle East market but following recent conflicts, we have paused those plans for the time being. However, Damas remains our most likely partner to facilitate our entry into the region as and when we decide to proceed," Saumen Bhaumik, Managing Director at CaratLane said in an interview. The brand initially planned to launch its own standalone stores but will now likely leverage Damas' existing retail infrastructure.
Damas Network Strength
Damas operates over 140 stores across six Gulf Cooperation Council (GCC) countries. Industry insiders suggest CaratLane could set up its own branded counters within Damas outlets, similar to shop-in-shop models popular in the region. This approach would allow CaratLane to tap into Damas' established customer base and prime locations without the heavy capital expenditure of building stores from scratch.
Brand Profile
Founded in 2008 by Mithun Sacheti and Srinivasa Gopalan, CaratLane specializes in lightweight diamond and gold jewellery for everyday wear, targeting young shoppers. The brand places strong emphasis on online sales through its website and mobile apps, and expects digital channels to drive a larger share of revenue going forward.
Key Transaction Summary
| Transaction | Value (Rs crore) | Stake | Details |
|---|---|---|---|
| Titan acquires 67% in Damas | 1,630 | 67% | From Mannai Corporation; closed early 2026 |
| Option to buy remaining Damas stake | Undisclosed | 33% | Exercise by end of 2029 |
| Titan's full acquisition of CaratLane | 5,038 | 100% | Staggered between 2016 and 2024 |
Implications for Trade Professionals
For importers and exporters in the jewellery sector, the CaratLane-Damas integration signals a consolidation trend in the India- Gulf jewellery trade. Indian jewellery brands are increasingly using acquisition over organic expansion to bypass regulatory and logistical hurdles in the Middle East. The pause due to conflicts means the timeline for physical market access remains uncertain, but the strategic partnership is ready. Companies looking to enter the GCC market should note the effectiveness of using established local networks, as exemplified by this deal.
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