MUMBAI: Titan’s CaratLane may look to tap into Dubai’s Damas Jewellery to foray into West Asia, scrapping earlier plans to launch into the region on its own, a top company executive said even though the scourge of the war on the region might prolong the entry timeline.Titan has bought a majority 67% stake in Damas from Qatar-listed Mannai Corporation in a Rs 1,630 crore deal, its second largest acquisition which was closed earlier this year. Titan also has the option to purchase the remaining 33% stake in Damas by the end of 2029. CaratLane will leverage Damas’ store network to reach customers in West Asia as and when the plans firm up. One way could be the brand installing its own counters within the stores, said industry insiders. CaratLane did not share details.“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, MD at CaratLane said in an interview here. Damas operates over 140 stores across six GCC countries. Founded in 2008 by Mithun Sacheti and Srinivasa Gopalan, CaratLane was bought by Titan for Rs 5,038 crore between 2016 and 2024.The brand with its portfolio of light-weight diamond and gold jewellery for everyday wear caters to young shoppers. CaratLane is betting big on online channels and wants to get more sales through its website and apps.
