On July 22nd, Titan Company, a subsidiary of the Tata Group of India, announced that it will acquire 67% of the equity of the Dubai-based high-end jewelry brand Damas for $283 million. Upon the completion of the transaction, it will gain Damas' retail network in the Middle East and become one of the largest Indian jewelry retailers in the region. Damas has a high brand awareness in markets such as the UAE and Saudi Arabia. This acquisition is regarded as an important move by Indian companies to enter the Middle East luxury market. After the news was released, European industry analysis institutions believe that this move may prompt groups such as Richemont and LVMH to accelerate their strategic adjustments in the Middle East.
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