Cleary Gottlieb counsel to Roberto Coin in Damas JV renegotiation

Cleary Gottlieb is representing Roberto Coin SpA, an Italian luxury jewellery brand, on the renegotiation of its long-term joint venture arrangements, and entry into new retailer and franchise agreements, with Damas Jewellery LLC (“Damas”) in light of the proposed sale by Mannai Corporation QPSC (“Mannai”) of Damas to Titan Company Limited (“Titan”), a joint venture company owned by the TATA Group and Tamilnadu Industrial Development Corporation. The consideration payable by Titan is based on an enterprise value for Damas of AED1,038 million.

On completion of the proposed transaction, Titan will hold 67 per cent of the share capital and voting rights in Damas and can acquire the remaining 33% shareholding in Damas from Mannai after 31 December 2029, subject to certain conditions agreed between Mannai and Titan.

Damas was founded in 1907 in Dubai and it now operates across the GCC through a network of 146 stores.

The transaction was announced on July 21, 2025.  Closing remains subject to obtaining all necessary antitrust and regulatory approvals. The Cleary team advising on the transaction is led by partner Mike Taylor who is based in Abu Dhabi.