Malabar Gold and Diamonds plans to expand overseas; invests 240 crore in India
By Retail4Growth Team | Retail4Growth Team | November 03, 2020
The company aspires to open stores in Lucknow, Dwarka (Delhi), Ghaziabad (Uttar Pradesh), Thane (Mumbai) and Kamanahalli (Karnataka), and plans its expansion in Singapore, Malaysia, Oman and UAE.
The renowned Jewellary brand, Malabar Gold and Diamonds plans to invest Rs. 240 crores to mark its firm presence in the national and international markets. The company aspires to open stores in Singapore, Malaysia, Oman and UAE apart from its Indian expansion.
In India, the company looks forward to introduce 9 stores in Lucknow, Dwarka (Delhi), Ghaziabad (Uttar Pradesh), Thane (Mumbai) and Kamanahalli (Karnataka).
MP Ahammed, Chairman, Malabar Group, exclaimed, “The opening of these nine showrooms in the post-covid scenario demonstrates the faith reposed by customers in the brand. Our retail expansion is a part of our plan to become the number one gold retail brand in the world in terms of both showroom count and sales. Accordingly, we have the plans to triple the number of showrooms in the next five years.”
Malabar Gold and Diamonds currently has 260 showrooms in 10 countries and plans to expand its operations in more countries with its latest investment.