Malabar Gold & Diamonds to invest Rs 1,600 crore in retail expansion
By Retail4Growth Team | April 01, 2021
The jewellery brand has announced the launching of 56 stores globally with 40 across India and 16 internationally in 2021-22 to further boost its retail presence across the country
Malabar Gold & Diamonds, a gold and diamond retail chain, is to invest ₹1,600 crore in FY21-22 to launch 56 stores, 40 of which would be in India and 16 across global markets The move is expected to generate 1,750 new jobs. Following the expansion plans, the company’s retail network is expected to triple to 750 outlets by 2023 from the present 250 showrooms, Malabar Gold & Diamonds said in a statement. In India, the stores will be opened in Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Maharashtra, Delhi, West Bengal, Uttar Pradesh, Odisha and Kerala. Internationally, the stores will be opened in Singapore, Malaysia, Oman, Qatar, Bahrain and UAE.
Speaking about the expansion plan, Malabar Group Chairman M.P. Ahammed said, “In more than 25 years of our journey, Malabar Gold & Diamonds has transformed from a small jewellery retail business to an international player across several verticals including gold and diamond jewellery retail, jewellery manufacturing and multi-retail concepts. Transparency and customer trust are the two key pillars of our business philosophy. With the launch of our expansion plan, we are taking our mission to the next level.”
K.P. Abdul Salam, Group Executive Director of Malabar Group, said, “As a responsible business, we are very mindful of our obligations to our societies and our expansion will create an additional 1,750 well-paid jobs."
“Our retail expansion is a part of our strategy to further strengthen our retail footprint in the territories where we have strong presence,” said O. Asher, Managing Director, India Operations of Malabar Gold and Diamonds.
