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Malabar Gold set for big expansion; eyes $6b sales

Issac John
Filed on March 26, 2012

DUBAI Leading Indian jewellery group, Malabar Gold, one of the fastest growing retail chains in the Middle East, on Sunday said it was embarking on a new $700 million investment drive that would enable it nearly treble its annual turnover to $6 billion in four years.

MP Ahamed, Chairman of Malabar Group, said the expansion would catapult the company into the world’s top spot as the number one jewellery brand.

Unveiling the ambitious roadmap, Ahamed said it would eventually boost the company’s global network to 220 outlets across the globe from the current 64.

The expansion will create 15,000 jobs. Currently, the group employs more than 6,000 people.

In preparation for the third round of expansion in the group’s two decades of history, Ahamed unveiled a new corporate logo and identity. The company’s name has been changed to “Malabar Gold & Diamonds” foreseeing the growth in diamonds jewellery sector. The logo incorporates a contemporary look and feel, to appeal to a diverse clientele.

The rebranding was done in association with The Brand Union Middle East. Film stars Hema Malini and Mohanlal continue to be the brand ambassadors of the chain.

Ahamed said the objective of the re-branding that highlights the motto, “Celebrate the Beauty of Life,” as well as the expansion programme was to raise the profile of the group. “We are undertaking this change to help propel our brand to greater heights and to better serve our discerning customers.”

Dr Ibrahim Haji, Co-Chairman of Malabar Group, said the plan would see the group expanding to South Asia, other parts of the Middle East, the Far East, Europe and the Americas and nearly triple its cluster manufacturing units to 10 from four. Besides this, the company also plans to strengthen the brand’s presence and offerings in the existing markets of India and Middle East and grow this segment by 15-25 per cent.

The group, which operates a unique model of partnership, has more than 1,600 investors, and boasts an annual turnover in excess of $2.4 billion. It is currently ranked as the third largest jewellery retailer in the after Hong Kong-based CTF and Tiffany & Co.

Malabar Group has partnered with IIM Kozhikode to initiate a programme to develop a capable talent base for carrying out the expansion plan. It has also initiated a CSR programme to actively propagate education by conducting workshops for teachers and recognizing academic talents.

“The group has always been a front runner in its CSR initiatives and the association with IIM Kozhikode reaffirms our long term commitment to the cause and to contribute back to the society,” said Dr Ibrahim.

Shamlal Ahmed MP, Group Executive Director of Malabar Gold & Diamonds, said Malabar Gold and Diamonds would be spending $100 million over the next four years to make the brand more visible and accepted globally. “We see a huge growth potential in the near future and to capture a substantial market share aggressive promotion is needed,” said Shamlal.

In 2012, the company is investing about $100 million to roll out more than 20 retail outlets. This will raise the number of retail outlets in various parts of the GCC and India, to 84 outlets, said Shamlal. — issacjohn@khaleejtimes.com


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