Malabar Gold and Diamonds on Saturday announced a $220 million investment plan to expand its retail presence in India and other key markets by inaugurating 56 new stores this year.
In a statement, the popular Indian brand for gold and diamond jewellery said it will open 40 new stores across India and 16 in other international markets during the financial year 2021-22. The move is expected to generate 1,750 new jobs.
“With the launch of our expansion plan, we are taking our mission to the next level,” MP Ahammed, chairman of Malabar Group, said in a statement to Khaleej Times.
Established in 1993 in the Indian state of Kerala, Malabar Gold & Diamonds today has a strong retail network of over 250 outlets spread across 10 countries, 14 wholesale units in addition to offices, design centers and factories spread across India, Middle East, Far East and the United States. The group currently ranks among the largest jewellery retailers globally and records $4.51 billion turnover annually.
Major expansion plan
The group’s latest move marks a major investment in expansion at a time when many gold and jewellery retailers have been struggling to manage their existing operations due to challenging global economic environment. However, Malabar Gold and Diamonds has decided to push ahead with expansion, which demonstrates its confidence in the growth of its key retail markets in future.
Internationally, the group will further strengthen its position in markets such as Singapore, Malaysia, Oman, Qatar, Bahrain and UAE, according to the statement.
In India, the expansion strategy is centered in states like Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Maharashtra, Delhi, West Bengal, Uttar Pradesh, Odisha and Kerala, the statement said.
“Out of the total planned expansion, 12 stores have already been earmarked for opening in the first quarter of financial year 2021-22. The brand has already secured retail spaces in big cities like Chennai, Lucknow, Hyderabad, Mumbai, Pune and Bengaluru as well as small towns like Eluru, Mancherial, Solapur and Ahmednagar in India,” according to the statement.
Culture of gifting
“The culture of gifting lives along with human beings to express their love, affection and emotion for their loved ones. Our aim is to be No 1 in this segment and we will strengthen the gifting aspect of jewellery that is fast growing in India and other countries and use it as a growth-driver of our jewellery business.” MP Ahammed said.
As per the diversified Indian business conglomerate’s international expansion plan, it will expand retail presence at Little India in Singapore; Kuala Lumpur and Penang in Malaysia; Ruwi, Baushar and Al Khoudh in Muscat; Jeryan Jenaihat and Rawdat in Qatar; Bab Al Bahrain in Bahrain; and Al Zahia and Muweilah in Sharjah and Silicon Oasis and Dubai Gold Souk in the UAE. This is expected to further strengthen the presence of the brand in various existing markets as well as help it foray into newer ones.
“Our expansion will create additional 1,750 well-paid jobs and we are very excited about our future growth plan. We ensure our entire operation in a very transparent way,” Abdul Salam KP, group executive director of Malabar Group, said.
“We understand the sensitivity of the industry and ensure compliance through responsible sourcing, ethical business practices, transparent and professional fund management. We associate with trade bodies, financial houses, government regulators to make sure that our operations are infallible globally,” he added.
Wide range of products
Shamlal Ahamed, managing director, International Operations of Malabar Gold and Diamonds, said jewellery lovers globally will be able to experience a wide range of innovative designs in diamonds, precious gems and gold with the promise of unparalleled transparency, convenience and customer-friendly policies.
“Our retail expansion is a part of our strategy to further strengthen our retail footprint in the territories where we have strong presence and foray into new markets with our differentiated services and product offerings,” he said.
The brand also opened 16 stores in 2020 demonstrating its commitment to customers who have believed in the brand in spite of widespread retail disruption owing to the Covid-19 pandemic.
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