The Man of Gold In its three-decade old journey, Malabar has opened 317 showrooms in India and several countries including the UAE, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, Malaysia, Singapore, and the US.
By Punita Sabharwal •
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MP Ahammed grew up in a merchant family. Therefore, an entrepreneurial mindset started taking shape in him very early. He took the plunge in 1979 by setting up a spice trade business in Kozhikode, Kerala. However, things didn't work out as planned. He eventually decided to foray into jewellery trade and opened a 400 sq. ft. shop at Kozhikode with the name Malabar Jewellers (later rebranded as Malabar Gold & Diamonds) in 1993.
In its three-decade old journey, Malabar has opened 317 showrooms in India and several countries including the UAE, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, Malaysia, Singapore, and the US. Sharing more on the global expansion, MP Ahammed, Chairman, Malabar Group states, "In 2001, we ventured beyond India and opened our first store in the Gulf region. We opened our 50th store in Riyadh in 2011. In 2023, we opened our 300th showroom in the US. In 2020, we rolled out 'One India One Gold Rate', a one-of-a-kind initiative which offers a uniform gold rate across all stores in the country. We have also set up 13 cluster manufacturing units in India and GCC."
In terms of international expansion, they have plans to enter the UK, Australia, Canada, Turkey, and Bangladesh. The aim is to establish Malabar as a leading jewellery retailer globally.
Talking about the expansion to other markets at the initial stage Ahammed avers, "We observed a high level of customer satisfaction, increased sales, and a growing customer base in Kerala and this response sparked the consideration to expand our operations to other regions in India." He further adds, "During the early years of my business journey, I realised that internationally gold enjoys high value. However, a significant hurdle stood in the way - the lack of funds required to embark on such a venture.
In an effort to overcome this financial obstacle, I shared this idea with my close relatives, and they embraced the plan and expressed their alignment with it. Unfortunately, they too faced the challenge of limited funds. Undeterred, they collectively made the decision to liquidate their property, generating a sum of Rs 50 lakh to invest in the business, thus becoming the pioneering investors and the foundational pillars of Malabar Golds & Diamonds."
To cater to the growing demand for online shopping and provide customers with convenience, Malabar launched an e-commerce platform. This allows customers to browse and purchase jewellery and other products online, providing them with a seamless shopping experience. They have implemented an omnichannel strategy to integrate offline and online retail channels. This enables customers to seamlessly transition between the online platform and physical stores, providing consistent pricing, promotions, and customer service across all touchpoints.
FACTSHEET:
>> Year of inception of the company - 1993
>> Turnover for FY 2022-23 - Rs. 43,500 crores
>> No. of employees - Around 18500 staff members globally
>> Head office location - Kozhikode
