Malabar Gold & Diamonds Invests INR 240 Crore To Expand Its Retail Footprint
The company said it will launch nine stores across India and globally in line with their growth plan
Gold jewellery retailer Malabar Gold & Diamonds has announced that it will invest INR 240 crore to launch nine stores across India and the globe as per their growth plan of 2018 of tripling its retail network from 250 stores to 750 outlets.
Established in 1993 in Kerala, Malabar Gold & Diamonds today has 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 US. The company boasts of an annual turnover of $4.51 billion and claims to be ranked one among the largest jewellery retailers globally.
With the expansion plan, the company aims to expand its retail footprint in all tier I and tier II cities in northern and central India. Internationally, the brand plans to scale in Singapore, Malaysia, UAE and Oman.
Eyeing the festive season, the company has scheduled the opening of five stores across India in Lucknow, Dwarka, Ghaziabad, Thane and Kamanahalli (Bengaluru). While the Lucknow and Dwarka stores are located in malls, the other three are in high-street locations. In addition, the brand is also scheduled to open one each stores in UAE, Singapore, Malaysia and Oman.
Commenting on the latest development, M.P. Ahammed, chairman of Malabar Group said, “The opening of these nine showrooms with a world-class shopping experience in the post-COVID scenario demonstrates the faith reposed by the customers in the brand. It is only due to their encouragement and patronage that the brand continues to march forward and add to its retail footprints in various corners of the country and the world. 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 plans to triple the number of showrooms in the next five years.”
The company to cater to masses has also come up with its One India-One Gold Rate initiative that aims to offer uniform pricing of gold to customers across the country. It has also launched a Diwali-specific festive collection.
Commenting on the same, Asher O., managing director – India operations, Malabar Group, said, “We are buoyed by the customer response since the lockdown has lifted and retail activities have resumed, albeit with necessary health and hygiene precautions in place. We are positive about the market sentiment and our investment plan reflects our commitment to our customers. The opening of these new locations is a matter of pride for us. Combined with the One India One Gold Rate initiative and special festive designs, this will help us provide great value to customers in the coming festive season. I am confident that our customers will continue to respond positively to our offerings of wide retail presence, quality products, unmatched design and transparent pricing”