Malabar Gold & Diamonds on an expansion spree, scheduled to open 56 stores
Hyderabad,28th March, 2021: Malabar Gold & Diamonds, one of the largest gold and diamond retail chains in the country, has announced that it will launch 56 stores globally with 40 across India and 16 internationally inFY21-22 to further boost its retail presenceacross the globe. The move is expected to amount to an overall investment of Rs.1,600 crores and generate 1,750 new jobs.
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. Internationally, the expansion will further strengthen its position in markets like Singapore, Malaysia, Oman, Qatar, Bahrain and UAE.
The move marks a major investment in expansion at a time when many gold and jewellery retailers have struggled to manage their existing operations due to challenging global economic environment. Despite the challenging market conditions, Malabar Gold & Diamonds has decided to push ahead with expansion, which demonstrates its confidence in the growth of these markets in future.
Out of the total planned expansion, 12 stores have already been earmarked for opening in the first quarter of FY21-22 itself. The brand has already secured retail spaces in key markets at competitive rentals in this regard in big cities like Chennai, Lucknow, Hyderabad, Mumbai, Pune and Bengaluru as well as small towns like Eluru, Mancherial, Solapur andAhmednagar. International expansion will see the brand expandits retail presence at Little India in Singapore, Kuala Lumpur and Penang in Malaysia, Ruwi, Baushar and Al Khoudh in Oman,JeryanJenaihat and Rawdat in Qatar, Bab al Bahrain in Bahrain and Al Zahia, Silicon Oasis, Muweilah and Dubai Gold Souk inUAE. This is expected to further strengthen the presence of the brand in various existing markets as well as help it foray into newer ones.
While commenting on the expansion plan, Malabar Group Chairman MP Ahammed said, “In more than 25 years of our illustrious journey, Malabar Gold & Diamonds has grown from strength to strength and 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. Keeping up with our values, the stores will offer an unparalleled jewellery buying experience with design, quality and service excellence along with the Malabar promise of incomparable quality and service assurance. The expansion is an integral part of our strategy to become the number one responsiblejewellery retail brand in the world in terms of both showroom count and turnover.”
“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.” he added.
Abdul Salam KP, Group Executive Director of Malabar Group, said, “As a responsible business, we are very mindful of our obligations to our societies. 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. 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.”