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Malabar Gold & Diamonds to Invest Rs 1,600 Cr For Expansion
To open 56 stores with 40 across India and 16 internationally in FY21-22 The expansion drive to generate 1,750 new jobs
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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 in FY21-22 to further boost its retail presence across the globe. The move is expected to amount to an overall investment of Rs 1,600 crore 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. This is in line with the ambitious expansion plan to triple the retail network from over 250 showrooms this year to 750 outlets by 2023.
Out of the total planned expansion, 12 stores have already been earmarked for opening in the first quarter of FY 21-22 itself, the company said in an official statement. 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 and Ahmednagar, it added.
International expansion will see the brand expand its retail presence at Little India in Singapore, Kuala Lumpur and Penang in Malaysia, Ruwi, Baushar and Al Khoudh in Oman, Jeryan Jenaihat and Rawdat in Qatar, Bab al Bahrain in Bahrain and Al Zahia, Silicon Oasis, Muweilah and Dubai Gold Souk in 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, the company said.
Malabar Group Chairman MP Ahammed said, “Our expansion will create additional 1,750 well-paid jobs and we are very excited about our future growth plan. The expansion is an integral part of our strategy to become the number one responsible jewellery retail brand in the world in terms of both showroom count and turnover.” “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.
The group has also recently forayed into responsibly sourced gold bullion trade and its gold bars are available for jewellery manufacturers, small gold traders and retail investors desiring to invest in physical gold for purchase. Among the highlights of the past year for the brand was the ‘One India One Gold Rate’ initiative of the brand under which it began offering gold jewellery at a uniform price across the country. 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.