Jewellery retailer Malabar Gold & Diamonds announced on Wednesday that it will invest Rs 1,600 crore to launch 56 stores in the next financial year.
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, Malabar Group chairman MP Ahammed said. Forty stores will be opened in India, while the remaining 16 will be in the markets such as Singapore, Malaysia, Oman, Qatar, Bahrain and the UAE.
“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,” Ahammed said.
“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 the 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,” he added.
“Increased focus from the government on infrastructure and a good monsoon have seen rural markets and tier II and III towns across India rebound strongly from the pandemic. Having sensed the momentum in the recent festive sales, we are gearing up in a big way to cater to these under-served markets with new standards of customer comfort and convenience,” said O Asher, managing director, India operations of Malabar Gold and Diamonds.
The group has 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.
The Kerala-based brand 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,he added.
