Malabar Gold & Diamonds has announced to add 56 stores globally including 40 in India in FY 21-22, with an investment of ₹ 1,600 crore. The company said the move is expected to create 1,750 new jobs. In India, the company will expand its base in 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 such as Singapore, Malaysia, Oman, Qatar, Bahrain and the UAE.
“This is in line with the ambitious expansion plan to expand retail outlets from more than 250 showrooms to 750 outlets by 2023 this year,” the company said in a statement. Of the total planned expansion, 12 stores have already opened to open in the first quarter of FY21-22.
Malabar Group Chairman MP Ahmed said, “Expansion is an integral part of our strategy to become the number one responsible jewelery retail brand in the world in terms of showroom count and turnover.”
“We aim to be number 1 in this segment and we will strengthen the fast growing aspect of jewelery in India and other countries and use it as a growth-driver of our jewelery business,” he said.
Abdul Salam KP, Group Executive Director of Malabar Group said, “Our retail expansion is a part of our strategy, where we have a strong presence and move into new markets with our differentiated services and product offerings. ”
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