Malabar Gold & Diamonds, one of the largest gold and diamond retail chains in the country, has announced that it will launch 56 stores globally of which 40 will be in India inFY21-22 to further boost its retail presenceacross the country.
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 with an investment of Rs.1600 crore by 2023, according to a communication from the company.
While commenting on the expansion plan, Malabar Group Chairman MP Ahammed said, “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.”
Abdul Salam KP, Group Executive Director of Malabar Group, said, “Our expansion will create additional 1,750 well-paid jobs and we are very excited about our future growth plan.”