Wednesday, 29 Mar 2023
Malabar Gold & Diamonds to triple outlets to 750, raise group turnover

Malabar Gold &amp Diamonds to triple outlets to 750, raise group turnover

The group at present operates retail outlets spread across ten nations in the India, the Middle East, Southeast Asia and America. Its huge expansion program will see the organization expand its footprint across all Tier 1 and Tier II cities in North and Central India in order to cater to the expanding jewellery marketplace. The company’s program of main expansion in international marketplace consists of new territories such as Bangladesh, Sri Lanka, Australia, Canada, Egypt and Turkey. As significantly as 40 per cent of the group turnover will be generated from the company’s operations outdoors India.

Considering the qualities of the new marketplace planned to enter, Malabar Group introduced a new notion – MGD Lifestyle Jewellery – a smaller sized format retailer providing everyday put on little-ticket jewellery and life-style articles.

The organization plans to invest US$960mn to handle the development and expansion. The expansion will see Malabar Group expand its investor base from two,752 and contain much more investors from North and Central Indian states, so that they could also be a component of the good results of Malabar Gold and Diamonds. Malabar Gold &amp Diamonds is the jewellery retail arm of the diversified company conglomerate Malabar Group that consists of other company verticals such as actual estate developments, buying malls, hypermarket, technologies, retailing of residence appliances and electronics, watches, franchisee retailing and solutions. The new expansion will see Malabar Group practically double its headcount from 13,000 to 25,000 specialists on direct payroll inside the subsequent 5 years to handle the development and expansion.

M P Ahammed, chairman of Malabar Group, at a press conference in Mumbai, mentioned, “Silver Jubilee is a major milestone in any company’s history and during this time Malabar Group grew from a local entity to an Indian International brand with a large loyal customer base. Today, Malabar is a name to reckon with and known to almost every consumer. During the last 25 years, Malabar Gold & Diamond has grown from strength to strength and rose from being a small outfit to an international player across a number of verticals including gold and diamond jewellery retail and manufacturing and multi-retail concepts.”

Abdul Salam K P, group executive director of Malabar Group, mentioned, “As a responsible business, we are very mindful of our obligations to our societies. Our expansion will create more well-paid jobs and we are very excited about our future growth plan.”

Asher O, managing director – India operations, mentioned, “Our ambitious retail expansion plan in North and Central Indian states like Punjab, Maharashtra, Delhi, Madhya Pradesh, etc will be supported by a new set of investors from these regions. We will also continue to strengthen our retail foot print in the states where we currently have strong presence.”

Shamlal Ahamed, managing director of Malabar Gold &amp Diamonds’ International Operations, mentioned, “As an Indian-born international jewellery brand, we take pride in our roots in India and help connect the global consumers to the Indian heritage and art.”

Information Source: Muscat Daily

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