Malabar Gold and Diamonds accelerates expansion, to generate revenue of Rs 45,000 crore in FY23

Malabar Gold & Diamonds, one of the leading gold and diamonds jewellery retail chains in the country, has unveiled its robust retail expansion plan for FY23 with an aim to achieve revenue of Rs. 45,000 crore. Malabar Gold & Diamonds clocked Rs 30,000 crore turnover in FY22, a growth of approximately 35% compared to the previous year’s business.

As per the growth plan, Malabar Gold & Diamonds will launch 97 showrooms – 60 across India and 37 overseas. This will take the company’s total showroom count to 373 by end-March 2023 and the company will have its strong presence in 13 nations.

Globally Malabar Gold & Diamonds will venture into Africa by opening showrooms in Egypt, Morocco and Algeria. It will also be foraying into Canada and Britain apart from fortifying its presence in the US to four showrooms from two.

To support the aggressive growth plans, Malabar Gold & Diamonds will expand its manufacturing bandwidth by opening a new unit near Hyderabad and expanding the existing Kolkata and Kerala units apart from rolling out three more units in the UAE. This manufacturing expansion and showroom expansion will generate more than 6,000 jobs in FY23.90 per cent of this new recruitment will be in India. Currently Malabar has 14,169 staff members.

The expansion plan is in line with Malabar Gold & Diamonds’ aim to become the world’s largest retailer with a 2.5 times growth in revenue to over Rs. 75,000 crore by FY25.

Commenting on the grand expansion plan, MP Ahammed, Chairman, Malabar Group, said, “Our glorious three-decade old journey from a small showroom in Kozhikode (now Calicut) to a global jeweller is based on transparency, trust, goodwill and design and service excellence. In FY23, with our aggressive expansion plan, we aim to make more and more jewellery buyers in India a part of our journey. Our global expansion plan this year continues to reflect the ethos of the brand Malabar Gold & Diamonds – Make in India and Market to the world. Our goal is to establish the supremacy of Indian craftsmanship at the global level.”

Malabar Gold & Diamonds presently has around 276 showrooms spanning 10 countries — India, the GCC (the UAE, Kuwait, Bahrain, Oman, Qatar and Saudi Arabia), Malaysia, Singapore and the US. Despite being a privately held company, Malabar Gold & Diamonds has a large investor base of over 4,092 and of them, over 409 are its own employees. Thus, most of its showrooms are co-owned. Malabar Gold & Diamonds has five manufacturing units in Qatar, Dubai, Sharjah and Bahrain and five in India and the locations of those units are Mumbai, Kolkata, Hyderabad, Chennai and Thrissur in Kerala.

Courtesy: Retail Jeweller India News