Malabar Gold & Diamonds to triple number of outlets to 750 and raise Group turnover to US$7 billion in 5 years

retailj
By retailj October 10, 2018 15:05

Malabar Gold & Diamonds to triple number of outlets to 750 and raise Group turnover to US$7 billion in 5 years

Malabar Gold & Diamonds to expand its 2,700 plus-strong investor base by attracting investors from North and Central India to spearhead its India-wide and global expansion as it celebrates Silver Jubilee

  •  One among the world’s largest jewellery retailer to triple its retail footprint to reach 750 outlets by FY23 as part of its global expansion plan
  • Malabar Gold & Diamonds adds the United States of America as 10thcountry and cross 250 mark by end of the year
  • The Group celebrates 25 years of continuous growth in 10 countries in 22 different business verticals
  • Malabar Gold & Diamonds plans to extend operations to Bangladesh, Sri Lanka, Australia, Canada, Egypt and Turkey in the coming years

Malabar Gold & Diamonds, one of the world’s largest jewellery retailers, celebrated their silver anniversary today at the Taj Mahal Palace, Mumbai. They also announced their growth plan for the financial year 2023. They plan to expand the world over and triple their retail network from 250 showrooms this year to 750 outlets in the next five years with annual turnover exceeding US$6.16 billion (INR45,000 crores) and the Group turnover to US$6.85 billion (INR50,000 crores) by 2023. Malabar Gold & Diamonds also aims to enter new markets of Bangladesh, Sri Lanka, Australia, Canada, Egypt and Turkey in the coming years. The Group currently operates retail outlets spread across 10 countries in Middle East, Southeast Asia and North America and has 22 different business verticals.

M.P. Ahammed, Chairman, Malabar Group, who started the company in 1993 along with a team of investors, expressed his gratitude to all the investors and customers over the years. He said, “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, jewellery manufacturing and multi-retail concepts”. The group has a unique business model where its expansion is fuelled by investors who become shareholders in different entities in a very transparent ownership model. Malabar Gold & Diamonds currently have over 2,752 investors under different entities who share the same vision, dedication and passion. Around 19.4 per cent of these investors are full time employees with the Group, including the front-end managers and directors. He spoke about how gold is an integral part of Indian culture and tradition and was optimistic about the future plans of expansion of the Group.

Shamlal Ahamed, Managing Director of Malabar Gold & Diamonds’ International Operations, said, “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. Our strong retail presence across 10 countries coupled with the jewellery manufacturing capabilities that mostly produce Indian culture-inspired designs that are exported to the rest of the world through our international retail network. Our further expansion in the international arena will lead to Indian artisanal jewellery being showcased at prominent global destinations.”

The year 2018 has indeed proved to be fortunate for the Malabar Gold & Diamonds. As K.P. Abdul Salam, Group Executive Director, Malabar Group, pointed out that they opened their 250th retail outlet in Chicago, which marked their expansion into North America. After taking us through the humble journey of Malabar Gold & Diamonds, he also spoke about the CSR initiatives of the Group. He shared, “Five per cent of our profits are earmarked for CSR activities. We strongly believe in giving back to the community and our initiatives are concerned with women empowerment, health, housing and environment.”

Asher O., Managing Director-India Operations, Malabar Gold & Diamonds, spoke about how integral jewellery was to the Indian culture and that the Indian market too had a huge scope for expansion for the Group. He said, “As our chairman believes that if you become number one in India, you are number one in the world, it is important for us to explore the potential of our own upcoming towns and cities. We shall now focus on the rural markets to expand business domestically.”

Courtesy: Retail Jeweller India News Service

retailj
By retailj October 10, 2018 15:05
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