Malabar Gold & Diamonds enters USA with Chicago store
Kerala-based Malabar Gold & Diamonds has entered the North American market with the opening of its first store in the city of Chicago.
Malabar’s new showroom is located in Chicago at 2652 W Devon Avenue, IL 60659 and will house various brands from Malabar such as Ethnix, Era, Mine, Divine, Precia, and Starlet.
The store was inaugurated by Neeta Bhushan, the Consul General of India, Chicago; in the presence of the brand's managing director of international operations, Shamlal Ahamed.
With its US entry, Malabar is now present in 10 countries with a strong retail network of 250 outlets. The company will further strengthen its global network by entering new countries and will be adding 500 stores over the next five years.
Malabar has earmarked an investment of Rs 7,000 crore ($960 million) for its global expansion and will enter international markets like Bangladesh, Sri Lanka, Australia, Canada, Egypt, and Turkey in the coming years.
It has set a revenue target of $6.85 billion (Rs 50,000 crore) by 2023, of which 40 percent is expected to come from these international markets.
The Malabar Group currently has 250 stores in India and abroad, with 112 outlets in overseas markets, making it one of the biggest jewellery players in the world with an annual turnover of $4.51 billion.
Copyright © 2021 FashionNetwork.com All rights reserved.