Malabar Gold & Diamonds to invest Rs 800 crore on retail expansion
Malabar Gold & Diamonds plans to invest Rs 800 crore ($107 million) on its global expansion by opening 22 new showrooms in GCC, Far East, and India in January.
Out of the 22 new showrooms, 12 will be in GCC and the Far East and 10 in India with focus on tier 2, tier 3 cities.
On the back of its retail expansion, Malabar aims to become the largest jewellery group in the world.
“This expansion program will create approximately 5,000 job opportunities in the retail, manufacturing, technical and management areas related to jewellery trade. Our mission is to Make in India and market to the world. Our commitment is to highlight further the brand value of Indian jewellery at the international level and create more job opportunities in the manufacturing sector domestically,” in a statement said Malabar Group chairman M P Ahammed.
Asher O, managing director, India operations of Malabar Gold and Diamonds added, “Our retail expansion is a part of our strategy to further strengthen our retail footprint in the territories where we have a strong presence as well as a foray into new markets with our differentiated services and product offerings.”
Malabar Gold and Diamonds has a robust retail presence with more than 260 showrooms in 10 countries across the globe. In addition, the group has 14 wholesale units and 14 jewellery making units in India and abroad.
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