Malabar Gold plans to open around 20 new showrooms
Jewellery retail chain Malabar Gold & Diamonds is looking to strengthen its retail presence in the Indian and international markets with the addition of around 20 new stores.
As part of its ongoing expansion plans, Malabar Gold will open 13 stores in different cities across India and six stores in international markets.
In India, Malabar Gold will open new showrooms in Chandigarh, Kumbhakonam, Patna, Kammam, Lucknow, Ghaziabad, Kammanahali, Indore, Vashi, Thane, Bhuvaneswar, Dwaraka and Srikakulam. Its international expansion will include countries like Malaysia, Bangladesh, Singapore, UAE, Saudi Arabia, Oman, and Qatar.
“Our aim is to become the numero uno in the gold jewellery retail chain space in terms of both the number of showrooms and business volume. The expansion plans are part of this wider business strategy. We hope that we can reach the number one position in the gold retail business much earlier than expected,” M P Ahammed, chairman of Malabar Group, told the Economic Times.
The company expects to close this fiscal year with revenue of US $5 billion (Rs 35,000 crore), on the back of its domestic and international presence. Malabar Gold had reported revenue of $4.51 billion in 2018-19.
Malabar Gold currently owns and operates more than 260 showrooms across ten countries. The company is hoping to triple its total showroom count to 750 over the next five years.
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