Malabar Gold strengthens retail presence in India
Malabar Gold & Diamonds has strengthened its domestic retail presence with the addition of a new store in the southern city of Nizamabad, Telangana.
The new showroom is located at Dwaraka Nagar, Hyderabad Road, Nizamabad and will house a large collection of jewellery from the brand.
The showroom was inaugurated by actress, Tamannaah Bhatia. It is Malabar Gold & Diamonds 12th showroom in the state of Telangana.
Malabar Gold has been on an expansion spree, as it aims to be the top jewellery retailer in the world. The company will further expand by opening new stores and manufacturing units in the coming months.
Commenting on the expansion, Malabar group chairman, M P Ahammed, in a statement said: “This year, we will open more showrooms as well as manufacturing units which will fuel our vision to become top jewellery retailer in the world.”
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 has over 260 showrooms, which includes 117 showrooms in India and 140 showrooms outside India, spread across ten countries.
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