Malabar Gold to enter 10 new countries, eyes revenue of Rs 50,000 crore by 2023
Malabar Gold & Diamonds, India's top jeweller in terms of revenue, is looking to strengthen its international presence by entering 10 new countries over the next three years.
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.
The Calicut-based jeweller has now set a revenue target of Rs 50,000 by 2023 and will continue to expand aggressively in India and abroad to achieve the target.
"Demand for gold and jewellery will continue to grow and our target is to double the number of showrooms in India and to enter ten more countries within the next three years. By the end of the current financial year, our business should grow to about US $5 billion or more. Considering the growth we have achieved so far when compared to our leading global competitors, we should reach our target to become the world's largest within three years,” MP Ahammed, founder and chairman of Malabar Gold told Business Today.
“On average, Malabar spends about Rs 30 crore to start a new showroom and the shop normally breaks even within one or two years,” said Ahammad.
Malabar Gold currently has 257 showrooms, which includes 117 showrooms in India and 140 showrooms outside India, spread across ten countries.
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