Malabar Gold to invest Rs 1,600 crore on expansion
Gold and diamond retail chain Malabar Gold & Diamonds plans to invest Rs 1,600 crore ($220.4 million) to strengthen its domestic and international presence in the financial year 2022.
The company will open 40 outlets across India and 16 internationally to further boost its retail presence across the globe.
Malabar Gold will focus on states like Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Maharashtra, Delhi, West Bengal, Uttar Pradesh, Odisha, and Kerala for its domestic expansion while internationally, the expansion will be in markets such as Singapore, Malaysia, Oman, Qatar, Bahrain, and UAE.
The Calicut-based jeweller had set a revenue target of Rs 50,000 crore by 2023 and continues to expand aggressively in India and abroad to achieve the target.
“Our aim is to be number one in the segment and we will strengthen the gifting aspect of jewellery that is fast growing in India and other countries and use it as a growth-driver of our jewellery business,” Malabar Group chairman, M P Ahammed, said in a statement.
Talking about the domestic expansion, O Asher, managing director India at Malabar Gold, added: “Increased focus from the government on infrastructure and a good monsoon has seen rural markets and tier 2/3 towns across India rebound strongly from the pandemic. Having sensed the momentum in the recent festive sales, we are gearing up in a big way to cater to these underserved markets with new standards of customer comfort and convenience.”
Malabar Gold has over 250 showrooms spread over 10 countries with an annual turnover of around Rs 30,000 crore.
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