Malabar Gold and Diamonds is set to invest a whopping Rs 240 crore to open nine stores in India and other countries. The company will expand its footprint across all tier-I and tier-II cities in north and central India as well as strengthen its position in Malaysia, Singapore, UAE and Oman.
Malabar Gold, in an official statement, said it has scheduled the opening of five stores in India, in Lucknow, Dwarka – Delhi, Ghaziabad – Uttar Pradesh, Thane – Maharashtra and Kamanahalli in Karnataka. In the international market, the brand is working towards opening one store each in UAE, Singapore, Malaysia and Oman. Currently, it operates 250 retail outlets, spread across 10 countries, including India, the Middle East, America and Southeast Asia.
MP Ahammed, Malabar Group Chairman, said the opening of these nine showrooms in the post-COVID scenario demonstrates the faith reposed by the customers in the brand. “Our retail expansion is part of our plan to become the number one gold retail brand in the world in terms of both showroom count and sales,” he said. “Accordingly, we have plans to triple the number of showrooms in the next five years.” Asher O, the Group’s Managing Director India Operations, said with the One India One Gold Rate initiative and special festive designs, it will help the company provide great value to customers in the coming festive season. “I am confident that our customers will continue to respond positively to our offerings of wide retail presence, quality products unmatched design and transparent pricing,” he said.
The prevailing COVID-10 pandemic and challenging market conditions has not deterred the company. In fact, it is pushing ahead with expansion. This demonstrates Malabar Gold’s confidence in the growth of these markets in the near future.
With inputs from PTI