Chennai: Jeweller retailer Malabar Gold & Diamonds, has announced its ambitious global growth plan on the eve of its Silver Jubilee (25 years) celebrations. According to the firm, the company will triple its retail network from 250 showrooms this year to 750 outlets in the next five years with annual turnover exceeding $6.16 billion (Rs 45,000 crore) and the group turnover to $6.85 billion (Rs 50,000 crore) by 2023.
The Group currently operates retail outlets spread across ten countries. The expansion plan will see the company expand its footprint across all tier one and tier two cities in north and central India. In INternational markets, the firm plans to include new territories such as Bangladesh, Sri Lanka, Australia, Canada, Egypt and Turkey. As much as 40 percent of the group turnover will be generated from the company’s operations outside India.
The firm said in its press release that it has introduced a new concept – MGD Lifestyle Jewellery – a smaller format store offering daily wear small-ticket jewellery and lifestyle articles.
The company plans to invest $960 million (Rs 7,000 crore) to manage the growth and expansion. The expansion will see Malabar Group expand its investor base from 2,752 and include more investors from North and Central Indian states, so that they could also be a part of the success of Malabar Gold and Diamonds.
“Silver Jubilee is a major milestone in any company’s history and during this time Malabar Group grew from a local entity to an Indian International brand with a large loyal customer base. Today, Malabar is a name to reckon with and known to almost every consumer. During the last 25 years, Malabar Gold & Diamond has grown from strength to strength and rose from being a small outfit to an international player across a number of verticals including gold and diamond jewellery retail, jewellery manufacturing and multi-retail concepts,” chairman of Malabar Group, MP Ahammed, told the media.