Malabar Gold & Diamonds, one of the world’s largest jewellery retailer, announces ambitious global growth plan on the eve of its Silver Jubilee (25 years) celebrations that will see the company triple its retail network from 250 showrooms this year to 750 outlets in the next five years with annual turnover exceeding US$6.16 billion (INR45,000 crores) and the Group turnover to US$6.85 billion (INR50,000 crores) by 2023.
The Group currently operates retail outlets spread across ten countries in the India, Middle East, Southeast Asia and America. Its massive expansion plan will see the company expand its footprint across all Tier 1 and Tier II cities in North and Central India – in order to cater to the growing jewellery market. The company’s plan of major expansion in international market includes new territories such as Bangladesh, Sri Lanka, Australia, Canada, Egypt and Turkey. As much as 40 percent of the group turnover will be generated from the company’s operations outside India.
Considering the characteristics of the new market planned to enter, Malabar Group introduced a new concept – MGD Lifestyle Jewellery – a smaller format store offering daily wear small-ticket jewellery and lifestyle articles.
The company plans to invest US$ 960 million (INR 7,000 Cr) 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.
Malabar Gold & Diamonds is the jewellery retail arm of the diversified business conglomerate Malabar Group that includes other business verticals such as real estate developments, shopping malls, hypermarket, technologies, retailing of home appliances & electronics, watches, franchisee retailing and services.
The new expansion will see Malabar Group nearly double its headcount from 13,000 to 25,000 professionals on direct payroll within the next five years to manage the growth and expansion.
“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,” MP Ahammed, Chairman of Malabar Group, told the media at a press conference in Mumbai.
“The culture of gifting lives along with human beings to express their love, affection and emotion for their loved ones. Our aim is to be No 1 in this 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.” he added.