Gold jewellery retailer Malabar Gold & Diamonds said on Friday that it will launch nine stores across India and abroad with an investment of Rs 240 crore.
Despite the challenging market conditions, Malabar Gold & Diamonds has decided to push ahead with expansion, which demonstrates its confidence in the growth of these markets in future, said Malabar Group chairman MP Ahammed.
“The opening of these nine showrooms with a world-class shopping experience in the post-Covid scenario demonstrates the faith reposed by the customers in the brand.
“It is only due to their encouragement and patronage that the brand continues to march forward and add to its retail footprints in various corners of the country and the world.
“Our retail expansion is a part of our plan to become the number one gold retail brand in the world in terms of both showroom count and sales.
“Accordingly, we have plans to triple the number of showrooms in the next five years”, Ahammed added.
In the run up to the festive season, Malabar has scheduled the opening of five stores across India in Lucknow, Dwarka (West Delhi), Ghaziabad, Thane and Kamanahalli (Bengaluru).
While the Lucknow and Dwarka stores are located in malls, the other three are in high street locations.
In addition, the brand is also scheduled to open 2 stores in UAE, 1 each in Singapore, Malaysia and Oman.
Asher O, managing director — India Operations, Malabar Group, said, “We are buoyed by the customer response since the lockdown has lifted and retail activities have resumed, albeit with necessary health and hygiene precautions in place.
“We are positive about the market sentiment and our investment plan reflects our commitment to our customers.”
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