MUMBAI: Malabar Gold & Diamonds has announced that it will launch nine stores across India and globally as part of its ambitious global growth plan. Its expansion strategy will see the company mark its footprint across all Tier-I and Tier-II cities in north and central India in order to cater to the growing jewellery market. The group currently operates retail outlets spread across ten countries in India, Middle East, Southeast Asia and the US. Internationally, the expansion will further strengthen its position in markets like Singapore, Malaysia, Oman and UAE.
In the run up to the festive season, Malabar Gold & Diamonds 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 two stores in UAE, and one each in Singapore, Malaysia and Oman.
The move marks a major investment in expansion at a time when many gold and jewellery retailers have struggled to manage their existing operations due to the challenging global economic environment. Despite the slowdown in the market resulting from lower demand, higher price of gold and the global pandemic, Malabar Gold & Diamonds has decided to push ahead with its growth plans, which demonstrates its confidence in the golden prospects of these markets in future.
“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”, said Malabar Group chairman MP Ahammed.
For the ongoing festive season that typically sees an upsurge in gold purchase by consumers, the brand is focussing on their One India One Gold Rate initiative, which aims to offer uniform pricing of gold to customers across the country. Additionally, it has also launched an extensive Diwali-specific festive collection which is available at all Malabar stores and the e-catalogue is available for browsing on Malabar Gold & Diamonds website.
