Malabar Gold, the flagship division of Malabar Group of Companies, is planning to invest Rs 500 crore in next two years to expand its operations in India and the Gulf countries. Malabar Gold brand ambassador and film actor Hema Malini will inaugurate its 17th store in Jayanagar, Bangalore (this will be the city’s second store).
“We will be investing Rs 500 crore in the next two years. Around Rs 200 crore will be spent on opening 12 new showrooms across the country, including Coimbatore, Chennai, Salem, Erode and Mysore, during next year, while remaining Rs 300 crore will be dedicated to establishing similar showrooms in Gulf countries such as Kuwait and Bahrain,” O Asher, MD, Malabar Gold, told Indiaretailing. The group already has a showroom in Dubai.
This year, there will be 20 showrooms in South India; and in 2008, the Rs 1,000-crore company plans to open 12 more showrooms.
Currently, Malabar Gold has 16 showrooms in the South, across cities such as Kochi, Kozhikode, Palghat, Hyderabad and Bangalore. When enquired about the new stores and locations that are likely to come up, Asher said, “While we are on the hunt for perfect locations, we will soon open two stores in Thiruvananthapuram and Kottayam in Kerala.”
When quizzed about the quality of jewellery sold, Asher claimed: “Each jewellery sold by the company is bar-coded and comprises details such as weight of the gold, stone and gem, and making charges. To protect the interests of customers, all jewellery will be given one-year free insurance coverage for gold jewellery against theft, burglary and fire, as well as lifelong free maintenance and buyback guarantee.”
The new Bangalore showroom will display an extensive collection of traditional and designer bridal jewellery, besides a vast range of partywear, workwear and traditional jewellery. It will also feature premium branded international watches like Tissot, Esprit, Citizen, Police and Seiko. The bridal collection boasts of designs from Kerala, Karnataka, Tamil Nadu and West Bengal, and also from overseas countries such as Italy, Singapore and Bahrain.
After consolidating itself in the South, the company plans to enter North India and the Gulf region.
– Vishnu Rageev R, Bangalore Bureau