Jewellery retailer Malabar Gold and Diamonds said the company is planning to invest Rs 240 crore to open nine stores in India and other countries. The Group currently operates 250 retail outlets spread across 10 countries including India, the Middle East, Southeast Asia, and America, Malabar Gold said in a statement.
The plan to add nine stores with an investment of Rs 240 crore will see Malabar Gold expand its footprint across all tier-I and II cities in the north and central India as well as strengthen its position in markets like Singapore, Malaysia, Oman and the UAE.
Malabar Gold has scheduled the opening of five stores across the country including in Lucknow, Dwarka (Delhi), Ghaziabad (Uttar Pradesh), Thane (Maharashtra), and Kamanahalli (Bengaluru) in Karnataka.
In the global market, the brand is scheduled to open one store each in the UAE, Singapore, Malaysia, and Oman.
Despite the challenging market conditions resulted by lower demand, higher price of gold and the pandemic in India and globally, Malabar Gold has decided to push ahead with expansion, which demonstrates its confidence in the growth of these markets in future.
“The opening of these nine showrooms in the post-COVID scenario demonstrates the faith reposed by the customers in the brand. 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 MP Ahammed, Chairman, Malabar Group said in a statement.
For the upcoming festive season that typically sees an upsurge in gold purchase by consumers, the brand is focusing on their One India One Gold Rate initiative, which aims to offer uniform pricing of gold to customers across the country.
“Combined with the One India One Gold Rate initiative and special festive designs, this will help us provide great value to customers in the coming festive season. I am confident that our customers will continue to respond positively to our offerings of wide retail presence, quality products, unmatched design and transparent pricing,” Asher O, Managing Director – India Operations, Malabar Group added.