Google News

Malabar Gold & Diamonds to open 100 new stores within 2025

Must Read

The company recorded an annual retail global turnover of Rs 51,218 crore in the last financial year (FY24)

Bengaluru:  Kozhikode-based Malabar Gold & Diamonds is set to open 100 new stores by 2025, the jewellery retailer said in a press release on Wednesday.  It plans to launch new stores in New Zealand, Egypt, Bangladesh, with more locations in Europe and to strengthen its presence in existing markets such as the US, Canada, UK, and Australia.

The company recorded an annual retail global turnover of Rs 51,218 crore in the last financial year (FY24).

“Given our extensive global presence, we maintain our dedication to responsibly sourcing gold, ensuring it is mined without infringing upon the rights of individuals, particularly children, animals, and their habitats, assuring ethical practices, and transparent fund management,” said MP Ahammed, chairman of Malabar Group.

“We remain dedicated to sourcing responsibly mined materials and contributing positively to the communities we serve,” he added.

In addition to opening more stores in its current states of operation in India, the retailer also plans to expand its presence into states such as Jharkhand, Goa, Assam, Tripura, and Jammu and Kashmir.

The brand also aims to hire an additional 7,000 employees, increasing the workforce to 28,000 from 21,000 representing 26 countries.

Currently, Malabar Gold & Diamonds operates 345 stores across 13 countries, including India, UAE, Qatar, Kuwait, Oman, Saudi Arabia, Bahrain, Singapore, Malaysia, USA, Canada, UK and Australia. It also has a customer base exceeding 15 million across 100 countries.

Recently, Malabar ranked 19th in Deloitte’s Luxury Goods global ranking followed by Tata group entity Titan Company which secured the 24th position.

Latest News

Budget 2024: Jewellery sector welcomes custom duty reduction on precious metals

The reduction in duties will bring down input costs, increase value addition, promote export competitiveness and boost domestic manufacturing New...