Indian jewellery retail chain Malabar Gold & Diamonds has unveiled its mega expansion plans to bolster its business in India and abroad, according to an ET report.
As part of these plans, Malabar Gold will open 13 new showrooms in different Indian states and six showrooms in other countries in the next three months. The expansion is part of the jewellery retail chain’s plan to become the world’s largest gold retail chain.
Image credit: Malabar Gold & Diamonds
Currently, the company owns and operates more than 260 showrooms spread across 10 countries. The aim is to triple the total showroom count to 750 in the next five years.
“We aim to become the numero uno in the gold jewellery retail chain space in terms of both the number of showrooms and business volume. The expansion plans are part of this wider business strategy. We hope that we can reach the number one position in the gold retail business much earlier than expected,” said M. P. Ahammed, chairman of Malabar Group in a statement.
In India, the Malabar Gold will open new showrooms in Chandigarh, Kumbhakonam, Patna, Kammam, Lucknow, Ghaziabad, Kammanahali, Indore, Vashi, Thane, Bhuvaneswar, Dwaraka and Srikakulam. To expand its presence in foreign geographies, the company will open new showrooms in countries such as Malaysia, Bangladesh, Singapore, UAE, Saudi Arabia, Oman and Qatar.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
