Image credit: Malabar Gold and Diamonds
Malabar Gold and Diamonds on 27 March announced a $220 million investment plan to expand its retail presence in India and other key markets by inaugurating 56 new stores this year.
The Indian brand for gold and diamond jewellery said it will open 40 new stores across India and 16 in other international markets during the financial year 2021-22, as per a media report. The move is expected to generate 1,750 new jobs, Established in 1993 in the Indian state of Kerala, Malabar Gold & Diamonds today has a strong retail network of over 250 outlets spread across 10 countries, the group currently ranks among the largest jewellery retailers globally and records $4.51 bn turnover annually.
Internationally, the group will further strengthen its position in markets such as Singapore, Malaysia, Oman, Qatar, Bahrain and UAE, according to the statement.
In India, the expansion strategy is centred in states like Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Maharashtra, Delhi, West Bengal, Uttar Pradesh, Odisha and Kerala.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
