Indian jewelry retailer Malabar Gold & Diamonds has announced ambitious growth plans in line with its FY 2023 global expansion plan laid down by the brand in October 2018. The jeweler will open 21 new outlets in the coming six months.
“We are getting wide acceptance in the global and Indian marketplace. Our core business values such as adherence to transparency, honesty, quality along with our value-added services, and product designs that suit every class of customers cutting across age groups, are the key factors that give us global acceptance,” said MP Ahammed, chairman of Malabar Group.
“In 2019 too, we will be opening more showrooms as well as manufacturing units along with skill development centers to groom the youth and absorb them in various job profiles. This will fuel our vision to become the top jewelry retailer in the world.”
As part of its expansion plan, Malabar Gold & Diamonds is all set to open its second outlet in the US at Iselin, New Jersey on Aug. 31. The group’s first outlet in the US, which opened in November 2018, is located at West Devon Avenue, Chicago.
The group currently operates retail outlets spread across 10 countries in India, the Middle East, Southeast Asia and the US. Its massive expansion plan will see the company expand its footprint across all Tier 1 and Tier II cities in North and Central India. The company’s plan of expansion in the international market includes new territories such as Bangladesh, Sri Lanka, Australia, Canada, Egypt and Turkey.
The new expansion will see Malabar Group increase its headcount to 13,500 professionals on direct payroll and further generate more jobs within the next five years to manage the planned growth and expansion.
Malabar Gold & Diamonds is the jewelry retail arm of the diversified business conglomerate Malabar Group, which includes other business verticals such as real estate development, shopping malls, hypermarkets, technologies, retailing of home appliances and electronics, watches, and franchisee retailing and services.
The group has a unique business model where its expansion is fueled by investors who become shareholders in different entities. Malabar Gold & Diamonds currently has over 4,000 investors, 19.4 percent of whom are full-time employees within the group, including the front-end managers and directors.
