Dubai: Malabar Gold & Diamonds will launch 56 stores over the next 12 months, with 40 of these being in India. The move is expected to amount to an overall investment of $220 nillion and generate 1,750 new jobs.
In India, the expansion strategy is centered in all the main markets and despite the country’s retail sector still having to battle the COVID-19 spread. The overseas store openings will be Singapore, Malaysia, Oman, Qatar, Bahrain and the UAE.
The move marks a “major investment in expansion at a time when many gold and jewellery retailers have struggled to manage their existing operations due to a challenging global economic environment,” the retail said in a statement. “Malabar Gold & Diamonds has decided to push ahead with expansion, which demonstrates confidence in the future.”
Of the planned expansion, 12 stores have already been earmarked for opening in the first quarter itself. According to M.P. Ahammed, Chairman, “In more than 25 years, Malabar has transformed from a small jewellery retail business to an international player across several verticals including gold and diamond jewellery retail, jewellery manufacturing and multi-retail concepts.
“The expansion is an integral part of our strategy to become the number one responsible jewellery retail brand in the world in terms of both showroom count and turnover.”