A woman selects gold ornaments at Malabar Gold in Bur Dubai. Image Credit: Pankaj Sharma/Gulf News

Dubai: Jewellery retailer Malabar Group announced Wednesday its global expansion plan that will see the company triple its retail network from 250 showrooms to 750 outlets in the next five years.

The group said it aims to achieve an annual turnover of more than $6.85 billion by 2023.

Currently operating stores in 10 countries across India, the Middle East, Southeast Asia and America, the company’s expansion plan will see its retail footprint enter in to all primary cities in north and central India.

The company also said it plans to expand to new international markets including Bangladesh, Sri Lanka, Australia, Canada, Egypt and Turkey. As much as 40 per cent of the group’s turnover would be generated from the company’s operations outside India, it estimated.

To cater to these new markets, Malabar Group said it plans to introduce a new concept — MGD Lifestyle Jewellery — as a smaller format store offering daily wear small-ticket jewellery and lifestyle pieces.

Celebrating its 25th anniversary this year, the retailer said it plans to invest $960 million to fuel the expansion, with aims to attract new funding from India.

The company will also double its headcount from 13,000 to 25,000 employees within the next five years, in order to manage its growth.