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Jewellery retail chain Malabar Gold & Diamonds has firmed up expansion plans, both in India and abroad.
In three months, the company will open 13 new showrooms in different parts of the country. It will also open outlets in Malaysia, Bangladesh, Singapore, the UAE, Saudi Arabia, Oman and Qatar.
The aim is to become the world’s largest gold retail chain, said Malabar Group Chairman MP Ahammed. It currently owns and operates more than 260 showrooms across 10 countries. This will increase to 750 in the next five years, he added.
In India, Malabar Gold will open showrooms in Chandigarh, Kumbakonam, Patna, Kammam, Lucknow, Ghaziabad, Kammanahalli , Indore, Vashi, Thane, Dwaraka and Srikakulam.
The company is also expanding the number of ornament making units. At present it has units in Kolkata, Hyderabad, Mumbai, Bengaluru and Coimbatore.
“Our aim is to become numero uno in the gold jewellery retail chain space in terms of both number of showrooms and business volume. The expansion is part of this wider business strategy. We hope that we can reach the number one position much earlier than expected,” Ahammed added.
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