Comments
Gold and diamond jewellery retailer Malabar Gold has announced a four-year expansion plan to raise its retail network to 220 outlets from 64 with an investment of Rs 3,500 crore.
The programme is expected to create 15,000 jobs and triple the company’s annual turnover to Rs 30,000 crore (about $6 billion) to make it the world’s leading jewellery brand, the company said in a statement.
As a first step towards achieving the set milestones, the company has launched a new identity, Malabar Gold & Diamonds, foreseeing growth in the diamonds jewellery industry.
The new identity seeks to give the company’s gold and diamond products “to a globally diverse clientele”, said Mr M.P. Ahamed, Chairman of Malabar Group of Companies.
The plan was announced in association with The Brand Union Middle East, a global brand agency with 35 years’ experience and more than 20 offices worldwide.
As part of the plan, the company is investing about $100 million (over Rs 500 crore) to roll out more than 20 retail outlets this year. This will raise the number of retail outlets in various parts of the GCC and India to 84 outlets.
Malabar Gold & Diamonds, whose turnover last year exceeded $2.4 billion (Rs 12,000 crore), is the third largest jewellery retailer in the world, after Hong Kong-based CTF and Tiffany & Co.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.