Malabar Gold & Diamonds plan national and international expansion

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 August 31

Post By : IJ News Service On 27 August 2019 1:47 PM

Malabar Gold & Diamonds has announced that it will open 21 new outlets in different markets over the coming six months. This is in line with the FY 2023 global expansion plan laid down by the brand in October 2018. “We are getting wide acceptance in the global and Indian marketplace. In 2019, too, we will be opening more showrooms as well as manufacturing units along with skill development centres to groom the youth and absorb them in various job profiles. This will fuel our vision to become the top jewellery retailer in the world,” said MP Ahammed, chairman of Malabar Group.

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 August 31. Its first outlet in US, located at West Devon Avenue, Chicago, was opened in November last year. The Group currently operates retail outlets spread across 10 countries, including India, the US, as well as some countries in the Middle East and Southeast Asia. Malabar Gold & Diamonds is the jewellery retail arm of the diversified business conglomerate, Malabar Group, which includes other business verticals such as real estate developments, shopping malls, hypermarket, technologies, retailing of home appliances & electronics, watches, franchisee retailing and services.

“Its massive expansion plan will see the company expand its footprint across all Tier 1 and Tier II cities in North and Central India – in order to cater to the growing jewellery market. The company’s plan of major expansion in international market also includes new territories such as Bangladesh, Sri Lanka, Australia, Canada, Egypt and Turkey,” the company said in a press statement. The new expansion will see Malabar Group increase its headcount to 13,500 professionals on direct payroll and expects to further generate more jobs within the next five years to manage the planned growth and expansion.“We will also continue to strengthen our retail footprint in the states where we currently have a strong presence,” the statement added.

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