Malabar Gold & Diamonds is opening 97 showrooms – 60 across India and 37 overseas as part of its retail expansion plan for FY23. This will take the company’s total showroom count to 373 by end-March 2023 and the company will have a presence in 13 nations.

It is aiming at a revenue of Rs 45,000 crore in FY23; it clocked a turnover of Rs 30,000 crore in FY22, a growth of approximately 35% compared to the previous year.

Globally, Malabar Gold & Diamonds will venture into Africa by opening showrooms in Egypt, Morocco and Algeria. It will also be foraying into Canada and Britain apart from fortifying its presence in the US to four showrooms from two.

To support the aggressive growth plans, Malabar Gold & Diamonds will expand its manufacturing bandwidth by opening a new unit near Hyderabad and expanding the existing Kolkata and Kerala units, apart from rolling out three more units in the UAE. The manufacturing expansion and showroom expansion will generate more than 6,000 jobs in FY23. 90% of this new recruitment will be in India.

The expansion plan is in line with the company’s aim to become the world’s largest retailer with a 2.5 times growth in revenue to over Rs 75,000 crore by FY25.