Top jeweller unveils ME expansion plan
Manama, April 3, 2012
Malabar Gold, a leading gold and diamond jewellery player in South India and the Middle East, has announced a four-year expansion plan that will eventually raise the company's retail network to 220 outlets from the existing 64.
The company plans to invest $700 million in the programme which will create 15,000 jobs and triple its annual turnover to about $6 billion, making it the world's leading jewellery brand.
As a first step towards achieving the set milestones, the company has rebranded its operations as "Malabar Gold and Diamonds", foreseeing growth in diamonds jewellery sector and incorporate a contemporary look and feel, to appeal to a globally diverse clientele.
"Malabar Gold and Diamonds, in its endeavour to become the world's leading retailer in value appreciating gift articles, is undergoing a brand transformation to blend with its future business vision," said Malabar Group of Companies chairman M P Ahamed.
"The objective of the overall re-branding and expansion programme is to raise the international profile of Malabar Gold and Diamonds in line with being the world's biggest and most valuable jewellery brand within the next few years.
"We are undertaking this change to help scale our brand to greater heights and to better serve our discerning customers," he added.
As part of the ambitious plan, the company is investing about $100 million to roll out more than 20 retail outlets in 2012.
This will raise the number of retail outlets in various parts of the GCC and India to 84.
Malabar Gold and Diamonds, whose annual turnover last year exceeded $2.4 billion, is currently ranked as the third largest jewellery retailer in the world in terms of business figures, after Hong Kong-based CTF and Tiffany and Company.-TradeArabia News Service
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