Malabar Group plans to open new jewellery outlets in India, GCC
DUBAI, April 1, 2021
Malabar Gold & Diamonds, one of the largest jewellery retail chains, will open 56 stores in FY 2021-22 at an estimated investment of $220 million, generating 1,750 new jobs.
Of this 40 will be launched in India and 16 overseas, in key markets including Oman, Qatar, Bahrain and the UAE in addition to Singapore and Malaysia as part of its regional expansion strategy.
Shops will open in Little India in Singapore, Kuala Lumpur and Penang in Malaysia, Ruwi, Baushar and Al Khoudh in Oman, Jeryan Jenaihat and Rawdat in Qatar, Bab al Bahrain in Bahrain and in the UAE in Al Zahia and Muweilah in Sharjah, and Silicon Oasis and Dubai Gold Souk Dubai, said the statement from Malabar Gold & Diamonds.
Malabar Group Chairman, MP Ahammed, said: "In over 25 years, we have transformed from a small retail jewellery business to a global player across the verticals of gold and diamond jewellery retail, manufacturing and multi-retail business. Transparency and customer trust have been our growth pillars and the new expansion will take us to the next level."
"These new stores will offer an unparalleled customer experience in line with the Malabar Promise of incomparable quality and service assurance. The group’s goal is to be the number one jewellery retail brand in the world in terms of showroom numbers and turnover," he stated.
Group Executive Director Abdul Salam KP said: "In line with our social commitment, the expansion will create 1,750 new jobs. We follow industry best practices, ethical sourcing and professional fund management."
In India, the expansion will span Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Maharashtra, Delhi, West Bengal, Uttar Pradesh, Odisha and Kerala, he added.
