Gold and diamond retail chain Malabar is to accelerate its expansion plan with 56 stores scheduled to open in FY 2021-22, most of them in Asia.
The expansion plan – in which Malabar will invest US$220 million – will see 40 new stores in India and other 16 overseas outlets, including Singapore and Malaysia, generating more than 1700 new jobs.
“The expansion will strengthen the group’s retail footprints in territories where it has a strong presence,” said Shamlal Ahamed, MD, international operations at Malabar Gold and Diamonds.
During the first quarter of the fiscal year, 12 new stores will be opened across Indian regions, including Hyderabad, Mumbai and Bengaluru.
Meanwhile, Malabar plans to expand in Southeast Asia with new locations in Little India in Singapore, and in Kuala Lumpur and Penang in Malaysia. Other new overseas locations include Oman, Qatar, Bahrain and the UAE.
“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,” said MP Ahammed, chairman at Malabar Group.
“Transparency and customer trust have been our growth pillars and the new expansion will take us to the next level.”
Founded in 1993, Malabar Gold & Diamonds now operates a network of more than 260 stores across 10 countries.