Malabar Group Jewellery retail chain Malabar Gold & Diamonds has unveiled its retail expansion plan for fiscal year 2023 with an aim to achieve revenue of Rs 45,000 crore and generate more than 6,000 jobs in India.
MP Ahammed, Chairman, of Malabar Group, commenting on the grand expansion plan, said, “Our glorious three-decade-old journey from a small showroom in Kozhikode (now Calicut) to a global jeweller is based on transparency, trust, goodwill and design and service excellence.”
“In FY23, with our aggressive expansion plan, we aim to make more and more jewellery buyers in India a part of our journey. Our global expansion plan this year continues to reflect the ethos of the brand Malabar Gold & Diamonds – Make in India and Market to the world. Our goal is to establish the supremacy of Indian craftsmanship at the global level.” He said.
The main aim of this expansion Malabar Gold & Diamonds’ is planning to make it the world’s largest retailer. This is 2.5 times growth in revenue to over Rs. 75,000 crore by FY25.
In order to execute the plan, Malabar Gold & Diamonds will expand its manufacturing by opening a new unit near Hyderabad. The plans are also to expand the existing units in Kolkata and Kerala apart from rolling out three more units in the UAE.
The company will launch 97 showrooms – 60 across India and 37 overseas. This will take the company’s total showroom count to 373 by End-March 2023 and the company will have its strong presence in 13 nations.
The manufacturing and showroom expansion will generate more than 6,000 jobs in FY23, most of the new job opportunities will be in India.
Malabar currently has 14,169 staff members.