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Malabar Gold and Diamonds to go on an expansion spree with 12 new international stores and 3 manufacturing units in the UAE
Malabar Gold and Diamonds has announced that it plans on expanding its network and reach both domestically in India, and internationally (12 stores across four countries), over the next 22 days at an investment of Rs 800 crore.
It will enter Africa via Egypt first and then into Morocco and Algeria, and Canada and Britain. It will also double down on the US from two to four showrooms. It also plans to open three additional manufacturing units in the UAE.
The company said that its sales grew about 50% so far in this fiscal over financial year 2021, and it is confident of closing 2022 at a topline revenue of Rs 31000 crore.The group has set a target of becoming the world’s largest jeweller by 2025 with a topline of over Rs 75000 crore and 750 showrooms.
The company further explained that 80% of its business is still coming from gold and 20% from diamonds. However, the demand for the latter is growing faster than ever. At an industry level, only under 15% demand is for diamond.
To cap it all, the company said that it has been giving away 5% of its net income from the very first year of operations towards CSR and will increase the number to Rs 100 crore.
Courtesy: Retail Jeweller World News
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