A view of the interior of the New Jersey Showroom, which is to be inaugurated on August 31.
Malabar Gold & Diamonds, one of the world’s largest jewellery retailer, announced ambitious global growth plan in line with the FY 2023 global expansion plan laid down by the brand in October 2018. The brand will be opening 21 new outlets in the coming six months, a press release issued by the company said yesterday.
“We are getting wide acceptance in the global and Indian market place. Our core business values such as adherence to transparency, honesty, quality along with our value added services, product designs that suited every class of customers’ taste cutting across age group are the key factors that give us global acceptance. In 2019 too, we will be opening more showrooms as well as manufacturing units along with skill development centres to groom the youth and absorb them in various job profiles. This will fuel our vision to become the top jewellery retailer in the world,” said MP Ahammed, Chairman of Malabar Group.
As a part of its expansion plan, Malabar Gold & Diamonds is all set to open its second outlet in USA in Iselin, New Jersey on August 31, 2019. Their first outlet in USA located at West Devon Avenue, Chicago was opened in November, 2018. The Group currently operates retail outlets spread across 10 countries in India, Middle East, Southeast Asia and USA.
Its massive expansion plan will see the company expand its footprint across all Tier 1 and Tier II cities in North and Central India in order to cater to the growing jewellery market. The company’s plan of major expansion in international market includes new territories such as Bangladesh, Sri Lanka, Australia, Canada, Egypt and Turkey.
Malabar Gold & Diamonds is the jewellery retail arm of the diversified business conglomerate Malabar Group that includes other business verticals such as real estate developments, shopping malls, hypermarket, technologies, retailing of home appliances & electronics, watches, franchisee retailing and services.
The new expansion will see Malabar Group increase its head count to 13,500 professionals on direct payroll and expects to further generate more jobs within the next five years to manage the planned growth and expansion.
The group has a unique business model where its expansion is fuelled by investors who become shareholders in different entities in a very transparent ownership model. Malabar Gold & Diamonds currently have over 4,000 investors under different entities who share the same vision, dedication and passion. Around 19.4 percent of these investors are full time employees with the Group, including the front-end managers and directors.
