Malabar Gold & Diamonds have announced that it will open 21 new outlets in different markets over the coming six months. This is in line with the FY 2023 global expansion plan laid down by the brand in October 2018.
As part of its expansion plan, Malabar Gold & Diamonds is all set to open its second outlet in the US at Iselin, New Jersey, on August 31. Its first outlet in the US, located at West Devon Avenue, Chicago, was opened in November last year. The Group currently operates retail outlets spread across 10 countries, including India, the US, as well as some countries in the Middle East and Southeast Asia.
MP Ahammed, chairman of Malabar said: “We are getting wide acceptance in the global and Indian marketplace. 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.”
The company’s 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 the international market also includes new territories such as Bangladesh, Sri Lanka, Australia, Canada, Egypt, and Turkey.
The new expansion will see Malabar Group increase its headcount 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.