Malabar Gold& Diamonds turnover crosses ₹50,000 crore
Malabar Gold & Diamonds has announced achieving an annual retail global turnover of ₹51,218 crore in the last financial year.
The Kerala headquartered company has garnered the achievement in the global jewellery industry in just three decades. The brand with its strategic retail expansion plans spans India and overseas is aiming to strengthen its position as a global leader, a press release said.
Currently, Malabar Gold & Diamonds operates 345 stores across 13 countries, with plans to open new stores in New Zealand, Egypt, Bangladesh, and more locations in Europe. The company will strengthen its presence in existing markets such as the US, Canada, UK, and Australia, with a target of opening 100 new stores within the next year.
The brand also aims to hire an additional 7,000 employees, increasing the workforce to 28,000. In addition, the company plans to expand its presence into Jharkhand, Goa, Assam, Tripura, and Jammu & Kashmir. Beyond India, the company currently has stores in the UAE, Qatar, Kuwait, Oman, Saudi Arabia, Bahrain, Singapore, Malaysia, USA, Canada, UK, and Australia.
It now operates 14 supply chain management units in 8 countries and 15 jewellery manufacturing units across 5 countries, complemented by design studios showcasing over 25 exclusive brand collections. In India, manufacturing units are located in Kerala, Tamil Nadu, Karnataka, Telangana, Maharashtra, and West Bengal, while internationally, units are in the UAE, Saudi Arabia, Qatar, Oman, and Bangladesh.
Preparations are underway to establish new jewellery manufacturing factories in Jaipur, Surat, Hyderabad, Uttar Pradesh, Rajasthan, and Gujarat.
MP Ahammed, Chairman of Malabar Group, said, “Maintaining our position as a Responsible Jeweller is our utmost responsibility. Given our extensive global presence, we maintain our dedication to responsibly sourcing gold, ensuring it is mined without infringing upon the rights of individuals, particularly children, animals, and their habitats, assuring ethical practices, and transparent fund management”.
Source: https://www.thehindubusinessline.com