The country's largest jewellery retailer in terms of footprints, Malabar Gold & Diamonds, is planning to enter new overseas markets this year with the US being the top priority.
The other markets the Kerala-based company will enter this year are Sri Lanka, Brunei and Bangladesh.
The group has also announced opening of 11 showrooms tomorrow, which will take its total outlets to 208. Of this 10 will be outside the country, the company said today.
The Rs 30,000-crore Malabar Group is among the largest five jewellery retail chains globally, with 107 outlets overseas, most of them in West Asia and the rest 90 in the domestic markets.
Of the 10 showrooms it will be launching tomorrow abroad, five will be in the UAE, and one each in Qatar, Oman, Singapore and Malaysia. The lone new domestic outlet is in Warangal, Telangana.
The rapid expansion across geographies is part of its strategy to grow its global footprint fast. In 2017, Malabar had opened 27 showrooms.
"In 2018, we will be opening more showrooms as well as manufacturing units. This will fuel our vision to become the top jewellery retailer in the world," Malabar group chairman MP Ahammed said, adding it will add 50 more outlets this year in various countries.
While the first priority of his overseas expansion will be entering the US, other markets the company will have presence are Sri Lanka, Brunei, and Bangladesh, managing director for international operations Shamlal Ahammed said.
The group is planning to set up more manufacturing units in the country, Ahammed said without elaborating. Currently it operates manufacturing units in Kerala, Tamil Nadu, Karnataka, Telengana, Maharashtra, Bengal, and Saudi Arabia, Qatar and the UAE.
Incorporated in 1993, the Rs 30,000-crore Malabar Group runs diversified businesses including real estate and electronic retail.
Disclaimer: No Business Standard Journalist was involved in creation of this content
