Malabar Gold & Diamonds, a global jewellery retailer, on Monday said it has committed to invest ₹5,000 crore to drive its future business growth.

The jewellery brand said it was targeting a revenue of ₹78,000 crore during the current financial year, up from ₹63,000 crore last year, and accordingly it was ramping up its presence by opening up 60 additional showrooms in 15 geographies including India.

M.P. Ahammed, Chairman of Malabar Group, stated, “We have a comprehensive business strategy in place targeting expanding with 60 new showrooms and manufacturing units, aiming for a turnover of ₹ 78,000 crore in the current financial year, and committing an investment of over ₹5,000 crore to drive future growth.”

Asher O, Managing Director – India Operations, Malabar Gold & Diamonds, said, India remained the brand’s biggest market and opportunity, and it has plans to continue the growth momentum. “We will be strengthening our presence within existing and new states and union territories reaching a total of 22 States and 3 Union Territories by the end of this financial year,’‘ he added.

The brand already has presence in 13 countries and will foray into New Zealand and Ireland in the current financial year, said Shamlal Ahamed, Managing Director – India Operations, Malabar Gold & Diamonds.

Courtesy: The Hindu