Leading jewellery retailer Malabar Gold & Diamonds — which has set a target of becoming the world’s largest retailer with revenue growth of 2.5 times to more than ₹75,000 crore by FY25 — is on an aggressive expansion spree, is planning to open 33 showrooms in the next three months with an investment of ₹1,200 crore.
The Kozhikode-based jewellery retailer is already among the largest in the country, both in terms of revenue and footprint, with about 280 showrooms spanning 10 countries.
Malabar Group chairman M.P. Ahammed told reporters sales had grown about 50% so far this fiscal over FY21 and that he was confident of closing FY22 with a revenue of ₹31,000 crore. Th group is seeking to be the world’s largest jeweller by FY25 with revenue of more than ₹75,000 crore and 750 showrooms.
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“By FY25, we will have 750 stores and be the largest gold retailer in the world not only in terms of revenue but also in terms of retail presence,” he said. Hinting that the public offer plan was off the table now, he said the priority was to expand the business.