Malabar Gold & Diamonds aims to become world’s largest jeweller in three years
Malabar Gold & Diamonds, India’s top jeweller in terms of revenues and one among the top five gold and jewellery retailers worldwide, is targeting to become the world’s largest jewellery chain with revenues of Rs 50,000 crore within the next three years. The Calicut-based Malabar, started in 1993 and with revenues of $4.51 billion in 2018-19, is on an aggressive expansion spree in India and abroad to reach the milestone, MP Ahammed, founder and Chairman told Business Today.
Currently Malabar has 257 showrooms, which includes 117 showrooms in India and 140 showrooms outside India, spread across ten countries – which include the Gulf Cooperation Council (GCC) countries, Singapore, Malaysia and the US.
“Demand for gold and jewellery will continue to grow and our target is to double the number of showrooms in India and to enter ten more countries within the next three years. By the end of the current financial year, our business should grow to about US $5 billion or more. Considering the growth we have achieved so far when compared to our leading global competitors, we should reach our target to become the world’s largest within three year’s time,” said Ahammed.
The Hong Kong stock exchange listed jeweller Chow Tai Fook (CTF) Group had sales of US$8.5 billion for the fiscal year ending March 31, 2019. It has nearly 3,500 point of sales, mainly in China. The New York stock exchange listed Signet Jewelers, the world’s largest retailer of diamond jewellery with over 3,300 stores under various brands, had given a guidance of US $6.1 billion revenues for fiscal 2020, lower than the US $6.25 billion revenues during the last fiscal. Another global leader, the US based Tiffany had annual revenues of US $4.4 billion in 2019, a 6.53 percent increase from 2018.
(this content is taken from Business Today for knowledge basis and news updates)