Malabar Gold to triple retail footprint by 2023

M.P. Ahammed, chairman; Abdul Salam K.P., group Executive director; and Shamlal Ahamed, managing director (international operations), unveil the 25th anniversary celebration logo of Malabar Group in Mumbai. (Photo/Supplied)
Updated 11 October 2018
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Malabar Gold to triple retail footprint by 2023

Indian jewelry retailer Malabar Gold & Diamonds has announced an ambitious global growth plan on the eve of its silver jubilee (25 years) celebrations that will see the company triple its retail network from 250 showrooms this year to 750 outlets in the next five years, with an annual turnover exceeding $6.16 billion.

The group currently operates retail outlets across 10 countries in India, the Middle East, Southeast Asia and America. Its expansion plan will see the company expand its footprint across all tier-1 and tier-2 cities in North and Central India. The company’s plan of expansion in the international market includes new territories such as Bangladesh, Sri Lanka, Australia, Canada, Egypt and Turkey. As much as 40 percent of the group turnover will be generated from the company’s operations outside India.

The company plans to invest $960 million to manage the growth and expansion. The expansion will see Malabar Group expand its investor base from 2,752 investors and include more investors from North and Central Indian states.

The expansion will see Malabar Group nearly double its headcount from 13,000 to 25,000 professionals on direct payroll within the next five years.

“A Silver jubilee is a major milestone in any company’s history and during this time Malabar Group grew from a local entity to an Indian international brand with a large loyal customer base. Today, Malabar is a name to reckon with and known to almost every consumer. During the last 25 years, Malabar Gold & Diamonds has grown from strength to strength and rose from being a small outfit to an international player across a number of verticals including gold and diamond jewelry retail, jewelry manufacturing and multi-retail concepts,” said M.P. Ahammed, chairman of Malabar Group.

Abdul Salam K.P., group executive director of Malabar Group, said: “As a responsible business, we are very mindful of our obligations to our societies. Our expansion will create more well-paid jobs and we are very excited about our future growth plan. We ensure our entire operation in a very transparent way. We understand the sensitivity of the industry and ensure compliance through responsible sourcing, ethical business practices, transparent and professional fund management.”

Shamlal Ahamed, managing director of international operations, said: “As an Indian-born international jewelry brand, we take pride in our roots in India and help connect global consumers to Indian heritage and art. Our further expansion in the international arena will lead to Indian artisanal jewelry being showcased at prominent global destinations.”


New Balance opens store in Riyadh

Updated 13 October 2018
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New Balance opens store in Riyadh

American multinational corporation New Balance Inc. (NB), a global leader in athletic footwear, apparel and accessories, opened its new store in the Saudi capital on Thursday. The store, located in the high-end Riyadh Gallery Mall on King Fahd Road, showcases women’s and men’s shoes, apparel and sportswear, sports equipment, and kids and lifestyle selections.

Top Brazilian footballer Carlos Eduardo de Oliveira Alves, who plays for Saudi Arabia’s Al-Hilal Club, cut the ribbon to mark the opening of the New Balance store. The inaugural ceremony was attended by a large number of industry leaders and top-notch executives of Apparel Group, which owns and operates the New Balance stores in Saudi Arabia.

Speaking on this occasion, Alves said: “I am happy to open the store of New Balance, with which I have been associated.” 

The footballer, who recently signed a two-year contract with New Balance endorsing the brand, called on the shoppers “to visit the store where they will be led into an interactive and immersive experience of the brand, welcomed by dynamic visuals.”

Referring to the range of the New Balance Athletics Inc., a statement released on this occasion, said: “The New Balance’s Riyadh store is roomy and bright, and presents the brand’s footwear and apparel in a raw-concrete environment.” 

New Balance, the Boston-based maker of trainers and running shoes, is planning to aggressively expand its presence in the Gulf region, increasing its store count to 50 by 2020. 

“The launch of this store is the pinnacle of our progress in the Kingdom and the Middle East, but it is also just the start,” said the statement, adding that the Boston-based company is excited to announce the release of the 247v2. As a contemporary evolution, the updated silhouette makes a nod to NB heritage, while further representing the intersection between where lifestyle and sport meet, it said. 

Alves, who inaugurated the New Balance store, plays for the Al-Hilal Club as a midfielder. He joined Al-Hilal in 2015, scored several goals for the club and won many honors. 

New Balance Athletics Inc., popularly known as New Balance, is among one of the world’s major sports footwear makers. 

This $3.8 billion company, which has more than 5,000 employees globally on its payroll, manufactures shoes with high-technical specifications such as, blended gel inserts and heel counters.