Malabar Group plans $960m expansion

Jewellery retailer Malabar Group announced yesterday its global expansion plan under which the company will triple its retail network from 250 showrooms to 750 in the next five years.

The group said it aims to achieve an annual turnover of more than $6.85 billion by 2023.

Currently operating stores in 10 countries, the company will see its retail footprint enter all primary cities in north and central India.

The company also plans to expand to new international markets including Bangladesh, Sri Lanka, Australia, Canada, Egypt and Turkey. As much as 40 per cent of the group’s turnover would be generated from operations outside India, it estimated.

Celebrating its 25th anniversary this year, the retailer said it plans to invest $960 million to fuel the expansion, with an aim to attract new funding from India.

The company will also double its headcount from 13,000 to 25,000 employees within the next five years, in order to manage its growth.