Malabar Gold and Diamonds targets FY23 revenue of Rs 45,000 cr – The New Indian Express
MUMBAI: Jewelery retailer Malabar Gold and Diamonds said on Tuesday it was aiming to generate Rs 45,000 crore in revenue this financial year thanks to the firm’s strong retail expansion plans.
It plans to open 97 showrooms, including 60 in India and 37 overseas. This will bring the company’s total showroom count to 373 by the end of March next year, with a presence in 13 countries.
Currently, the jewelry retailer has around 276 showrooms in 10 countries: India, GCC (the United Arab Emirates, Kuwait, Bahrain, Oman, Qatar and Saudi Arabia), Malaysia, Singapore and United States.
In a statement on Tuesday, the company said it recorded 35% revenue growth to Rs 30,000 crore in FY22 and set a revenue target of Rs 45,000 crore for the year. ‘EX23.
To support its growth plans, the company will open a new unit near Hyderabad and expand its existing units in Kolkata and Kerala. Malabar Gold and Diamonds employs over 14,169 people.
“In FY23, with our aggressive expansion plan, we aim to bring more and more jewelry buyers from India into our journey. Our global expansion plan this year continues to reflect the philosophy of the Malabar Gold and Diamonds brand – Make in India and Market to the world,” said Malabar Group Chairman, MP Ahammed.