Increasing gold retail network

BANGALORE: Malabar Gold and Diamonds opened its third showroom in Bangalore at Rajajinagar on April 8 taking the count of stores in Karnataka to seven and the total number to 66. The new showroom was opened by veteran Bollywood actress Hema Malini.The group executive director, Asher O said, “In Karnataka, the company plans to have 20 showrooms by 2015. Malabar Gold and Diamonds has plans to open its other showrooms in Davangere, Shimoga, Udupi, Belgaum, Gulbarga, Tumkur, Karwar and other cities.”Other than Karnataka, the Kerala-based jewellery retailer is planning to open outlets in other parts of the country such as Maharasthra, Punjab, Gujarat, Delhi, UP and NCR region.The chairman of Malabar Group of companies, MP Ahamed said, “The company plans to increase its worldwide retail network to 200 by 2015 from the current 66 to become the world’s leading jewellery brand.” When we asked Hema Malini what is that one quality or characteristic with which she could relate herself to the brand, she said, “The genuine quality of their products appealed to me the most.That is what makes them stand out from the many other jewellery brands in the market.” She added, “Hence, I am proud to be associated with the brand and they have plans to expand in a very big way not only in India but across Europe and America.With their expansion plans they will also be creating employment opportunities for around 15,000 people.” Currently the brand’s revenue is Rs 12,000 crore annually and with their expansion plan, they are planning to increase the revenue to Rs 30,000 crore annually by 2015.Asher O added, “Initially, diamonds formed just 5 per cent of our revenue.Hence, the company has launched a new identity, Malabar Gold and Diamonds, foreseeing growth in the diamonds jewellery industry.” He added, “We have also tied up with Gujarat-based Mahendra Brothers as part of the initiative.”