Malabar Plans Major Store Expansion
March 30, 26
(IDEX Online) - Malabar Gold and Diamonds has announced a major expansion in India, with plans to open 50 new stores by the end of March 2027, despite ongoing volatility in gold prices.
The company currently has 425 outlets globally, 340 of them in India, making it the country's second biggest jewelry chain by store count after Tanishq.
"We are planning a significant expansion, with around 40 new stores opening this year and a target of nearly 50 stores going forward," said Asher Ottamoochikkal, managing director - India operations, Malabar Gold.
The company is expanding despite short-term volatility in gold prices. It seeks to capitalize on long-term growth in India's long-term jewelry demand.
Malabar was budgeting for RUP 5,300 crore (USD 632 million) this year, said Asher, compared to RUP 3,294 crore (USD 393 million) last year.
He also noted a shift towards "design-led affordability" to make premium-looking jewelry more accessible without cutting gold purity.
Last June Malabar opened its biggest manufacturing facility in Hyderabad, Telangana, southern India, with an annual production capacity of over 4.7 tonnes of gold jewelry.