Malabar Grp plans mega overseas expansion,to enter US this yr

Mumbai, Jan 11 (PTI) The country's largest jewelleryretailer in terms of footprints, Malabar Gold & Diamonds, isplanning to enter new overseas markets this year with the USbeing the top priority.The other markets the Kerala-based company will enterthis year are Sri Lanka, Brunei and Bangladesh.The group has also announced opening of 11 showroomstomorrow, which will take its total outlets to 208. Of this 10will be outside the country, the company said today.The Rs 30,000-crore Malabar Group is among the largestfive jewellery retail chains globally, with 107 outletsoverseas, most of them in West Asia and the rest 90 in thedomestic markets.Of the 10 showrooms it will be launching tomorrowabroad, five will be in the UAE, and one each in Qatar, Oman,Singapore and Malaysia. The lone new domestic outlet is inWarangal, Telangana.The rapid expansion across geographies is part of itsstrategy to grow its global footprint fast. In 2017, Malabarhad opened 27 showrooms."In 2018, we will be opening more showrooms as well asmanufacturing units. This will fuel our vision to become thetop jewellery retailer in the world," Malabar group chairmanMP Ahammed said, adding it will add 50 more outlets this yearin various countries.While the first priority of his overseas expansionwill be entering the US, other markets the company will havepresence are Sri Lanka, Brunei, and Bangladesh, managingdirector for international operations Shamlal Ahammed said.The group is planning to set up more manufacturingunits in the country, Ahammed said without elaborating.Currently it operates manufacturing units in Kerala, TamilNadu, Karnataka, Telengana, Maharashtra, Bengal, and SaudiArabia, Qatar and the UAE.Incorporated in 1993, the Rs 30,000-crore Malabar Group runs diversified businesses including real estate and electronic retail.

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