MUMBAI: Kerala-based global jewellery retailer Malabar Gold & Diamonds is slated to triple its network to 750 stores and invest Rs 7,000 crore in an aggressive business expansion plan over the next five years, as its charts its future course on landmark silver jubilee year.“Rural markets are emerging as one of the top users of jewellery and we see a huge opportunity within India,” said Asher O, managing director, India Operations.
While it is opening its 100th store in India, stepping into Punjab for the first time in the next two days, the target is to expand fast using direct stores as well as franchisee network. Its existing stores are large format stores, but to tap into tier 2 and 3 cities, it plans to add small and medium format stores.
Raising money from capital markets is one of the options the company is considering but would not commit on the timelines for a public issue. “We are not saying no to IPO. Right now, our focus is still on retail expansion,” said Shamlal Ahamed, managing director. He said the company had 2,752 investors across its verticals and doesn’t see an immediate need to raise funds through an equity issue.
The firm’s employee count is expected to go up from 13,000 at present 25,000 by 2023.