Malabar Gold and Diamonds eyes revenue of Rs 45,000 cr in FY23
MUMBAI: Jewellery retailer Malabar Gold and Diamonds on Tuesday said it aims to garner Rs 45,000 crore in revenue this fiscal on the back of company's robust retail expansion plans.
It plans to open 97 showrooms, including 60 across India and 37 overseas. This will take the company's total showroom count to 373 by the end of March next year, with a presence in 13 countries.
Currently, the jewellery retailer has around 276 showrooms in 10 countries -- India, the GCC (the UAE, Kuwait, Bahrain, Oman, Qatar and Saudi Arabia), Malaysia, Singapore and the US.
In a statement on Tuesday, the company said it had registered a 35 per cent growth in revenue at Rs 30,000 crore in FY22 and has set a target of Rs 45,000 crore in revenue in FY23.
To support growth plans, the company will open a new unit near Hyderabad as well as 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 make more and more jewellery buyers in India a part of our journey. Our global expansion plan this year continues to reflect the ethos of the brand Malabar Gold and Diamonds - Make in India and Market to the world," Malabar Group Chairman MP Ahammed said.