Malabar Gold has scheduled the opening of five stores across the country including in Lucknow, Dwarka (Delhi), Ghaziabad (Uttar Pradesh), Thane (Maharashtra), and Kamanahalli (Bengaluru) in Karnataka.
In the global market, the brand is scheduled to open one store each in the UAE, Singapore, Malaysia, and Oman.
Despite the challenging market conditions resulted by lower demand, higher price of gold and the pandemic in India and globally, Malabar Gold has decided to push ahead with expansion, which demonstrates its confidence in the growth of these markets in future.
The opening of these nine showrooms in the post-COVID scenario demonstrates the faith reposed by the customers in the brand. Our retail expansion is a part of our plan to become the number one gold retail brand in the world in terms of both showroom count and sales. Accordingly, we have plans to triple the number of showrooms in the next five years, saidMalabar Group Chairman MP Ahammed said.
For the upcoming festive season that typically sees an upsurge in gold purchase by consumers, the brand is focussing on theirOne India One Gold Rateinitiative, which aims to offer uniform pricing of gold to customers across the country.
Combined with the One India One Gold Rate initiative and special festive designs, this will help us provide great value to customers in the coming festive season. I am confident that our customers will continue to respond positively to our offerings of wide retail presence, quality products, unmatched design and transparent pricing, Malabar GroupManaging Director, India Operations, Asher O added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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