Gems and jewellery retailer Malabar Gold & Diamonds will open 100 new outlets next year as part of expanding beyond its traditional Indian and West Asian turfs.
Malabar Group Co-Chairman P A Ibrahim Haji said on the occasion of the company announcing its CSR activities on Thursday that the new stores would be opened in Singapore, Ahmedabad, Kolkata and Colombo within a month.
Malabar Gold currently operates 100 outlets, 70 in India and 30 in West Asia, and is planning outlets in Malaysia and Indonesia as part of the expansion plan, Haji said. The company awarded scholarships worth Rs 2 crore to financially backward girl students in the first and second years of their PUC studies.
On the occasion, Malabar Group Chairman M P Ahammed handed over a statement of commitment to Karnataka Chief Minister to construct homes for 100 homeless people in the state.
Actively going in for the mini-store concept, Malabar Gold had earlier this year announced that it will open 100 mini-stores in the UAE and other West Asian nations over the next three years. According to reports, Malabar Gold will add 125 new outlets within the next three years involving at an investment of 1.2 billion dirhams, targeting an annual turnover of $6 billion.