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.