By BS Reporter
Kerala-based Malabar Gold and Diamonds, the flagship division of the Malabar Group of Companies, is planning to invest Rs 1,000 crore to expand its retail network to 120 outlets from the current 80 in India and abroad by December.
"We are majorly present across the southern states in India and in the Gulf region. We plan to expand our retail presence in southern states, in Gujarat and Maharashtra, and also in newer geographies like Singapore and Malaysia," O Asher, executive director, Malabar Group, said.
The investment per outlet ranges between Rs 20 crore and Rs 60 crore depending on the location and size of the store. "On average, we look to invest Rs 25 crore each for the proposed stores," he said.
The group clocked Rs 10,000 crore turnover last year. Currently, a major share of Malabar Gold's revenues comes from Kerala and the Gulf region, he said. Of its existing stores, 27 are in the Gulf region.
Asher was here to attend a three-day workshop Gurukul for Gurus', being organised by the Indian Institute of Management Kozhikode (IIMK) for school teachers, principals and educationists.