Here is the story of MP Ahammed, Founder, Malabar Gold & Diamonds started his entrepreneurial odyssey with spices and copra trade. His first stint imbibed precious business lessons that no top management institute could have ever imparted. However, he soon realized the limitations of this business and ventured into gold jewelry in 1993 by setting up the first retail showroom in Kozhikode. What started with one store today comprises 250 stores. Let’s walk through the global journey of his retailer. In 1993 MP Ahammed launched Malabar Gold & Diamonds in Kozhikode, Kerala with an initial capital of Rs 50 lakh when the economy of the country was in transformation. In 2011, Ahammed Launched its store in Riyadh. It was the time when the number of investors from India and abroad reached 1,000 and the annual revenue clocked Rs 2,000 crore.
Actor Kareena Kapoor signed up as the brand ambassador of Malabar Gold. The retail network reached 103 outlets spread across seven countries, becoming the third-largest jewelry retailer in the world in terms of annual turnover. Malabar also opened its 100th store in Gurugram. Malabar Gold & Diamonds, India’s top jeweler in terms of revenues and one among the top five gold and jewelry retailers worldwide, is targeting to become the world’s largest jewelry chain with revenues of Rs 50,000 crore within the next three years. The Calicut-based Malabar started in 1993 and with revenues of $4.51 billion in 2018-19, is on an aggressive expansion spree in India and abroad to reach the milestone, MP Ahammed, founder and Chairman told Business Today.
Currently, Malabar has 257 showrooms across the globe.
Currently, Malabar has 257 showrooms, which includes 117 showrooms in India and 140 showrooms outside India. The wings of Malabar spread across ten countries which include the Gulf Cooperation Council (GCC) countries, Singapore, Malaysia, and the US. Demand for gold and jewelry will continue to grow and our target is to double the number of showrooms in India and to enter ten more countries within the next three years. By the end of the current financial year, the business should grow to about US $5 billion or more. Considering the growth the company has achieved so far when compared to its leading global competitors. The company is trying to reach its target to become the world’s largest within three years’ time.
The Hong Kong stock exchange-listed jeweler Chow Tai Fook (CTF) Group had sales of US $8.5 billion for the fiscal year ending March 31, 2019. It has nearly 3,500 points of sales, mainly in China. The New York stock exchange-listed Signet Jewelers, the world’s largest retailer of diamond jewelry with over 3,300 stores under various brands. It had given guidance of US $6.1 billion revenues for fiscal 2020, lower than the US $6.25 billion revenues during the last fiscal. Another global leader, the US-based Tiffany, had annual revenues of US $4.4 billion in 2019, a 6.53 percent increase from 2018.