Malabar Gold to expand networkSeptember 26th, 2011 - 10:52 pm ICT by IANS
Chennai, Sep 26 (IANS) Kerala-based jewelery retail chain Malabar Gold hopes to expand its distribution reach to 100 outlets by 2013, a top company official said here Monday.
“Now the company has 61 outlets. We plan to increase that to 100 outlets located within and outside India,” Malabar Group of companies chairman M.P. Ahmed told reporters at the opening of a show room here.
Outside India, Malabar Gold has 23 showrooms in the Gulf Cooperation Council (GCC) countries.
In Tamil Nadu the group plans to open around 30 showrooms over the next three years.
Malabar Gold follows a partnership model for its expansion - giving minor stakes to a local partner.
According to Ahmed, the each outlet will be a separate company with the local partner taking a small stake.
The Cholayil group makers of the Medimix brand of soaps have taken five percent stake in the outlet here that will be open for the public from Oct 2.
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Tags: ahmed, gcc countries, gulf cooperation council, India, jewelery, malabar gold, malabar group of companies, partnership model, percent stake, retail chain, separate company, showrooms, soaps, tamil nadu