Malabar Gold & Diamonds, one of the biggest jewellers in India, is preparing to invest US$700 million (Dh2.57 billion) in a global expansion plan to become the world's largest jeweller.
The company, based in Dubai, aims to more than triple the number of stores it operates and expand sales from $2.4bn last year to more than $6bn in 2015 and surpass Chow Tai Fook (CTF) Jewellery, from Hong Kong, as the biggest jeweller by revenue.
Malabar's goal is to open more than 150 outlets in India, the Gulf, the Far East, the United Kingdom, the United States and Canada, creating 15,000 jobs and investing $100m in marketing and brand initiatives.
"Malabar Gold & Diamonds, in its endeavour to become the world's leading retailer in value-appreciating gifts, is undergoing a brand transformation to blend with its future business vision," said MP Ahamed, the chairman of Malabar Group.
"The objective of the overall rebranding and expansion programme is to raise the international profile of [the company] in line with being the world's biggest and most valuable jewellery brand within the next few years."
Malabar is the latest jewellery company based in the Middle East to seek funding to ambitiously expand overseas.
Pure Gold Jewellers is looking to invest Dh1bn in new stores and factories during the next five years, and the company has entered into talks with a number of Islamic banks to help finance the expansion.
Last month, Joyalukkas said it was confident it would raise $100m in a syndicated loan from a consortium of banks to expand its network of stores.
But neither of these businesses has quite the global ambitions of Malabar, which claims to be the third-biggest retailer in the world by revenue, behind CTF and the US firm Tiffany & Co.
"If somebody is buying Tiffany, they are buying for the brand name Tiffany, but I'm sure there's a whole host of people that will want a better product and better service for value for [the] money," said Tiny Philip, the chief executive of Results Consulting Group, Malabar's advisers on the expansion plan.
Tiffany, which has more than 200 stores worldwide, yesterday reported 18 per cent growth in global sales last year to $3.6bn.
CTF launched an initial public offering in December, valuing the jeweller at $19bn.
Malabar plans to invest $100m this year in 20 new stores in India and the GCC, bringing its total number of outlets to 84.
It was founded in Kerala in 1993 and has the majority of its stores in southern India. The company's headquarters were moved to Dubai in 2007 to aid in its growth. Malabar is privately owned by a cooperative of 1,600 investors, mainly Indians back home and in the Gulf.
The jeweller aims to tap this base for further financing and will not go to banks for loans.
"We are not going to change our [funding] model for our expansion," said Mr Philip. "We will have more investors come in [in addition to] the existing investors."
rjones@the national.ae
MATCH INFO
Manchester United 1 (Fernandes pen 2') Tottenham Hotspur 6 (Ndombele 4', Son 7' & 37' Kane (30' & pen 79, Aurier 51')
Man of the match Son Heung-min (Tottenham)
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If you go
The flights
The closest international airport for those travelling from the UAE is Denver, Colorado. British Airways (www.ba.com) flies from the UAE via London from Dh3,700 return, including taxes. From there, transfers can be arranged to the ranch or it’s a seven-hour drive. Alternatively, take an internal flight to the counties of Cody, Casper, or Billings
The stay
Red Reflet offers a series of packages, with prices varying depending on season. All meals and activities are included, with prices starting from US$2,218 (Dh7,150) per person for a minimum stay of three nights, including taxes. For more information, visit red-reflet-ranch.net.
Final scores
18 under: Tyrrell Hatton (ENG)
- 14: Jason Scrivener (AUS)
-13: Rory McIlroy (NIR)
-12: Rafa Cabrera Bello (ESP)
-11: David Lipsky (USA), Marc Warren (SCO)
-10: Tommy Fleetwood (ENG), Chris Paisley (ENG), Matt Wallace (ENG), Fabrizio Zanotti (PAR)
J%20Street%20Polling%20Results
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Company%20Profile
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MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Company%20Profile
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
The specs: 2019 Chevrolet Bolt EV
Price, base: Dh138,000 (estimate)
Engine: 60kWh battery
Transmission: Single-speed Electronic Precision Shift
Power: 204hp
Torque: 360Nm
Range: 520km (claimed)
Overview
Cricket World Cup League Two: Nepal, Oman, United States tri-series, Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
MATCH INFO
Watford 2 (Sarr 50', Deeney 54' pen)
Manchester United 0
Confirmed%20bouts%20(more%20to%20be%20added)
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Quick%20facts
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MATCH INFO
CAF Champions League semi-finals first-leg fixtures
Tuesday:
Primeiro Agosto (ANG) v Esperance (TUN) (8pm UAE)
Al Ahly (EGY) v Entente Setif (ALG) (11PM)
Second legs:
October 23
Company%20profile
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The%20specs
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COMPANY%20PROFILE%20
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Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
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Company%20Profile
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Info
What: 11th edition of the Mubadala World Tennis Championship
When: December 27-29, 2018
Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams
Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823
THE BIO
Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.
Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.
Personal motto: If something’s meant for you it won’t pass you by.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20profile
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COMPANY%20PROFILE
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The%20Specs
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