Malabar Gold & Diamonds outlines Rs 1,580 crore plan for 20 new stores

The jewellery retailer is pairing a major store-expansion push with M.S. Dhoni’s appointment as brand ambassador. Its plans also include additional India showrooms, Hyderabad manufacturing investment and a potential 2027-28 stock-market listing.

— FiledWed, 2 Sept, 2026, 12:34 IST·First seen Wed, 2 Sept, 2026, 12:34 IST·Source ET Retail

What happened

Malabar Gold & Diamonds appointed M.S. Dhoni as brand ambassador while outlining major expansion plans, including Rs 1,580 crore for 20 stores, Rs 600 crore for

Key facts

  • 450+ showrooms
  • 14 countries
  • Rs 1,580 crore
  • 20 stores in 20 days
  • 725+ jobs
  • 2027-28 listing target
  • 20% revenue growth
  • Rs 150 crore CSR investment
  • Rs 600 crore
  • 12 showrooms across India
  • 3 showrooms in New Zealand
  • NZD 75 million

Why this matters

Malabar’s accelerated rollout and brand-building push increases competitive pressure for jewellery rivals, making local market white-space, partnerships and consolidation targets more strategic.

What to watch

  • Exact locations, opening timetable and format mix for the 20 planned stores.
  • Same-store sales growth and sales per square foot after the first cohorts mature.
  • Gold-price volatility, wedding demand and consumer financing trends that affect ticket size and inventory turns.
  • Marketing spend and measurable impact of the Dhoni endorsement on footfall, conversion and customer acquisition.
  • Progress on Hyderabad manufacturing investment, including capacity additions and sourcing efficiencies.
  • Any appointment of IPO advisers, changes in legal structure, audited financial disclosures or pre-IPO fundraising.
  • Prioritize store openings ahead of major wedding and festive demand windows, with a likely focus on high-density urban and affluent tier-2 markets.
  • Use M.S. Dhoni across national awareness campaigns, new-store launches and trust-led messaging around purity, exchange and investment value.
  • Increase inventory procurement, local hiring, lease commitments and omnichannel fulfilment capability to support the added footprint.
  • Expand Hyderabad manufacturing capacity to reduce replenishment lead times, improve design availability and potentially protect gross margins.
  • Strengthen audit, reporting, governance and capital-structure readiness if management advances toward a 2027-28 public listing.