World's third largest jeweler makes bold foray to attract young consumers
- Malabar Gold and Diamonds announces the roll-out of mini jewellery stores – Pink Chic
- The trend-setting outlets to expand the company's reach by widening the choice of jewellery among today's young consumers
- Company plans a number of mini jewellery stores across the GCC and India
Malabar Gold and Diamonds, the world's third largest gold and diamond jeweller, has announced a massive foray into a new mini jewellery store – Pink Chic – that is expected to not only attract young and trendy consumers of today, but also expand its market share among the region's gold and diamond jewellery retailers.
The trendy product range of Pink Chic reflects a shift from the company's traditional seasonal gold jewellery that usually appeals the South Asian womenfolk. With Pink Chic, Malabar Gold and Diamonds widens its appeal amongst the most cosmopolitan class and women professionals.
Pink Chic is a name that generates curiosity. It is catchy, quirky and a little irrelevant. The logo reflects the uniqueness of the name. The colour pink is quintessential girlie. All the elements combine together to clearly state that the store is for the girl who is not afraid to stand out.
The price range of Pink Chic's collection has been set between $100- $1,000 range – very affordable for even the middle-income group. Malabar Gold and Diamonds plans to spread Pink Chic in 100 locations within 3 years across the GCC including mini jewellery stores / kiosks in shopping malls and hotels.
Pink Chic's vision is to become a 'global mini jewellery retail chain' that houses ultra-contemporary, chic & trendy' jewellery and to establish Pink Chic as a destination that offers hi-fashion chic and trendy jewellery to compliment the expressions and desires of the young and trendy.
The launch of Pink Chic is part of the company's three-year ambitious expansion programme that was launched in 2012 that will see an investment of Dh1.2 billion to increase its retail network from 100 to 220 by 2015, when Malabar Gold and Diamonds is expected to become the world's largest gold and diamond jewellery retailer.
“Pink Chic is the realisation of a long-drawn strategy to attract more and more young and trendy women and widen our jewellery offerings to a wider audience,” MP Ahammed, Chairman of Malabar Gold and Diamonds, said. “It is part of our massive expansion plan that will see the company transform from a regional business entity to a large global corporation that caters to all tastes and cultures.
“As we move forward to the next level of our growth and expansion, we want to be the darling of every women in the world and for every occasion – be it the wedding anniversary, birthday or the Valentine's Day. Pink Chic is for all young women and for all seasons.”
Today's young professionals are bold, carefree and trendy – that demands certain design elements in a jewellery – that is bold, beautiful and trendy while at the same time easy to use.
It's target clientele includes the youth who don't buy jewellery from conventional jewellery stores and those whose tastes is young, trendy and in-style. It is set to be the darling of those that refers low cost options in jewellery but would like to buy more frequently and those trendy youngsters who likes to wear many different jewellery that is low cost and trendy.
“Malabar Gold and Diamonds has historically been serving the high-demand gold jewellery market driven by South Asian community for a long time. The re-launch of our brand identity in March 2012 and the launch of Pink Chic branded stores reflects a new beginning for our company that widens our range of products,” Shamlal Ahamed, Managing Director of Malabar Gold and Diamonds, said.
“The launch of Pink Chic also will help internationalise our brand image and attract a wider cosmopolitan customer base that is expected to drive our growth and expansion and thus help us to become the world's largest jewellery retailer by 2015.”
Malabar Gold and Diamonds has sourced Pink Chic collections from various parts of the world like Europe, Far East and Asia. Its designs have been inspired by the spirit of the youth and young adults – what they would love in jewellery. Its collections are created in Gold, Diamonds, Pearls and Silver – different from what traditional jewellery stores have to offer.
Another jewellery retail concept currently in its testing phase is also being explored by the group. This concept is named ‘Jawhara'; with the first outlet open in The Avenues, Kuwait. This concept targets the discerning middle-eastern woman.
The group intends to immediately foray into other business other than the jewellery by venturing into:
- Manufacturing and Retailing of Furniture and Interior decoration.
- Farming and Retail of Organic Foods – Fruits and Vegetables
- Entry into Information Technology (IT) Services and Consulting
- Infrastructure Development – IT Parks
In addition to venturing into new businesses, the group is also enhancing and strengthening its existing verticals - Malabar Developers (Property Development arm) and Malabar Watches (Multi brand watch store) by opening new projects and stores in major cities across India.