Jewellery retailer Malabar Gold & Diamonds on Thursday said it is planning to open three showrooms in New Zealand in the next two years with an investment of NZD 75 million (over Rs 371 crore).
This strategic move is aligned with the Comprehensive Economic Partnership Agreement signed between the United Arab Emirates and New Zealand, which fosters increased trade and economic collaboration between the two nations, Malabar Gold & Diamonds said in a statement.
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"As a globally recognised jewellery retailer managing its international operations from the UAE, the Comprehensive Economic Partnership Agreement between the UAE and New Zealand significantly bolsters our efforts to enter this new market.
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"This agreement not only allows us to strengthen economic ties but also provides us with an opportunity to introduce our products and services to a whole new audience," Malabar Group Chairman MP Ahammed said.
In the initial phase of its expansion into New Zealand, the company will invest NZD 75 million to open three showrooms in the region in the next two years, it said, adding that the funding will be through internal accrual.
The jewellery retailer currently has over 375 showrooms across 13 countries.
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