We Allocate 5% Of Our Net Profit Towards Social Welfare Activities: MP Ahammed, Malabar Group
In a candid conversation with Malabar Group's Chairman, MP Ahammed, we explored the dynamics of consumer preferences and fashion trends during the festive season. As a global jewellery retailer, the brand navigates regional variations and harnesses the power of digital platforms to enhance the shopping experience. Ahammed sheds light on the company's growth plans and underscores their deep-rooted commitment to philanthropy. Excerpts:
With years of experience in the jewellery and retail industry, could you share insights into the emerging trends you foresee in consumer behaviour and preferences during this festive season?
In my opinion, the festive season always reflects a broader confluence of consumer preferences and sensibilities. And, meeting a wider consumer sensibility requires an expansive design pallet. Given the broad-based exposure that present-day consumers have due to unbridled access to social media and digital media, one can expect an increased demand for contemporary design innovation across jeweller categories. To my mind, a mélange of conventional designs with new-age innovation will be a key underlying trend in the festive season. Gold jewellery will undoubtedly dominate the demand trends in the festive season due to cultural affinity. In addition, consumers in the younger age brackets will definitely experiment with diamonds and precious stones because jewellery is no longer perceived to be an investment avenue. It has become a part of one’s style statement or individuality.
Malabar Gold & Diamonds has a significant global presence. How do you observe regional variations in jewellery and fashion trends during festive seasons across the countries where you operate?
Across all geographies, jewellery is increasingly being consumed to demonstrate a unique style statement. That’s the overarching trend. If one breaks down the jewellery demand trends further, middle east regions, for instance, offer a broader canvas for the jewellers to experiment, as the region is a key melting pot of the world. So, the diversity of choices is huge in that region and the consumers there have superior discretionary spending power. All these factors will motivate jewellery retailers to up their design during the festive season. We serve the Indian diaspora across countries and we are geared up to surprise our customers with new design innovations during festive season.
In the US, November-December is the main shopping season. The US market is quite evolved in terms of choices and preferences. Therefore, we’ll be launching designs with varied shapes and elements to enable the customers to flaunt statement-making looks.
E-commerce and online shopping have seen significant growth. How is Malabar Group leveraging digital platforms to reach customers and enhance their shopping experience, particularly during the festive season?
As more and more design discoveries are happening online, we have a sharper focus on further building our e-commerce capabilities to develop stronger consumer engagement and offer seamless online buying experience. We are rolling out an extensive range of designs online both in the lightweight and heavyweight categories to influence the festive buying trend.
Could you share your perspective on how the company plans to continue its growth trajectory during these festive times?
Our broader growth plan is to open 40 stores in India and 16 stores in other countries by FY24. In Maharashtra, we have plans to invest Rs 1,000 crore and generate 4,000 jobs by FY25. We have recently launched Malabar National Hub, our centralised base of India operations, at Andheri East in Mumbai. The enhanced operational efficiency will pave the way for accelerated growth for us.
Beyond jewellery, Malabar Group is involved in various philanthropic activities. Could you shed light on any specific charitable initiatives that the company is undertaking in conjunction with the festive season?
Our three-decade old journey has always been guided by our deeper commitment to give back to society. We allocate five per cent of our net profit towards our social welfare activities. We have been touching lives with our diversified CSR activities and we run them throughout the year through Malabar Charitable Trust set up in 1999. We have so far supported over 44 lakh people and spent Rs 212.76 crore.
Through our health programme, we have served more than 7 lakh people and spent Rs 38.84 crore. We have invested Rs 13 crore to set up a kidney care and research centre at IQRAA Hospital in Kozhikode, Kerala. We also organise health camps regularly and till September 2023, we have held more than 4200 camps, which have benefited more than four lakh people.
During the pandemic waves, we arranged Covid vaccines for one lakh people and distributed food kits to more than 90,000 people. We spent Rs.7 core for the initiative.
Under our housing scheme, we have helped more than 20,500 people and spent Rs 69.39 crore. As a part of our Prathyasa project in collaboration with Kerala social security mission, we have supported 2000 girls in Kerala. We have also offered aid for marriage to over 2500 girls and spent Rs 8.94 crore. We have supported more than 77,600 girls with higher education scholarships and spent Rs 45.54 crore. We have also distributed 1910 mobile tabs in Kerala. We’ll start a project called Grandma Homes for destitute mothers. We have built 15 homes for the flood victims of Wayanad, Kerala.
'Hunger Free World' is closer to our hearts. Under the project, we aim to provide one-time meals to the hungry. We have launched the 'Hunger Free World' project in collaboration with Thanal, a voluntary organisation as a part of its social commitment to solve the issue of hunger and malnutrition. Under the project, 30,000 food kits are distributed every day in different parts of India. Our goal is to distribute one lakh food kits daily.
Under our environmental project, we organise camps for environmental protection. We have so far distributed 2.5 lakh vegetable seeds.
