Korean retail brand Mumuso plans to add over 300 outlets by mid-2022
"Our expansion strategy is to set up all over India over 300 outlets by mid-2022 with a target of Rs 1,000 crore business," Mumuso India Managing Director Raunak Agarwal said.
South Korean lifestyle brand Mumuso is aiming at a business turnover of Rs 1,000 crore with over 300 outlets in India by mid-2022, a top company official said. The company, which had entered the Indian market in September, 2018 with its stores in Kolkata and Mumbai, plans to expand to other metro and tier II cities as it is banking on range of affordable products.
Besides, the company plans to go online to tap into the rapid growing e-commerce business in the country.
"Our expansion strategy is to set up all over India over 300 outlets by mid-2022 with a target of Rs 1,000 crore business," Mumuso India Managing Director Raunak Agarwal said.
The new stores are expected to open in cities such as Delhi, Chennai, Bengaluru, Hyderabad, Kolkata, Pune, Goa, Jaipur, Indore and Surat.
As part of its expansion, Mumuso would have a blend of both the company-owned and franchise stores.
It would invest between Rs 80 lakh to Rs 1.2 crore towards setting the company-owned and franchise stores, Agarwal added.
"India being a fast emerging market for retail industry, we are expecting an escalated growth in a short span of time," he said.
Mumuso offerings includes health and beauty products, fashion home accessories to apparel and digital products.
The company is also planning to source locally special apparels and small leather products.
As per the FDI norms, it is mandatory to source 30 per cent goods from India in single brand retail trade.
Currently, Mumuso has presence in around 30 countries.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Tata Motors, Muthoot Finance and 3 more: Axis Direct recommends buying these stocks for 2 weeks; check targets, stop losses
03:17 PM IST