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.
According to a PTI report: 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,” Raunak Agarwal, Managing Director, Mumuso India told PTI.
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 further told PTI.
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.