Korean Lifestyle brand ‘MUMUSO’ established its presence in the country’s economic hub of Mumbai on the eve of republic Day by setting up its Exclusive Store in the Suburban Bandra area of the city.
Raunak Agarwal, Managing Director, told media here today that this Mumbai store setup is part of the company’s expansion strategy to set up pan-India over 300 outlets by mid-2022 for targeting Rs 1,000-crore worth of business. The company would be spending between Rs 80 lakhs to 1. 2crore in this regard, besides plans to also enter e-commerce business for online shopping, he said.
The Korean lifestyle brand – integrating traditional culture with modern society –had entered India with its first store in Kolkata featuring product categories in health and beauty, fashion, home and apparel accessories to digital products amidst a pleasant shopping setting experience. “The demand in India for trendy, reliable quality yet affordable lifestyle products with the MUMUSO brand adhering to the principle of strictly observing quality continuously optimizes the supply chain service system to reduce product costs,” Agarwal said, adding that MUMUSO has set up its brand operation center in the world’s largest manufacturing country and fashion capital – Shanghai in China.
“We are planning to extend our market reach in cities like Mumbai, Delhi, Chennai, Bangalore, Hyderabad, Kolkata, Pune, Goa, Jaipur, Indore, Surat and so on. We are also looking at sourcing from Indian companies, especially in apparels and small leather products,” he said, adding “With India being a fast-emerging market for the retail industry, we are expecting an escalated growth in a short span of time. The Indian market has a big potential where we believe our creative range of products with high quality and value pricing will enhance a rich customer experience.”
Replying to questions, he said that with space being at a premium and high cost, the company preferred setting up its outlets and shops on a rental basis instead of owning its own space with 12,000 square feet of rental space occupied so far. “Mumbai is the best market in India, especially with Bollywood culture setting the fashion trends. While every MUMUSO product is imported from various manufacturing countries including Singapore, Korea, China, Vietnam, Thailand, their prices in India are lower than in Europe — though costlier than China,” he said.
He said the products were for all age group and genders, and with E-commerce being the emerging market, the touch-and-feel factor will draw customers in India. “Our main focus is retail, though we will go in later for e-commerce. We are thinking of expanding our national footprint and have planned for MUMUSO 30-40 stores in Maharashtra as part of our fast, aggressive, outlet opening strategy,” Agarwal said while noting that their first Indian MUMUSO store in Kolkata did a whopping Rs 4.5 crore business in barely four months.
