Mumuso to open 300 stores in India by 2022
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Korean lifestyle brand Mumuso has announced its plan to open 300 stores across India by 2022. The lifestyle brand, currently present in 30 countries, entered the Indian market in September with a flagship store in Kolkata’s Park Street. “Mumuso is eyeing the Indian market aggressively with new stores in different parts of the country” said Raunak Agarwal, Managing Director of Mumuso India.
“Mumuso is eyeing the Indian market aggressively with new stores in different parts of the country” said Raunak Agarwal, Managing Director of Mumuso India.
“India has seen a sharp rise in the demand for lifestyle products in the recent years”, he added.
Mr. Agarwal said each Mumuso store will offer 1200 unique items across eight categories and there will be an investment of Rs 80 lakh to Rs 1.2 crore in opening the stores.
The next stores to open will reportedly be in Hyderabad, Siliguri, Bangalore, Delhi, Mumbai, Surat, Durgapur and Chenna.
Out of the 300 stores planned, 10 are said to be launched in the current calendar year.
Mr. Agarwal added the company would take the franchisee route to achieve its target of 300 stores, but the tier 1 and tier 2 cities will have at least one flagship Mumuso store.
Company officials said the brand was expected to grow at a 12 to 13% rate in eastern India in the next four years.
Mumuso currently has only one warehouse of 50,000 square feet on the Bombay Road in West Bengal but it plans on having more warehouses with future expansions.
Questions & Answers
Q.Which cities are planned for the next Mumuso store openings in India?
Which cities are planned for the next Mumuso store openings in India?
The next Mumuso stores are reportedly planned for Hyderabad, Siliguri, Bangalore, Delhi, Mumbai, Surat, Durgapur, and Chennai. The company aims to open 300 stores across India by 2022.
Q.How will Mumuso finance and manage its expansion to 300 stores in India?
How will Mumuso finance and manage its expansion to 300 stores in India?
Mumuso plans to use the franchisee route to achieve its target of 300 stores across India. However, all tier 1 and tier 2 cities will also have at least one flagship Mumuso store.
Q.What is the expected investment for opening each new Mumuso store?
What is the expected investment for opening each new Mumuso store?
Each new Mumuso store is expected to require an investment ranging from Rs 80 lakh to Rs 1.2 crore. Each store will offer 1200 unique items across eight product categories.
Q.How many new Mumuso stores are scheduled to open within the current calendar year?
How many new Mumuso stores are scheduled to open within the current calendar year?
Out of the total 300 stores planned for India, ten new Mumuso stores are expected to be launched within the current calendar year. The first store opened in Kolkata in September.