Malaysia-based concept retail store KIODA revealed its plans to open 300 stores by 2021 while announcing its joint venture with franchise solution company Franchise India in an attempt to expand its dominance over the Indian consumer market
The company initially plans to produce goods from India itself and is eyeing to source 25-30 per cent of their products locally for Indian stores while the rest will be imported from Malaysia. Franchise India, meanwhile, plans to invest over $10 million for expansion and marketing through franchising route.
“We eventually want to source products from India itself especially in the F&B range. Our stores will be unique having a Korean concept and experience,” said Alvin, Managing Director, KIODA.
This bilateral venture comes as a huge boost to PM Narendra Modi’s “Make in India” initiative which lays emphasis on domestically produced items.
The company also plans to expand its footprints over additional 13 countries by 2018.
KIODA, which has a presence in Singapore and China apart from Malaysia, includes products ranging from cosmetics, gifts to stationary and household items.
“India is a strategic market for us as our product portfolio is the right fit for country’s middle class. This gives us huge potential to rapidly expand our business here and provide unique products for the Indian market” said Alvin, stressing on the importance of the deal from a strategic standpoint.
The announcement was made at the 6th Annual Master Franchise Show, organised by Franchise India and FranGlobal, which saw the participation of over 150 countries.
“India offers a large landscape for brands to access the burgeoning consumer market with international brands taking the top tier space in the hierarchy. We are sure KIODA will become a leading retail brand in a short span of time in India as its price points are extremely attractive for the price conscious middle class,” said Gaurav Marya, Chairman, Franchise India.
Stores will open across major Indian cities with first store in New Delhi.