Malaysia-based Korean concept retail store Kioda plans to open 300 stores in India by 2021 and has tied up with Franchise India which will invest USD 10 million for expansion and marketing.
Kioda, which has a product range of cosmetics, gifts, stationery and household items, is looking to source 25-30 per cent of its products locally for Indian stores and rest to be imported from Malaysia.
Kioda is entering India in a joint venture partnership with Franchise India and will open 300 stores in the next four years, the company said in a statement.
“We eventually want to source products from India itself especially in the F&B range.Kioda stores will be unique stores which have a Korean concept and experience,”Kioda Managing Director Alvin said.
The company, which currently has presence in Singapore and China apart from Malaysia, plans to expand to additional 13 countries by 2018.
The joint venture agreement was signed at the Master Franchise Show here by Franchise India where over 150 companies participated.
Franchise India Chairman Gaurav Marya said: “India offers a large landscape for brands to access the burgeoning consumer market with international brands taking the top tier space in the hierarchy. Our investments in the JV will help us to quickly ramp up across India.