Malaysian fashion retailer Kioda set to launch in India to compete with Muji and Wacoal
Malaysia-based Korean concept retail store Kioda is set to open 300 stores in India by 2021 and has partnered with Franchise India, in a bid to compete with brands like Muji and Wacoal.
Malaysian fashion retailer Kioda is launching in India in a bid to compete with H&M and Forever 21
Kioda and Franchise India will together invest $10m for the expansion and marketing activity in India.
Kioda, which is based on Korean retail concept and experience, was founded five years ago and has been expanding across Asia with stores in 13 countries including China, Singapore and Korea.
The retailer sells products including health and beauty items, fashion accessories, handbags, textiles, knitwear, gifts, stationary, digital appliances and homewares.
The launch will see it compete with retailers such as Muji, which launched in India in August, 2016, Miniso, which is currently in talks to launch its stores in the country, and Uniqlo, which will arrive in 2018.
The Indian retail market was worth $641 bn in 2016 and is expected to grow at a compounded annual growth rate of 10% to reach $1.6 trillion by 2026, according to a report by Indian Business of Fashion.
Retailers are set to take advantage of India's ever expanding economy, as the Indian government has allowed 100% foreign ownership in B2B ecommerce businesses.
The relaxation of these policies has led to a large number of brands such as Korres, Migato, Evisu, Wallstreet English, Pasta Mania, Lush Addiction, Melting Pot and Yogurt Lab looking to enter the market.