Opens doors for Korean Companies to enter the Indian Market; Signs MOU with GS Shop and KOTRA.
BestMediaInfo Bureau | Delhi | April 5, 2011
HomeShop18, India’s first and leading home shopping channel continues to grow and build the industry, spearheading a new retail era in the country. In a recent development HomeShop18 has signed a MOU with KOTRA (Korean Trade-Investment Promotion Agency) and GS Shop to partner small and Medium Korean companies to enter the Indian Market.
HomeShop18 currently reaches out to more than 10 million households across 3000 cities selling over 450 established brands. Following the MoU, HomeShop18 will further expand its product portfolio by adding quality Korean products and brands to its offerings. KOTRA along with GS Shop will jointly assist medium and small Korean companies planning to enter the Indian market. Selection of best selling products from Korean companies would be done after due consideration and then proposed to HomeShop18 to market them in India.
On signing of the MoU, Cho Hwan Ik, President, KOTRA said, “HomeShop18 has open up avenues for various small and medium size Korean companies to promote their brands and products in India, one of most rapidly growing countries in the world. We are happy to partner with HomeShop18.”
Sundeep Malhotra, CEO, HomeShop18 added further, “We look forward to introduce a variety of high quality Korean products in Indian market through this MOU on our TV channel and website, as it will add diversity to the existing pool of products that we offer to our customers. Korean imports in India have grown by over 40% in FY 2009-10 and we see an immense potential in the market as it is expected to grow further by a similar amount in the coming fiscal”
Huh Tae Soo, CEO, GSShop said, “HomeShop18, being the pioneer of home shopping space in India, is undoubtedly a great platform for introducing premium products from medium and small size Korean companies to India market”
Last year GS Shop introduced Happy Call Frying Pan in Indian market through Home Shop18 and it was an immediate hit, regardless of its premium price. In the recent past, consumer durables majors such as Whirlpool have specially designed and launched products for retail only through the home shopping space, highlighting its effectiveness.