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Mulmul plans six more stores this fiscal year as it targets ₹500 crore revenue
Premium ethnicwear brand Mulmul targets 50% annual growth and Rs 500 crore revenue within 4-5 years. It operates 24 Indian stores, recently opened outlets in Delhi and Chandigarh, and plans six more this fiscal year using online customer data to guide expansion.
Store and format facts
Figures from ET Retail,
- 6 additional stores planned by end of current financial year
What it means for the format
Mulmul’s plan to add six stores this fiscal year, guided by online customer data, raises the priority on disciplined site selection, store productivity and premium service consistency as the chain expands beyond 24 locations.
Next on the rollout
- Announcement of the six target cities, especially whether expansion extends beyond Delhi-NCR and Chandigarh into Tier-2 markets.
- Comparable-store sales, store payback period and sales per square foot for the recently opened outlets.
- Evidence that offline stores increase online demand in surrounding catchments rather than cannibalize it.
- Gross-margin trends, inventory days and markdown levels after the festive and wedding seasons.
- Funding, debt or strategic partnership activity that could finance a larger rollout.
The counter-case
The case against this reading — not reported by the source.
Six new stores from a base of 24 is meaningful footprint growth, but it may add fixed costs faster than demand scales. Premium ethnicwear is discretionary and occasion-led, leaving Mulmul exposed to consumer slowdown, wedding-season volatility, discounting, and high mall/high-street rents. A ₹500 crore target within four to five years implies sustained execution well beyond incremental store openings; physical expansion can also cannibalize online sales rather than create net-new demand.
The source
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