Mulmul plans six more stores this fiscal year as it targets ₹500 crore revenue
Premium ethnicwear brand Mulmul, which operates 24 stores nationwide, has opened new outlets in Delhi and Chandigarh and plans six additional stores by the end of the financial year. The brand is targeting 50% annual growth and ₹500 crore in revenue within four to five years.
What happened
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
Key facts
- 50% year-on-year growth target
- Rs 500 crore revenue target
- 4-5 years
- 24 stores pan-India
- 45% of revenue from own website
- average order value above Rs 15,000
- 3 recently opened stores
- 6 additional stores planned by end of current financial year
- 800-1,000 sq ft typical store size
- 2,500-3,000 sq ft flagship size
- 6-8 months store capex recovery
- 18x inventory turns
- 50,000 sq ft manufacturing facilities
- 20,000 pieces per day production capacity
Why this matters
Mulmul’s data-led omnichannel rollout makes it a more relevant target or partner for premium fashion platforms, mall operators and consumer investors seeking scalable ethnicwear exposure.
What to watch
- 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.
- New launches by competing premium ethnicwear brands in the same malls and high streets.
- Progress toward 50% annual growth and the implied store count required to reach ₹500 crore revenue.
- Prioritize stores in metros and affluent Tier-1/Tier-2 catchments with concentrated online order density and high repeat rates.
- Use new stores as appointment-led occasionwear and assisted-selling hubs to lift AOV, customization and cross-category sales.
- Build localized festive, wedding and gifting assortments to improve store-level conversion and inventory turns.
- Expand CRM integration between online and offline channels, including clienteling, endless-aisle fulfillment and return attribution.
- Secure selective mall and high-street leases with turnover-linked structures to reduce fixed-cost exposure.
- Increase sourcing and replenishment capacity before scaling locations to avoid stock-outs in best-selling festive styles.