Friends Launched Affordable Korean-style Lifestyle Brand, Made ₹5 Cr

Post-college, the path of two childhood friends, Mohit Khurana and Gaurav Karmani, diverged dramatically. Mohit delved into the tech world, building his expertise in the edtech, fintech, and SaaS industries. Meanwhile, Gaurav found his niche in retail, securing a prestigious master franchise for Revlon cosmetics. Despite their different trajectories, both carried an unwavering entrepreneurial spirit that kept their bond alive.

Amid slow consumption in India’s retail market, Fast Fashion emerged as a standout sector, growing at a remarkable 30-40% compared to the overall fashion growth of ~6% YoY in FY24. Recognizing this pivotal moment, they identified a unique opportunity to blend quality and functionality, inspired by the global fascination with Korean culture—K-dramas and K-pop. With the Fast Fashion industry expected to grow over 40% in the coming years, they see a massive potential market on the horizon. 

The Birth of Uni Seoul

Their venture was not just about business; it was deeply personal. Both Mohit and Gaurav hail from lower-middle-class families in Indore, having witnessed their parents' struggles firsthand. This upbringing instilled in them a fierce determination to create a better life. They started their careers young, driven by an insatiable hunger for success.

Uni Seoul launched in 2023, combining its extensive corporate experience and financial resources. With an initial investment of over Rs. 2 crore, the venture blossomed into two stores, each reflecting their hard work and unyielding spirit.

"The initial investment of Rs 1 crore primarily focused on fixed assets, with additional operational expenses covered separately. We both utilized personal savings and debt funding to secure this initial capital," mentioned Mohit during the conversation with Startup Pedia.

Quirky, Appealing and Affordable Products

Uni Seoul offers a range of products that span home and living items, stationery, beauty care, plush toys, bags & fashion accessories. Each item is curated with a focus on affordability and whimsy, appealing to a wide audience. Prices start at just Rs. 99, with most products falling under Rs. 999 making them accessible to many.

By leveraging over 200 vendors across Asia, they ensure the best raw materials and manufacturing practices. Their dedicated Korean design team crafts unique and playful aesthetics, setting them apart in the market.

While talking to Startup Pedia, the co-founder explains, "With over 700 SKUs (stock-keeping units) and a data-driven approach to product selection, Uni Seoul constantly refines its offerings. Our focus on affordability, quality, and a curated shopping experience positions us as a rising star in the Indian lifestyle retail space."

The Journey of Uni Seoul

Uni Seoul draws inspiration from South Korea's unique blend of fashion, beauty, and functionality. They offer a curated selection of quirky and stylish products at affordable prices.

Although the company was officially formed in 2023, the groundwork began years earlier. Focused on curating affordable lifestyle products, they meticulously planned their concept, sourced their offerings, and designed an engaging in-store experience.

Their journey began with the flagship store launch in April 2023 at Phoenix Mall, Pune, followed by a second store in July 2023 at City Center Mall, Nashik, and an online store in October 2023. This multi-channel approach allows them to reach a wider audience and cater to diverse shopping preferences.

Their vision is to elevate everyday routines with beautifully designed and functional items. "We believe that even mundane objects can be infused with beauty, inspiring individuals to embrace a more organized and aesthetically pleasing life. Uni Seoul addresses a market gap by offering stylish and functional products without the hefty price tag," said Gaurav in a discussion with Startup Pedia.

Financial Growth of Uni Seoul

Uni Seoul has achieved significant milestones since opening its first store in 2023 at Phoenix Marketcity, Pune. The flagship store generates an average monthly revenue of Rs. 25 lakhs, while the second store at City Centre Mall, Nashik, launched in July 2023, averages Rs. 15 lakhs monthly.

Their online store, launched in October 2023, has quickly captured 27% of their revenue without any marketing campaigns, serving over 35,000 customers in a year.

"In the last year (FY 2023-24), we have generated Rs. 5 crore in revenue from across all the platforms- stores and online," mentioned the co-founder of Uni Seoul.

Future Plans for Uni Seoul

Seeing these exceptional numbers in their first year of brick-and-mortar operations, Uni Seoul has achieved remarkable success. Despite being bootstrapped, they have maintained a 25% store-level EBITDA and achieved company-level PAT positivity. They now plan to expand to 150 stores and reach 300 Cr in revenue

In addition to company-owned stores, they plan to expand via the franchise route by offering different business models like FOCO, FICO, FIFO etc. "The investment to open a store is estimated to be around 50 lakhs, covering mall rental deposits and inventory costs. Our 12-month ROI promise to franchisees underscores our confidence in the model," said Gaurav while talking to Startup Pedia.