Global interest in Korean culture, driven by K-Pop, K-Beauty and K-Dramas, is having a major impact on retail markets around the world.
According to a report by the Korea Foundation, the number of Hallyu fans worldwide is expected to reach nearly 100 million by 2023, highlighting the widespread popularity of products inspired by Korean culture.
Korean retail is also booming in India, with Korean products across the board, from snacks and sauces to cosmetics and clothing, gaining popularity among young Indians.
Mohit Khurana and Gaurav Karmani, childhood friends from Indore who are now based in Pune, decided to cash in on the burgeoning Korean wave in India and launched lifestyle brand Uni Soul last year.
“In India, rising disposable income of the middle class is driving demand for premium yet affordable Korean products, amplified by social media influencers and celebrities. This trend has created a lucrative market for a blend of traditional and modern elements,” said Mohit Khurana, co-founder and CEO, Unisoul.
Khurana had previously worked in edtech, fintech and SaaS, while his friend Karmani held the master franchise position for Revlon Cosmetics and brought expertise in the retail sector.
The Uni Seoul brand aims to embody the vibrant, stylish and innovative spirit of Korea by combining functionality with superior quality and design, and aims to bring Korean fashion and lifestyle to a diverse customer base at affordable prices.
Launched with an initial investment of Rs 2 crore from personal savings, Uni Seoul offers a range of Korean-inspired lifestyle products in the price range of Rs 99 to Rs 999.
Uni Seoul has over 700 SKUs, including homeware, stationery, plush toys, beauty products and fashion accessories.
Korean design and aesthetics
Household essentials like water bottles and lunch boxes are made from high-quality corrosion-resistant 316 and 308 stainless steel, Tritan (a BPA-free plastic), and other FDA-approved substances to ensure safety and durability for everyday use.
Around 40% of Unisoul's products are manufactured in India through contract manufacturers, while the remaining products are sourced from over 200 vendors across Korea, India, China and Vietnam.
To ensure Korean aesthetics and authenticity, the brand collaborated with four freelance designers from Korea.
“The brand fuses traditional Korean aesthetics with contemporary design elements, such as bold colours, sleek lines and unique patterns. The products feature minimalist and functional designs that capture Korea's trendsetting spirit, making each piece as striking as it is practical,” says Khurana.
Unisoul Stores
Unisoul's skincare products are based on Korean beauty practices and include cleansers, toners, serums, moisturizers, sunscreens, and more sourced from third-party Korean manufacturers. These products address moisturizing, anti-aging, and whitening needs with ingredients such as hyaluronic acid, niacinamide, and snail mucus.
Understand customer preferences
Uni Seoul uses data analytics to monitor buying patterns and customer behavior, providing insights to guide the team in making decisions about inventory, marketing, and product development.
“This approach helps brands stay agile and respond quickly to consumer trends in a rapidly changing retail environment,” Khurana noted.
He further adds, “We track consumer preferences and market trends through continuous research, competitor analysis and industry monitoring. Engaging with customers directly through social media, surveys and reviews helps us understand their needs and make our products relevant and appealing.”
Retail Strategy and Business
Uni Seoul currently has two outlets in premium shopping malls in Pune and Nashik, and apart from its brick-and-mortar stores, it also retails through its own e-commerce platform.
The brand's total revenue is expected to be Rs 45 crore in 2023, with an average order value of Rs 1,560. Around 80% of the brand's business comes from offline sales.
According to Khurana, Unisoul has processed approximately 37,520 invoices since April 2023, with customer retention rates of 15% month-on-month and 25% quarter-on-quarter.
Unisoul faces competition from Asian retail chains such as Miniso, Mumuso and Daiso, as well as international players H&M Home and Zara Home, and other local retailers. In the beauty category, it competes with K-beauty products from Innisfree, The Face Shop, Nika Cosmetics, Etude House, Laneige, Cosrx and Sugar Cosmetics.
The Indian lifestyle market was valued at $50.4 million in 2023. It is projected to grow at a CAGR of 9.3% until 2029, according to TechSci Research.
To strengthen its identity and presence across the country and expand its scale, Unisoul plans to open 150 stores in tier 1 and 2 cities by 2025. It aims to set up regional distribution centres across India to optimise inventory, distribute products efficiently and reduce delivery times.
Going forward, the company plans to operate three types of brick-and-mortar stores: company-owned and company-operated, franchise-owned and company-operated, and franchise-funded and company-operated.
“This allows us to expand rapidly while maintaining tight control over store operations. Leveraging franchise investment and local market knowledge ensures consistent quality, operational excellence and strong brand integrity at every location,” Khurana asserts.
Unisoul also plans to invest in advanced software and partner with logistics providers for transportation expertise and timely product delivery.
“We aim to create a seamless supply chain and logistics network that will support the growth of our brands, enhance customer satisfaction and strengthen our market presence in India,” Khurana said.
The brand hopes to raise capital by diluting its shares to fund its growth plans.
