Mulmul targets Rs 500 crore revenue in 4-5 years with 50% growth

Premium ethnicwear brand Mulmul aims to hit Rs 500 crore in revenue within four to five years through 50 per cent year-on-year growth. CEO and founder Harsh Hari Modi told ETRetail the digital-first, vertically integrated brand plans to expand its offline presence while retaining its online strength, with 45 per cent of revenue still coming from its own website and average order values above Rs 15,000.

The eight-year-old brand, backed by a family with nearly 50 years of textile experience, has opened 24 stores across India, including recent outlets at DLF Summit, Khan Market and Elante, Chandigarh. It plans to add another six stores by the end of the current financial year but avoids a fixed store-count target, relying instead on online consumer data to identify new markets. Stores typically span 800-1,000 sq ft, with larger flagship formats reaching 2,500-3,000 sq ft.

Mulmul claims to recover store capital expenditure within six to eight months, aided by tight inventory management and inventory turns of around 18x. Its 50,000 sq ft manufacturing facilities, with a capacity of about 20,000 pieces per day, are fully utilised. The brand produces in small batches to maintain exclusivity, replenishing sold-out items with newer styles rather than bulk production.