ShopClues and Momoe Technologies (part of Clues Network) have entered into a strategic Memorandum of Understanding (MoU) with the Korea Trade-Investment Promotion Agency (KOTRA), reinforcing its commitment to make available authentic and premium Korean products on its online platform.
As part of the MoU, KOTRA will identify outstanding Korean enterprises and support their entry into the Indian retail market with the help of ShopClues. In turn, ShopClues will offer an exclusive category called K-Avenue dedicated to Korean products on its website. ShopClues will also hold promotional events with the help of KOTRA while also encouraging Indian vendors to import and sell Korean items on its platform.
Moon Young Kim, Director General, KOTRA South Asia Regional Head Office, said, “We expect that the advent of Singapore’s Qoo10 into India through Shopclues and Momoe will be a turning point in bringing both premium Korean goods into the Indian market, and Indian products to Korea’s customers.”
“As Korea’s sole National Trade and Investment Promotion Agency operating in 130 overseas branch offices, including 6 in India, KOTRA will support mutually beneficial activities in both countries. Any Indian company that wishes to be connected with Korean counterparts and products can contact us for our utmost assistance,” he added.
Momoe Technologies, as a part of the MOU, will look into the setting up of logistics centres in major Indian cities and offer logistics services including transportation and customs clearance, to ensure a seamless supply chain. Qoo10-owned logistics company Qxpress will also support the venture by offering competitive international shipping rates to Korean exporters.
By cushioning the heavy resources required of most enterprises looking to enter a new market, the effects of this MoU are expected to enable a smoother entry for Korean brands in India. Additionally, it will provide freer access to a wider variety of Korean products for Indian consumers to choose from.
Sanjay Sethi, Co-Founder and CEO, Shopclues, stated, “This MoU is a win-win for all parties involved, but especially for our Indian customers who will now have access to some of the best and most diverse range of products manufactured by outstanding Korean enterprises. We also see this as a huge opportunity to be able to bring India’s beautiful products to the booming Korean market.”