afaqs!

HomeShop18 signs MoU with KORTA to bring Korean products to India

By afaqs! news bureau , afaqs!, New Delhi | In Media Publishing | April 04, 2011
The home-shopping channel has signed a tri-party memorandum of understanding (MoU) with the Korea-based GS Shop, with which Network18 has a strategic partnership for HomeShop18. The third party in the agreement is the Korean Trade Investment Promotion Agency (KORTA).

HomeShop18, the home-shopping company from the Network18 group, has signed a tri-party memorandum of understanding (MoU) with the Korea-based GS Shop (earlier known as LG Home Shopping), with which Network18 has a strategic partnership. The third party in the agreement is the Korean Trade Investment Promotion Agency (KORTA).

As part of the agreement, the home shopping channel will introduce 15-20 products manufactured across various categories by local Korean companies.

Speaking on the agreement, Sundeep Malhotra, chief executive officer, HomeShop18, says, "We look forward to introducing a variety of high quality Korean products in the Indian market through this MoU on our television channel and website, as it will add diversity to the existing pool of products that we offer to our customers. Korean imports in India have grown by more than 40 per cent in 2009-10, and we see an immense potential in the market as it is expected to show similar growth in the coming fiscal year. "

As part of the process, KOTRA, along with GS Shop, will assist medium and small Korean companies, which plan to enter the Indian market by selecting their products. Subsequently, HomeShop18 will take the final call and choose the companies from which the channel will source the products. Finally, HomeShop18 will sign an agreement for the supply of products with the selected companies.

Cho Hwan Ik, president, KOTRA, says, "HomeShop18 has opened up avenues for various small and medium-sized Korean companies to promote their brands and products in India, one of the most rapidly growing countries in the world."

For the record, HomeShop18 is the 24-hour home-shopping channel from Network18. The channel was launched in 2008. In Novemeber 2009, the Korea based GS Shop acquired 15 per cent stake in the channel through strategic investment. The channel claims that currently, it reaches more than 10 million households across 3,000 cities, selling more than 450 established brands.

Search Tags