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.
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.