Company started like this
His target was such customers, whose search for good gifts never ends. She wanted to make a product for the people of India who want a very different range. He initially thought about the gift business and thought of such options which are not easily available. He worked on its concept, design, supplier, pricing, retail strategy for about a year and started Magnet.
Shubhra Chaddha and her husband started the business by selling their house for Rs 40 lakh. It was kind of a gamble but it worked out. He had the advantage that now he has his own three-room house in the city. However, his first six months were very difficult and his company was on the verge of sinking.
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Today earns one crore rupees- Shubhra opened its first store in Bangalore in March 2010. She opened this store with her husband Vivek Prabhakar. He used to work full time at Sun Microsystems. Their initial product range consisted of magnets, key chains and cushion covers. Now their product range includes more than 100 products. She sells her products through her website and e-commerce platform. They have 17 outlets across the country. His annual income is Rs 12 crore.
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Focused on your brand According to Shubhra, he had two options. First, keep supplying to other stores and be happy with little profit. Second, invest in brands and open your stores and focus on long term profits. He opened 44 magnet kiosks in a year. They opened their kiosks in more crowded malls and market areas, which benefited them. Then he started opening 2,000 square feet of stores, after which he reduced the focus to the kiosk. Shubhra wants to make the brand India’s own lifestyle brand.
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Tags: business news in hindi, Success Story