You have already heard about “Chumbak Store”, but do you know the success story behind it. Today I am going to tell you about how this unique outlet came into existence. ‘Chumbak’ is a Bangalore-based lifestyle products start-up which was started with an initial amount of Rs 45 lakh. While in July 2013, Chumbak set up its first store in Bangalore.
Chumbak was born with the desire to do something different. It’s Founder and Chief Executive is Vivek Prabhakar and co-founder is Shubhra Chadda. The two realized that affordable, well-designed and crafted products could be used as accessories and gift items.
In the beginning the store only had a team of two-member, but now Chumbak has a 70-member staff along with 80 additional members at its stores.
Company has about 20 stores and counters across five cities, along with presence in about 60 multi-brand outlets. Here you will find many more attractive and colorful lifestyle products including bags, phone covers, key chains and wallets. The company now also sells its products in Japan and West Asia.
Do you know what makes Chumbak successful? The answer is given by the founder himself. Mr. Vivek says, “It’s a volume game. We have loads of items to choose from, in the range of Rs 95-1,495. We recorded breakeven within the first three years of business. In the lifestyle products segment, the most important thing is to know your customer. Once you get your customer segment right, you move.”
Chumbak is aiming to increase the contribution of its online sales to its overall earnings to at least 30 per cent and is, therefore, focusing on various technological platforms.
Well, I am sure that you must be very much impressed with the success story of one and only “Chumbak”!