Woodland to expand footprint
The company is buoyed by a recovery in the market sentiment.
Besides expanding its retail presence in India, Woodland is bullish about its proposed foray into Australia and some CIS (Commonwealth of Independent States) countries.
The company has recently entered China, having already set up shop in Hong Kong. It is also present in Canada and South Africa.
“As a brand, we have been growing at a constant rate of 25-30 per cent and have clocked an annual turnover of over Rs 1,000 crore in 2013-14. The market sentiment is positive and we aim to touch over Rs 1,300 crore by this year-end,” said Harkirat Singh, managing director of Woodland.
“China is one of the most rapidly growing retail markets in the world. Despite the global economic downturn, China’s retail sale has increased every year. We decided to foray into the market and currently have two company owned stores,” Singh added.
The domestic footwear market is estimated at around Rs 26,300 crore and expected to reach Rs 38,700 crore with a compounded annual growth rate of 15 per cent by 2015.
According to Singh, Woodland will customise products for the Chinese market. Studies have shown that the buying decisions of Chinese consumers are not always price-driven.
In India, Woodland has over 480 stores and plans to add at least 60 more in the coming year.
In the east, it has 60 stores; the target is 100 in the next 1-2 years.
Each store involves an investment of over Rs 1.5-2 crore, depending on the size. On an average, around Rs 25 crore will be invested in the eastern region this year.
On the upcoming products, Singh said, “Outdoor is a huge category. In addition to our existing categories of footwear and apparel, we are in the process of expanding our accessories’ offerings and will soon be launching products as big as kites and kayaks,” he said.
Besides outdoor shoes, the formal-cum-fashion brand WOODS has three standalone stores in New Delhi, Mumbai and Pune.
As an independent brand, it contributes about 20 per cent to the total revenue. The aim is to scale this up to 30 per cent over the next few years. About Rs 100 crore will be invested to create a niche identity for the brand through a combination of marketing and investment initiatives.