Woodland to invest Rs 500 crore in 5 years

Footwear and apparel firm Woodland will invest up to Rs 500 crore in the next five years on expanding its retail network as part of its plans to double the store count to 1,000 by 2020 and enhance capacity.

The company has also set a target of Rs 2,500 crore revenue by 2020 from Rs 1,300 crore expected in 2014-15.

With Budget around the corner, the company said it was in favour of implementation of GST and removal of excise duty, as for apparels there is no duty, while it has to pay for shoes.

“We are targeting to have 1,000 stores by 2020. The company is adding between 50 to 60 new stores every year. We are planning to double our growth in the coming year. We would have an investment of Rs 400 to Rs 500 crore in next five years,” Woodland managing director Harkirat Singh said.  

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