Woodland to open stores in tier II and III cities
Footwear and apparel firm Woodland plans to focus on tier II and III cities during the next two to three years as part of its growth strategy
Chennai: After consolidating its presence in major cities in the domestic market, footwear and apparel firm Woodland plans to focus on tier II andopen III cities during the next two to three years as part of its growth strategy, a top official said.
The company plans to open 60 stores in the country in tier II and III cities, according to Woodland India Managing Director Harkirat Singh.
“With huge consumer demand, we are growing consistently across malls as well as tier II and III cities. Though the presence is still skewed towards the metros, our growth trends will soon be changing this to a 50:50 split in the next two to three years”, Singh informed.
At present, Woodland has over 480 exclusive stores in the country. As part of strengthening its presence overseas, the company is also studying the market to set up one exclusive store in China, Australia and CIS (Commonwealth of Independent State) countries this year.
Singh said the company has a strong presence in 40 countries through various partnerships. “This year we have opened our first exclusive store in Hong Kong. We are also studying other international markets such as China, Australia and CIS countries. Hopefully by this year, we should have one store in each of the above countries”, he said.
On setting up exclusive stores in overseas market, he said, “Every market is unique in itself and thus, it makes utmost sense to partner existing market player to test our products and seek the market feedback.”
On the company’s financials, Singh said its revenue has been growing at a rate of 20 to 25 per cent year-on-year.
“… over the past couple of years the brand has seen tremendous growth, if we see back in 2010 we had over 300 exclusive stores. Today, we are successfully running over 480 stores. Last year, the group closed its revenue at over Rs 850 crore, this year we are geared to cross the Rs 1,000 crore mark”, he said.
On the domestic apparel and footwear industry, he said both are ‘enormous’ in size and footwear industry itself, currently valued at over Rs 25,000 crore, was expected to cross the Rs 40,000 crore mark by 2025.
Responding to a query on forging a partnership with retailers GoPro, Victronix on offering its products, he said, “the intent is to become a one-stop shop for adventure and thus, we are indeed going to strengthen this as part of our offering too”.
“Going forward, this would culminate into concept stores that would be unlike the Woodland stores that you commercially see and will house anything and everything that one can think of adventure”, he said.
On whether the company would bring all its products, including outdoor and adventure categories under one roof, he said, “We are now focusing more on outdoor and adventure category as we see that youth have a growing inclination towards adventure sports and the demand for our products are constantly rising. Our aim is to become a one-stop shop for adventure enthusiasts”.