Footwear and apparel giant Woodland announced that it will make an investment of more than Rs 100 crore during the existing financial year to establish a new manufacturing unit at Greater Noida and open 60 more exclusive stores in the country.
Woodland Managing Director Harkirat Singh stated, “We are commissioning a new unit for denim and woven garments at Greater Noida with an investment of about Rs 60-70 crore. The production is likely to start in the next 3-4 months.”
Mr. Singh added that the company will also establish 60 new exclusive Woodland stores crosswise the country, with concentration on Tier II and Tier III cities, involving an investment of around Rs 40 crore.
At present, Woodland runs more than 300 exclusive outlets and also sells its products at more than 400 multi-brand stores.
“Almost 50% of the new stores planned would be large format spread across 10,000-12,000 square feet,” Mr. Singh added.
At present, the company possesses or functions 10 manufacturing facilities in North India for outdoor shoes.
The company outsources production of fashion footwear array to Vietnam and China.
For the existing fiscal year, the company anticipates 30% expansion to touch hit revenue of Rs 800 crore.
Mr. Singh also said that in addition to flourishing the physical retail footprint, the company is betting big on online retail.
“In the next two years, we expect our online sales to contribute 10% to our total turnover,” he said.