William Penn eyes Rs 100 cr turnover by FY17-end

Plans to open four more stores -- one each in Navi Mumbai and Hyderabad and two in Bengaluru

Writing instruments and accessories retailer William Penn has set its eyes on the Rs 100 crore turnover milestone at the end of the current financial year(FY16-17). The company is looking to achieve the target, helped by its nationwide expansion plans and the rising popularity of pens as an accessory in the Indian market

"We plan to open four more stores -- one each at Vashi (Navi Mumbai) and Hyderabad and two in Bangalore (Bengaluru). Pens are becoming an important ingredient of men's accessories and continue to be an important item in corporate gifts selection. The branded pens market in the country is worth Rs 3,500 crore and is growing faster than the rest of the world," said Nikhil Ranjan, managing director, William Penn.

William Penn opened its brand store at Phoenix Mall in Pune.

According to Rajan, for most high-end writing instruments brands, including accessories such as wallets, belts and cuff-links contribute a significant part to their revenues. It's a 50:50 split between writing instruments and accessories

The company has established it's presence in India through 30 brand stores in nine Indian cities which are at key locations such as malls or airport lounges. There are plans to open four more stores at Vashi (Navi Mumbai), Hyderabad and Bengaluru (2) respectively. The store size varies in the range of 450-550 sq feet.

William Penn sells through its stores own brand Pennline and distributes major global brands such as Montblanc, Hugo Boss, Parker, Sheafer and Lamy. It also sells other accessories such as belts, wallets, cuff links or clips. The branded pens market in the country is worth Rs 3500 crore and is growing faster than the rest of the world, he said.