Woodland to invest Rs 100 cr to set up new unit, stores

Footwear and apparel brand Woodland today said it would invest over Rs 100 crore in this fiscal to set up a new manufacturing unit at Greater Noida and open 60 more exclusive stores in the country.

"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," Woodland Managing Director Harkirat Singh told PTI at an event organised by exhange4media.

He said the company would also set up 60 new exclusive Woodland stores across India, with focus on Tier-II and Tier-III cities, entailing an investment of up to Rs 40 crore.

Currently, the company operates over 300 exclusive outlets and also sells its products at over 400 multi-brand stores.

"About 50% of the new stores planned would be large format spread across 10,000-12,000 square feet," Singh said.

Currently, the company owns or operates 10 manufacturing units in North India for outdoor shoes. It outsources production of fashion footwear range to Vietnam and China.

For the current financial year, the company expects 30% growth to touch a turnover of Rs 800 crore.

Singh said besides expanding the physical retail footprint, Woodland 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.