Indian apparel and footwear brand Woodland on Tuesday welcomed the Union government’s decision to allow foreign direct investment (FDI) in retail, saying the much-awaited policy decision would help expand the domestic market.
“FDI in retail would increase competition in the sector and the market would grow. This would benefit both the companies and the consumers,” said Harkirat Singh, managing director, Woodland, while speaking to Business Standard.
He said that foreign investment presents an opportunity to the Indian companies and brands to compete with international brands. “FDI would bring a lot of new technologies to India and boost the retail sector.”
He said Woodland had witnessed equal growth in its outlets located in shopping malls and high streets. Currently, the company has 350 plus company-owned stores in India and over 4,000 multi brand outlets across the globe.
“The company has plans to open 60 new outlets this financial year, of which 30 odds have already been launched and the rest would follow around Diwali,” he said.
Singh was in town to introduce ‘Woodland Autumn Winter 2012-13 Collection’ in the Uttar Pradesh market. The collection is priced upwards of Rs 1,800.
Woodland is working on launching new range of products to complement its portfolio while also working with global firms to develop newer and novel fabrics. The company is also mulling on developing apparel and footwear brands, which could cater to the needs of the defence forces deployed in extreme weather conditions.