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Footwear and apparel company Woodland is planning to expand its retail network in the as a plan to double the store count to 1000 in the next five years. Woodland will invest Rs 500 crore for this expansion and has also set a target of Rs 2500 crore revenue by 2020 fr om 1300 crore in 2014-15.
"We are targeting to have 1,000 stores by 2020. The company is adding between 50 to 60 new stores every year. We are planning to double our growth in the coming year. We would have an investment of Rs . 400 to Rs 500 crore in next five years, says Harkirat Singh, managing director Woodland.
Singh added, "Now there is potential even in small towns. Lifestyle of the people is improving and we see a lot of growth in this category. Today, we see lot of youth indulging in outdoor activities and we see lots of future in this area. There are many players in sports segments but still in outdoor, we are leader in the market."
It has a network of around 500 stores spread in 250 cities and is now focusing to expand in East and North-East regions.
With Budget around the corner, the company said it was in favour of implementation of GST and removal of excise duty, as for apparels there is no duty, while it has to pay for shoes.
Wodland has production facilities in Himachal Pradesh and Uttaranchal, apart from manufacturing through vendors in cities like Bangalore and Mumbai. Almost 70 per cent of the production is through its own facilities, while the rest is contributed by vendors. Currently, it has international operations across the globe including countries like Mauritius, Hong Kong Nepal, Bangladesh, Singapore, Middle East and Far East. It has entered the Hong Kong and China market with distribution through multi brand outlets.
