Outdoor products firm Wildcraft is investing Rs 300 crore to strengthen its network and fund overseas expansion as it targets an over twofold jump in sales to Rs 1,000 crore in the next three to four years.
The Bengaluru-based firm, which is looking to have 500 exclusive brand stores (EBOs) in India by 2020, up from 140 at present, and double number of points of sales to up to 8,000, eyes to enhance presence in the Middle East, South East Asia and in neighbouring countries like Sri Lanka and Nepal, according to a PTI report.
“Our aim is to have a sales of Rs 1,000 crore in the next three to four years. We did around Rs 300 crore last year and we are looking at doing Rs 400-450 crore this year,” Wildcraft Co-Founder Gaurav Dublish was quoted by PTI is saying.
In order to achieve the target, he said the company is focusing on strengthening its sales and distribution network and also expand product portfolio by adding new categories like footwear.
The company sells a range of outdoor products, including backpacks, tents, jackets and raincoats, among others.
“What we are looking at is around 500 EBOs, 1,500-2,000 shop-in-shops in modern retail stores and 7,000-8,000 points of sales by 2020,” Dublish was quoted by PTI as saying.
Wildcraft has presence in 550 cities and towns in India through nearly 4,000 point of sale and 140 EBOs in 65 cities.
When asked about investments required for the expansion, Wildcraft co-founder Siddharth Sood was quoted by PTI as saying, “We are looking at a total investment of Rs 300 crore. Already we have invested Rs 150 crore.”
Commenting on overseas expansion plans, Sood said the company has taken the first step to enter Middle East and South East Asia. “Besides enhancing our presence there, we are preparing to enter Nepal and Sri Lanka,” he was quoted as saying.
While in Singapore the company has taken the e-commerce route, it is looking at all channels of distribution, including its own brand stores in these overseas markets. “Our next challenge is how do we evolve and become a global brand made in India. That’s what we will be aiming to achieve,” Sood told PTI.
A privately held company, Wildcraft had raised its first equity fund through PE firm Sequoia in 2013.