Footwear and apparel brand Woodland will roll out innerwear and leisure wear collection as part of its expansion plans as the company looks to cross Rs 1,500 crore total turnover mark by current fiscal.
According to a PTI report: Besides, the company has firmed up plans to enter new export markets including Canada to expand its footprint overseas.
“We will launch innerwear and leisure wear collections. This is part of our expansion plans as this was the category which we thought we were missing,” MD, Aero Club, Harkirat Singh told PTI. Aero Club owns Woodland brand.
The collection will comprise products like vests, briefs, trunks, inner T-shirts and shorts, he said.
The current size of the innerwear category in the country is pegged at over Rs 15,000 crore, as per company estimates.
“The new range of our product line will be available at company run 600 stores and about 4,000 multi-brand outlets,” he told PTI.
Woodland offers an extensive line of footwear, performance apparel and outdoor gear.
Singh said Woodland will also open 40 to 50 company-owned exclusive stores in current fiscal to deepen its footprint in the country.
“We will be opening 40 to 50 stores this financial year,” he was quoted by PTI as saying.
Singh said the company is also selling its products through e-commerce portals like Amazon, Flipkart, etc. “As much as 14 per cent of the total revenue comes from e-commerce websites,” he told PTI.
Aiming 15-20 per cent growth, the company expects to cross Rs 1,500 crore of total turnover by the end of the ongoing fiscal.
“Last fiscal, we clocked turnover of Rs 1,300 crore and this fiscal we expect to cross Rs 1,500 crore on the back of expansion and new product lines,” he was quoted by PTI as saying.
On export front, the company is keen to enter Canada and South Africa by partnering locals for expanding its overseas operations.
“We have plans to enter Canada and South Africa which are very attractive markets and we are looking for right partners for the same,” he told PTI.
The company has offices in Hong Kong, Dubai and Moscow with retail presence in over 50 countries.
It has also recently tied up with a Chinese brand for selling Woodland range of products at over 5,000 stores in China, he said.