Online custom furniture brand, WoodenStreet, is aiming for a global expansion starting with Europe by opening its first international experience stores within the city of London, England.
The initial phase will see an investment of US$ 3 million to US$ 4 million to erect three stores in England within 12 to 18 months; the first store is set to open within the capital city, London. WoodenStreet already owns a warehouse in the city and exports 5 to 7 containers per month, selling furniture directly to customers through B2C. The global expansion will help in increasing the company’s reach within the European market through an Omnichannel network of dedicated e-commerce and a chain of stores.
This new expansion is expected to generate an addition of US$ 10 million in revenues for the first year. The company also stated that the second phase will involve expansion within USA.
When spoken to about the future plans, the company’s CEO Lokendra Ranawat stated that WoodenStreet has already charted a course towards domestic expansion with 50+ stores across India, and now aims to bring the taste of its exquisite fabric and wooden masterpieces to a global audience.
“In recent years, WoodenStreet has emerged as a leading custom-furniture brand, with an impressive roster of various furniture and furnishing categories under its banner. It is high time to give our expansion new wings”, he adds.
WoodenStreet stayed EBIDTA positive this year, and will divert parts of this profit towards its global expansion. Along with this, the company is already in discussions with multiple investment firms to raise funds for its global aim.
The company had begun in 2015 with a unique concept of furniture customization. In a short span of 4 years, WoodenStreet.com has emerged as one of the top 3 furniture brands of India, with more than 10,000 furniture designs that provide great flexibility to customers so that they can adapt furniture as per the interiors of their home. The company has more than 20 experience stores across major cities in India and covers over 100 cities through its vast delivery network.