Woodland expects 15 percent growth in FY20, plans overseas expansion
Apparel and footwear major Woodland owned by Aero Club is hoping for 15 percent growth in the financial year 2019-20. It will also be expanding its retail presence in India and will also be entering new overseas markets for growth this year.
The company expects revenue of Rs 1,200 crore ($172.5 million) for the fiscal year 2018-19 with 60 percent expect to come from the footwear segment while the remaining 40 from its apparel and accessories segment.
The company is also hoping to revive its fortunes in the fiscal year 2019-20 and will focus on outdoor and casual wear categories for growth after a subdued 8 percent growth in FY19.
“Growth was subdued at 8 per cent in FY19 with issues such as GST rollout taking time to settle. The company carried out retail rejig, including closing down unprofitable outlets. Nearly 95 percent of Woodland’s 600-odd company-owned and -operated stores are now profitable,” Harkirat Singh, managing director at Aero Club, told Businessline.
“A major growth strategy for this fiscal is expansion into southern African markets such as Botswana and Namibia. We see good potential there and are in talks with a distributor. The brand will also consolidate its position in existing overseas markets such as Russia, China, and West Asia,” Singh added.
Woodland entered the Indian market in 1992 and currently has over 600 company-owned stores and 5,000 multi-retail outlets across the country.
Copyright © 2021 FashionNetwork.com All rights reserved.