Woodland predicts 'revenge buying' will drive 20% topline growth in FY23

By

Isabelle Crossley

Published
May 23, 2022

Footwear and clothing brand Woodland expects to benefit from ‘revenge buying’ as the pandemic restrictions appear to have ended and predicts over 20% growth in the 2023 financial year. 

Woodland is confident that it will return to pre-pandemic sales with a top line of over Rs 1,200 crore in the current financial year, which began in April, the Press Trust of India reported. The privately-held brand, which is owned by Aero Club, reported revenue totalling Rs 1,000 crore in the 2022 financial year and expects the phenomenon of revenge buying to help it grow still more this fiscal. 
 
Woodland currently has no plans to go public, instead preferring the higher levels of control over operations possible with private ownership, the brand’s promoter and managing director Harkirat Singh told the Press Trust of India on May 20. 

As well as expecting increased revenue from higher consumer demand, the brand is in talks with the defence ministry to make special-purpose boots for the soldiers. Woodland has submitted samples of its boots, which have been manufactured in collaboration with US business Polartech.
 
Woodland specialises in premium athleisure footwear designed for the outdoors and also runs its ‘super-premium’ Wood label. The brand, which began in Canada, first entered India 25 years ago and retails through 500 stores with a presence in over 5,000 multi-brand outlets.