Woodland to enter India’s luxury segment with sub brand ‘Woods’
Footwear and apparel major Woodland is looking to make inroads into the lucrative luxury segment in India with its sub brand Woods and expects the brand to contribute around 30 percent to its overall turnover in the next two years.
The company is eyeing Rs 1350 crore (approx $210.8 million) in sales in the current financial year with the premium brand ‘Woods’ expected to contribute 25 percent to the same.
According to a recent estimate, the Indian luxury market is about $18.3 billion and is growing at a compounded annual growth rate (CAGR) of about 25 percent and India being the second largest footwear consuming market the combination of two is expected to boost revenues of the company.
In the last financial year footwear segment was the main contributor to Woodland’s revenue giving it 50 per cent of total business, followed by 30 percent from apparel and 20 percent came from travel gear and accessories.
Woodland is now in the process of revamping its sub brand ‘Woods’ by expanding its portfolio in the segment with the addition of formal wear, leather footwear, bags, jackets and belts for both men and women. The new portfolio will be priced between Rs 5000 to Rs 8000 (approx $90 to $130)
With Woods, the brand looks to take on established premium brands like Charles & Keith, ALDO, Clarks among others in India. The first exclusive Woods stores were launched in Delhi 4 years back and now the company will expand to newer markets like Mumbai, Pune, Bengaluru and other cities by March 2018.
“The luxury and premium market in India is growing. And the time is right to carve out a retail identity for the brand, especially after the good response we got for the pilot project launched in 2013,” Harkirat Singh, Managing Director, Aero Club, the makers of Woodland told BusinessLine.
Woodland currently has 600 company-owned stores and is present in over 5,000 multi- retail outlets across the country.
Woodland's parent company, Aero Group, is a well-known name in the outdoor shoe industry since the early 50s. Founded in Quebec, Canada, it entered the Indian market in 1992.
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