Footwear and apparel firm Woodland will invest up to Rs 500 crore in the next three years to set up eight super stores that will retail outdoor and adventure sports equipment.
The company plans to sell premium adventure and outdoors sports products and equipment for specialised outdoor activities such as water sports, hiking, biking, trekking, climbing, fishing, camping and para-gliding.
“Woodland will make huge investments of up to Rs 500 crore to set up eight concept super stores in India in the next three years,” Woodland vice-president (Strategy and Planning) Amol Dhillon said.
He said the move is part of the company’s strategy to “change the way outdoor and adventure sports is perceived in India”.
Sounding bullish on the segment, Dhillon said the company is targeting a revenue of up to Rs 800 crore in the next three to five years from concept super stores that will sell outdoor adventure and sports gears.
“These are heavy ticket items and we expect turnover of Rs 700 crore to Rs 800 crore in three to five years. There is a huge requirement and demand for outdoor and adventure sports equipment in India,” he said.
Woodland is expected to open its first concept super store in the Delhi-NCR region by early next calender year.
Apart from eight standalone stores, the company would also begin selling outdoor adventure and sports gears in Woodland’s existing stores with size of more than 5,000 square feet. At present, there are 10-12 such stores spread across the country.
“We will start selling select outdoor and adventure sports gears in the large format (more than 5,000 square feet) Woodland stores in the next few months,” he said.
Overall, the company is targeting 38 % growth in sales this fiscal at Rs 1,190 crore this year. Woodland had reported turnover of Rs 860 crore in the last fiscal.
It will make additional investment of Rs 100 crore to open 45 Woodland footwear and apparel stores this year. All Woodland stores are company owned and operated.
At present, Woodland has 416 stores in the country. (PTI)