New Delhi: Footwear major Woodland will invest up to Rs200 crore in the next 12 months to add 75 more stores in the country besides hiking its production capacity as it looks to cash in on the retail boom.
Woodland Shoes managing director Harkirat Singh said that by 2008, the company plans to open new 70-75 exclusive retail stores in metros and Tier-I cities to take the total to 240 stores across India.
“Each new store will require an investment of Rs2-3 crore and thus we would be spending upto Rs200 crore in setting up new exclusive stores across the country,” Singh said.
The company is also ramping up production capacity to 10,000-12,000 pairs per day from the current 6,000 pairs per day. “We have set up five new manufacturing facilities in Uttarakhand and Himachal Pradesh to cater to the increased demand. The new units are likely to be ready by 2007-end,” he added.
With the benefit of higher capacities kicking in, he said the company expects to cross Rs500 crore turnover in the next two years.
“We have crossed Rs250-crore turnover in the last fiscal and we are expecting a growth of more than 35% in next two-three year. Growing at this rate, we would achieve the turnover of Rs500 crore by the end of 2009-10 fiscal,” he said.