Woodland to foray into global markets
Woodland, the Indian shoe brand with Canadian roots, is looking at leveraging its brand equity to expand into newer global markets while spreading its retail presence in India.business Updated: Mar 19, 2012 21:43 IST
Woodland, the Indian shoe brand with Canadian roots, is looking at leveraging its brand equity to expand into newer global markets while spreading its retail presence in India. In the pipeline are plans to enter China, West Asia, and the CIS (Commonwealth of Independent States) countries by early 2013.
“Success in India has given us the confidence to open stores in other markets,” said Harkirat Singh, managing director, Woodland India. “Besides being a manufacturing hub, China is a consumption market too. Woodland enjoys certain brand equity and makes viable business sense to establish presence in other places as well.”
Woodland already sources raw material from China. It is now looking at creating a distribution set-up to retail shoes through exclusive showrooms and through existing retailers in China.
The branded shoe market in India, which is to the tune of Rs 20,000 crore, contributes only about 15% of the global market and is growing at around 20% annually. Of this, the outdoor shoewear category is much smaller and growing.
Adding to the outdoor category is the new player, US-based Timberland, which has recently vengtured in India and has set up large format stores in key cities including Mumbai. Though it’s not a direct competitor, it has made Woodland sit up and guard its turf.
“The market is expanding with new players looking at the outdoor category,” said Singh.” “It makes us more vigilant.”
Woodland, which has 350 stores in India aims to add 50 stores every year till the next three years. Woodland’s current revenues is about Rs 7,00 crore and it aims to double sales by 2015.