New Delhi: Footwear and apparel firm Woodland is eyeing a 30 per cent jump in its revenue to Rs 1,300 crore this fiscal as it opens more stores and identifies future growth drivers.
"We are targeting Rs 1,300 crore revenue and 30 per cent growth this fiscal. However, 30 per cent annual growth in an apparel company would not be possible if we do not add new product categories," Woodland Vice President (Strategy and Planning) Amol Dhillon told .
Woodland reported revenue of Rs 1,000 crore last fiscal.
"At Woodland Innovation Labs, we are working on identifying future growth drivers. We are bringing in new products based on technology and design. We are also very bullish on new categories like adventure sports gears," he added.
At present, there are four Woodland innovation labs across the world at Delhi, Hong Kong, Florence and Quebec.
Elaborating on the company's focus on adventure sports, Dhillon said: "Focus on adventure sports gears and products not only helps us reinforce our image as a outdoor adventure sports firm but it is also helping us create outdoor adventure sports ecosystem in India. We want to change the way outdoor and adventure sports is perceived in India."
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.
At present, gears contribute 1.5-2 per cent in the total turnover of the company, but it is expected to increase to up to 15 per cent in five years, Dhillon added.
On a row with Hidesign India Pvt Ltd over design of a sling bag, Woodland refuted charges of copying saying sling bag is a generic design. Its parent company Aero Group filed a Rs 10 crore defamation suit in the Delhi high court against Hidesign.
The company will also make an additional investment of Rs 100 crore to open 60 Woodland footwear and apparel stores this year. All Woodland stores are company owned and operated.
At present, Woodland has 484 stores in the country.