Woodland, the company which started off by selling footwear and then apparel and travel accessories is now testing the grounds for eyewear segment. A number of products are lined up for a launch by the month end. After footwear and apparel, Woodland is targeting the eyewear category. It soon plans to launch a plethora of products by this month end.According to Harkirat Singh, managing director at Woodland, a lot of people go on adventurous trips hence there is a demand from people for it. Thus this category is an important part of the investment strategy, he said.
"We have worked for this category with special features introduced in the eyewear," he said. "We have used nylon TR-90 to make frames, which would keep it durable, flexible and lightweight. The frame uses hydrophylic rubber, ear-pads to prevent it from slipping." Woodland revealed to a news agency that it would invest Rs 500 crore in the next five years to target a revenue of Rs 2,500 crore by 2020.It has fixed the eyewear products range at Rs 4,000. The company will offer two pair of lenses with every eyewear to attract customers.
Initially, Woodland would be testing the market response to the product by launching it in 10-15 stores and simultaneously on its website woodlandworldwide.com before its full scale introduction. Only then will other platforms come into the picture like physical stores and eCommerce websites such as Flipkart, Myntra and Amazon. These platforms are already selling its existing product lines.
"Our apparel and footwear constitute 80% of our turnover and the rest 20% include back-packers, sleeping bags etc. We feel that eyewear would contribute 3-4% of that 20%, which would gradually pick up," Singh said.
Woodland intends to maintain its 25% on-year growth in 2014-15, Singh said, adding that it expects revenue to touch Rs 1,300 crore this fiscal.