WoodenStreet is planning for a global expansion beginning with Europe by launching its first international experience stores within the city of London, England.
Initially, an online custom furniture brand will invest $3 million to $4 million to open three stores in England within 12 to 18 months. The first store is set to launch within the capital city, London.
This expansion will be helping the company in increasing its reach within the European market through an omnichannel network of dedicated e-commerce and a chain of stores. The global expansion will likely generate an addition of $10 million in revenues for the first year.
WoodenStreet also said that the second phase will involve expansion within the USA.
Lokendra Ranawat, CEO of WoodenStreet, said, “WoodenStreet has already charted a course towards domestic expansion with 50+ stores across India, and now aims to bring the taste of its exquisite fabric and wooden masterpieces to a global audience. It is high time to give our expansion new wings.”
The company’s EBIDTA stayed positive this year, and will divert parts of this profit towards its international expansion.