Ace Turtle, India’s leading omnichannel retail platform company, has reached a definitive agreement with Kontoor Brands to become its licensee for India. The partnership will enable Kontoor Brands’ portfolio, including Lee and Wrangler, to be sold through a digitally connected network of online retailers and branded brick and mortar stores.
Through this partnership, Ace Turtle will launch web stores for both Lee and Wrangler in mid-2021. The brands will also be scaled through online marketplaces, conversational and social commerce. Customers can discover products and place orders through WhatsApp, Chatbots, Instagram, and other social channels.
In addition, Ace Turtle is embedding technology within the physical stores where these brands are sold across India. This will include endless aisle (allowing customers to virtually browse and order instantly, and check stock availability in other retail stores and warehouses), click and collect (online orders can be collected from the retail stores), and ship-from-store for online orders and more.
Commenting on the partnership, Nitin Chhabra, CEO, Ace Turtle, said, “Retail is undergoing a major transformation in India and this year has shown that a strong e-commerce presence is essential. Our new partnership with Kontoor Brands will enable Lee and Wrangler products to reach Indian consumers across all channels. Our experience, expertise, and investment into these brands will aim to unlock new opportunities presented by the dynamic Indian e-commerce market.”
John Gearing Vice President & Managing Director, Kontoor Brands Inc., Asia-Pacific, added, “Lee and Wrangler have operated in India for many years and our partnership with Ace Turtle now enables us to adapt to the changing behavior of Indian consumers by making our brands increasingly accessible to customers across the country. We’re excited by the technology-focused opportunities that this partnership presents for the Lee and Wrangler brands to flourish in India.”
Ace Turtle and Kontoor Brands will work closely in the coming months to ensure a smooth transition.
WoodenStreet, a prominent home furniture and decor brand in India, has exhibited significant growth, boasting approximately a 50 percent increase in margins compared to the previous year. Founded in 2015 by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat, and Vikas Baheti, the Rajasthan-based startup recently announced remarkable growth for FY22-23.
The company achieved a revenue of approximately Rs 200 crore for FY22-23 and has set an ambitious target of Rs 500 crore for FY23-24, signaling its determination to further expand its operations.
WoodenStreet has been maintaining a consistent annual growth rate of 60-65 percent in India since its inception. Notably, the company's margins surged by 50 percent compared to the previous fiscal year, and it has managed to maintain a positive EBIDTA of Rs 8 crore, highlighting its operational efficiency.
In an era dominated by digital platforms, WoodenStreet has successfully balanced its online and offline presence. The company has opened more than 45 new stores in the last 12 months.
WoodenStreet has strategically expanded its physical presence over the years, with over 90 Experience Centers throughout India and warehouses and R&D Units covering an extensive area of over 20 lakhs sq ft.
Lokendra Ranawat, CEO of WoodenStreet, stated, "As we set our goals for FY23-24, we're excited to introduce innovations to consolidate our market position further. Our commitment to investing in new stores remains unchanged, and we plan to open 300 stores in the next 24 months. Our growth story in FY22-23 is more than just an economic achievement. It's a validation of our continuous efforts to innovate, grow, and, most importantly, to serve our customers better each day."
To diversify and enhance the customer experience, WoodenStreet is introducing two new sub-verticals this year, namely Earthy Threads and Lightstreet. Lightstreet aims to revolutionize home illumination by offering functional and aesthetically pleasing designs. Earthy Threads, on the other hand, is venturing into the realm of soft furnishings, combining traditional artistry with contemporary sensibilities.
As WoodenStreet embarks on another fiscal year, it is evident that the brand is not merely pursuing numerical growth but is on a mission to redefine India's furniture and home decor landscape.
Founded in 2015, the brand presently operates over 90 experience stores across India and maintains a network of more than 350 delivery hubs, offering a vast selection of over 30,000 home furniture, decor, and home furnishing products.
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