Wonderchef a known brand in cookware and kitchen appliances that provide German standards of quality, Italian designs, and constant innovation witnessed a strong spike in its sales amidst the ongoing festive season.
“We are upbeat about the festive season, usually, 40 percent of our annual sales come from this period. We anticipate Rs 250 crore in brand sales during this period. Moreover, this Diwali, we have exciting schemes for high-spending customers. Apart from interesting product combos, we have also announced a consumer offer - Wonderchef Lao, Paris Jao, in which customers can win an all-expenses-paid trip to Paris upon purchase of any Wonderchef product,” said Ravi Saxena, Co-Founder and CEO, Wonderchef.
The offer being in line with the brands’ philosophy of customer delight, Wonderchef intends to make the customers’ festive season more special by fulfilling their dream of visiting the City of Love.
The brand is stocking more products and making arrangements for faster deliveries, adding 6 regional warehouses to meet the festive season's demands while working on new partnerships with a few logistics service providers.
“Diwali being one of the most significant gifting occasions apart from weddings, we have focussed on curating offers to the demands of our customers. With a well-planned inventory, reduced costs, and buoyant customer sentiments, we are optimistic about the festive season catapulting us beyond our targets for the year,” added Saxena.
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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