Last updated : November 12, 2019 10:44 am
In the first phase, the brand is set to open three stores in England within 12 to 18 months.
According to the company, the initial phase will see an investment of $3 million to $4 million to erect three stores in England within 12 to 18 months; the first store is set to open within the capital city, London. WoodenStreet already owns a warehouse in the city and exports 5 to 7 containers per month, selling furniture directly to customers through B2C. The global expansion will help in increasing the company’s reach within the European market through an omnichannel network of dedicated e-commerce and a chain of stores.
This new expansion is expected to generate an addition of $10 million in revenues for the first year. The company also stated that the second phase will involve expansion within USA.
Speaking about the future plans of the company, Lokendra Ranawat, CEO, WoodenStreet says, “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.”
WoodenStreet stayed EBIDTA positive this year, and will divert parts of this profit towards its global expansion. Along with this, the company is already in discussions with multiple investment firms to raise funds for its global aim.