Home textiles, décor, and furniture brand WoodenStreet plans to open 300 new stores in the coming two years. The Rajasthan-based brand is confident of continued growth and aims to consolidate its market position and reach more shoppers across India.
“As we set our goals for FY23-24, we’re excited to introduce innovations to consolidate our market position further,” said WoodenStreet’s CEO Lokendra Ranawat, India Retailing reported. “Our commitment to investing in new stores remains unchanged, and we plan to open 300 stores in the next 24 months.”
WoodenStreet has seen swift revenue growth and expects to report Rs 500 crore in revenue in the 2024 financial year. The brand reported a revenue total of Rs 200 crore in the 2023 financial year and has maintained an annual growth rate of between 60% and 65% since its launch.
WoodenStreet has been expanding its store count at a swift pace and opened 45 outlets over the past 12 months. As well as expanding its brick-and-mortar footprint, WoodenStreet has also widened its product categories to provide a comprehensive home solution. The brand recently launched ‘ Earthy Threads’ as a soft furnishings brand with dedicated segments in select stores.
Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat, and Vikas Baheti launched WoodenStreet in 2015. Today, the brand counts over 90 ‘experience centre’ stores spread across India as well as over 350 delivery hubs.
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