Jaipur-based online furniture brand WoodenStreet is embarking on a global expansion plan, with an initial investment of $3-4 million to set up three stores in England within 12-18 months.
The first store is set to open in the capital city, London. The company already owns a warehouse in the city and exports 5-7 containers per month, WoodenStreet said in a statement.
The global expansion will help in increasing the company’s reach within the European market through an omnichannel network of e-commerce and a chain of stores. This new expansion is expected to generate an additional $10 million revenues for the first year, it added.
The company has also charted a course towards domestic expansion with more than 50 stores across India, WoodenStreet CEO Lokendra Ranawat said. The firm is also in discussions with multiple investment firms to raise funds for its global expansion plans. Its second phase will involve expansion within the US, it added.