The Hindu Business Line : New Balance forays into India

The company, which is targeting a turnover of around Rs 50 crore in the next three years, said that it plans to open 50 exclusive outlets in the country by 2008.

Of the 50 outlets planned, 15 are scheduled to come up this year and remaining over the next couple of years. The company would also make its products available through multi brand outlets such as Bata, Metro, Pantaloon and Lifestyle amongst others.

"For NB, India is the most important and fast growing sportswear market after China in the entire South East Asia. We are focussing on India as we feel it would emerge as the biggest retail destination in the coming 10 years," the Asia Pacific Head of New Balance, Mr Darren Tucker, said.

The company is looking to tap the markets for walking and running shoes in the country.

Mr Tucker estimated that the "runners and walkers" category contribute 20-22 per cent of the Rs 700-crore sports footwear market in India. "We plan to capture a major share of this market," he said. The company has earmarked around Rs 5 crore as marketing spends to promote its brand.

It is also looking to make India its manufacturing hub and plans to set up a manufacturing unit in Uttaranchal.

The company said that it would also seriously look into institutional sales such as supplying to the country's defence forces.

The company, however, is not looking to set up a wholly owned subsidiary in the country in the immediate future. Mr Tucker said that NB is also exploring various business options and opportunities to expand presence here.