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Japanese sports performance brand ASICS plans to double the number of its stores by 2026. The brand, which entered India in 2015, has now opened its 100th store in Ahmedabad. It is also looking to open its company-owned stores in India under the single-brand FDI retail trading policy by 2026.
Rajat Khurana, Managing Director, ASICS India and South Asia, said, “India is one of the key growth markets for ASICS globally. We entered India at just the right time as the running boom was just picking up in the country. In post-Covid times, the development of sporting culture has further accelerated across tier-1, -2 and -3 towns. Our journey so far has been transformational and we have got a very good response from consumers.”
In a statement, the company said it plans to add over 50 new stores in the country by 2025. “We are looking at potentially doubling the number of stores and aim to get to 200 stores by 2026,” Khurana told businessline.
Smaller cities
He added that growing the brand’s footprint in smaller towns and cities remains a key priority. “We aim to penetrate into deep Bharat with more stores in tier-2 and -3 markets over next few years,” he said.
Besides franchise-run stores, the brands’ products are also sold through multi-brand stores, its own site as well as e-commerce marketplaces. While the brand garners a significant portion of its sales from digital channels, retail outlets contribute about 60 per cent to the overall business.
Khurana said that the brand will next explore options for opening company-owned stores through the single-brand retail FDI route, which will complement the franchise-run stores. The company has, in fact, been ramping up sourcing for apparel and footwear from India to meet the 30 per cent sourcing norms.
Talking about the growth trajectory, Khurana said that in the last two years, the company has seen a CAGR of about 30 per cent. “We aim to grow at over 25 per cent CAGR in the mid-term,” he added.
In a statement, Yasuhito Hirota, President, CEO and COO, ASICS Corporation, said, “India is a crucial market for us and with the changing consumer landscape, we see a huge potential with new and emerging demand for sports across different regions in India.”
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