ASICS India on an expansion spree

Japanese sports performance brand ASICS is eyeing major expansion in India by adding 50 new stores by 2025, thereby commemorating a decade of establishing the brand independently in India. ASICS India will also witness opening of its first mono-brand store in 2026, giving Indian consumers access to an expanded global product portfolio. The brand concludes this year with the opening of its 100th store in India.

The expansion in India is in line with ASICS India's plans for the forthcoming years and comes amidst the footwear major's plan to revitalise business and unlock new opportunities by venturing into unexplored territories by broadening its sales network. With over 950 sales touch points in the country, ASICS grew by around 25% year-on-year and plans to maintain the growth momentum next year as well.

Speaking on this new milestone, Mr. 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. Keeping abreast of the growing demand, we are delighted to open our 100th outlet in the city of Ahmedabad and continue on our path to more strategic developments to support our vision for the coming times. I believe that relentless commitment to product innovation is the heartbeat of our brand and ASICS is continuously striving to make every step steadier and the ground under our feet healthier by delivering excellence in product innovation.

Though the brand garners a significant contribution of its sales from digital channels, the retail outlets/ stores are contributing to around 60% in the overall business. By expanding the offline sales outlets, in both tier I & II cities, ASICS aims to capture the Indian market and paving its way to becoming the top choice for customers in running, athleisure, cricket, tennis & indoor court footwear category.

Sharing his vision for the India market, Mr. Rajat Khurana, Managing Director, ASICS India and South ASIA, said "We are excited to witness a steady growth trajectory in India for ASICS, as we conclude 2023 with our 100th store opening in India, thereby expanding our portfolio further with innovative product lines which will continue to cater to the existing brand loyalists and tap into a more discerning customer base.

He further Said, "We aim to penetrate into deep Bharat with more stores in tier 2 & 3 markets over next few years, add more running clubs and partnerships with Marathon events in our existing markets and lead the running and fitness industry in India - all of which will take us closer to fulfilling our commitment to build a stronger sporting culture in India."

Source : Equity Bulls

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