ASICS eyes aggressive expansion in India, aiming to double stores by 2026

21 Dec 2023 CW Team

Rajat Khurana, Managing Director of ASICS India and South Asia, emphasised India's significance as a key growth market for the brand, citing the surge in the running culture, particularly in post-Covid times. Khurana expressed satisfaction with the transformative journey so far, noting a positive consumer response.

The company plans to open more than 50 new stores in India by 2025, with a target of reaching 200 stores by 2026, effectively doubling its current count. Khurana emphasised the brand's commitment to expanding its presence in smaller towns and cities, aiming to penetrate deeper into tier-2 and -3 markets.

In addition to franchise-operated stores, ASICS products are available through multi-brand stores, the brand's own site, and various e-commerce platforms. While digital channels contribute significantly to sales, retail outlets still make up around 60% of the overall business.

Khurana revealed plans to explore the single-brand retail FDI route for opening company-owned stores, complementing the existing franchise model. The company has been increasing sourcing of apparel and footwear from India to comply with the 30% sourcing norms.

Discussing the growth trajectory, Khurana highlighted a Compound Annual Growth Rate (CAGR) of approximately 30% in the last two years, aiming for over 25% CAGR in the mid-term. Yasuhito Hirota, President, CEO, and COO of ASICS Corporation, underscored India's strategic importance as a crucial market, recognising the potential for sports-related demand across different regions in the country.

ASICS, the Japanese sports performance brand, intends to double its store count by 2026. Having entered the Indian market in 2015, the brand recently inaugurated its 100th store in Ahmedabad. ASICS aims to establish company-owned stores in India under the single-brand FDI retail trading policy by 2026. Rajat Khurana, Managing Director of ASICS India and South Asia, emphasised India's significance as a key growth market for the brand, citing the surge in the running culture, particularly in post-Covid times. Khurana expressed satisfaction with the transformative journey so far, noting a positive consumer response. The company plans to open more than 50 new stores in India by 2025, with a target of reaching 200 stores by 2026, effectively doubling its current count. Khurana emphasised the brand's commitment to expanding its presence in smaller towns and cities, aiming to penetrate deeper into tier-2 and -3 markets. In addition to franchise-operated stores, ASICS products are available through multi-brand stores, the brand's own site, and various e-commerce platforms. While digital channels contribute significantly to sales, retail outlets still make up around 60% of the overall business. Khurana revealed plans to explore the single-brand retail FDI route for opening company-owned stores, complementing the existing franchise model. The company has been increasing sourcing of apparel and footwear from India to comply with the 30% sourcing norms. Discussing the growth trajectory, Khurana highlighted a Compound Annual Growth Rate (CAGR) of approximately 30% in the last two years, aiming for over 25% CAGR in the mid-term. Yasuhito Hirota, President, CEO, and COO of ASICS Corporation, underscored India's strategic importance as a crucial market, recognising the potential for sports-related demand across different regions in the country.