Asics Corporation subsidiary Onitsuka Tiger, a Japanese luxury footwear company, is thinking of establishing a production facility in India. The business is making the strategic shift as part of its attempts to boost regional growth.
Onitsuka Tiger Vice-President Ryoji Shoda mentioned India’s fast growing demand for high-end clothing and footwear. He thinks the brand’s value proposition may be improved via local production.
Given its sizable client base, rising prosperity, fashion-conscious youth, and expanding demand for luxury goods, Shoda referred to India as a “crucial” market for Onitsuka Tiger.
Industry projections indicate that India’s footwear market will reach 2,225 million pairs by 2028, growing at a compound annual growth rate (CAGR) of 4.8 per cent between 2023 and 2028. The company intends to establish two more locations next year, bringing its total number of outlets in the nation to 11.
In addition, the business is looking into potential exports from India and revealed plans to collaborate with an original equipment manufacturer (OEM) partner facility to boost production in India by 2028.
