Japanese sports multinational, Asics is mulling to add at least 15 new stores in India by the end of this year. These proposed stores are likely to come up in Tier II markets where it reported good visibility and traction.
Currently, the sportswear brand operates a total of 27 stores in India and these are located in Mumbai, Chennai, Delhi-NCR, Bengaluru, Hyderabad, Surat, Ahmedabad, Jammu and other places.
The majority of the offerings available at Asics stores are imported. Its own branded stores will be opened when it expands local sourcing, as per the FDI norms.
India has the provision of 100 per cent direct investment in single-brand retail in India but it needs to source at least 30 per cent locally. The company has started sourcing locally for apparels.
“While 100 per cent FDI is allowed in single-brand retail in the country, we need to source at least 30 per cent. We’ve started sourcing locally that accounts for about 10 per cent of total sales. It will take time to reach the level of 30 per cent sourcing,” said Rajat Khurana, MD, Asics (India) in an interview to a leading business daily last year.
Asics made its India entry in 2010 with an exclusive five-year tie-up with Reliance Retail. It started its standalone journey in 2015.
The retailer is pleased with its performance in India and sees the country as a major market for growth. Currently, it operates 20+ stores in India.
Internationally, Asics opened its first flagship store in Canada earlier last month. Further, dubbed ‘Tenkan Ten’, the high-end footwear and sports equipment brand’s new space will open its doors in Barcelona this September.