Reliance Retail to launch sports format stores in city mills and high streets
09 July 2024, Mumbai
To compete with the French retailer Decathlon and capitalise on the rising demand for athleisure products post COVD-19, Reliance Retail plans to launch a new sports format across 8,000-10,000 sqft in top city malls and high streets.
Driven by increased fitness awareness and rising demand for athleisure wear, the sales of leading sports brands have surged in the past two years. Brands like Puma, Decathlon, Adidas, Skechers, and Asics have seen 35-60 per cent Y-o-Y growth since FY21, with combined revenues increased to Rs11,617 crore in FY23 from Rs5,022 crore two years prior.
With its first Indian store opening in 2009, Decathlon revenues’ rose from Rs 2,936 in FY22 to Rs3,955 crore in FY23, as per regulatory filings from the Registrar of Companies.
The company is currently negotiating with the Indian government to sell products from rival brands in its stores, potentially operating as a multi-brand retailer. Globally, rival brands contribute a fifth of Decathlon's revenue, but in India, the company currently sells only its own label products due to FDI regulations.
