US sportswear giant Under Armour is planning to appoint a local distributor to manage its India operations. The brand plans to handover local distribution rights to a team led by Tushar Goculdas, the current managing director of Under Armour India.
Under Armour forayed into India through an exclusive online deal with Amazon in 2017. Subsequently, in 2019, the company set up its wholly owned India cash-and-carry business where the country allows 100 per cent overseas ownership, the brand also appointed several local franchisees to operate Under Armour-branded outlets.
The company’s franchisees currently operate 20 Under Armour outlets in the National Capital Region, Bengaluru, Chennai, Ahmedabad, Hyderabad, Lucknow and Chandigarh, among other cities.
Companies are taking such steps as they are grappling with Covid-induced issues in their home markets, analysts said. Brands are exiting their subsidiaries in India to save money and to focus on or to rebuild in their bread-and-butter home markets, they said.
The pandemic has also led to a change of India partnerships for a host of global brands including Gap Inc, New Balance, Promod and Guess among other international labels.
