11th September 2021, Mumbai:
Japanese performance sportswear firm Asics plans to expand its footprints in India by adding 18 stores to its sales network in 2022. It aims to achieve a value-based growth of up to 25 per cent by that time.
The company, which has already started domestic production of some of its products here, expects to meet 30 per cent of local sourcing requirements under the current FDI policy in retail.
Besides, ASICS is also expanding its products portfolio and expects around 40 per cent of sales to be contributed from e-commerce, a channel in which it has witnessed fast growth after the pandemic.
As per its strategy, it would intensify its presence on e-commerce platforms while expanding its business through its network of retail stores also, says RajatKhurana, Managing Director, Asics India. Currently, ASICS operates a network of 55 stores in the country, on a franchise model.
Recently, the company expanded the width of its apparels business. It expects business to grow by 20-25 per cent in 2022 by value," he added.
Besides, the company is also expanding its width on e-commerce platforms, which has registered fast growth led by a change in consumer behavior after the pandemic, adds Khurana.
TOP 5:
- ASICS plans to open 18 new locations in India by 2022, with a 25 percent increase in revenue
- Adidas has opened a digital flagship store in India
- Vedant Fashions, the proprietor of 'Manyavar,' has filed IPO documents with the Sebi
- In FY21-22, the Indian government will provide Rs. 56,027 crore and will pay off all outstanding export incentives
- Apparel and textile companies in India are celebrating; the PLI program has made the sector very happy
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