10th November 2021, Mumbai:
BrandMan Retail has acquired the retail arm of American sportswear brand New Balance in India. New Balance sells products like performance-oriented shoes and apparel. New Balance is an iconic brand synonymous with performance and aesthetic.
With growing focus on sports and fitness in India, BrandMan sees a huge potential in expanding presence across the country with a long-term sustainable growth strategy. The retail solutions provider, based in New Delhi, will represent the company’s presence in India via omnichannel retail, taking over from earlier India partner, Major Brands.
BrandMan has already set up retail stores for the company in malls across India. New Balance will grow its presence across India with key retail players like Shoppers Stop, Lifestyle, among others. They will likely have 35 points of sales across India before the end of fiscal 2021-22. The company will also retail online. New Balance would be available for retail across standalone stores as well as shop-in-shop models. It will also have an extensive online presence across the BrandMan's website as well as on Nykaa and Tata CLiQ. New Balance is based in the United States.
India's retail sector was estimated at $883 billion, with grocery retail accounting for $608 billion. The market is projected to reach $1.3 trillion by 2024.
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