Asics plans to manufacture 30% of goods for local retail in India by 2026
Japanese sportswear brand Asics plans to increase the amount of products it manufactures in India for retailing in the country to reach 30% of its total products for the Indian market. This would enable the business to open company-owned stores in the country.
Asics plans to open company-owned stores in India by 2026 to add to its network of franchise outlets, ET Bureau reported. The business currently manufactures 22% of goods for the Indian market in India. In line with India’s foreign direct investment regulations, Asics needs to manufacture 30% of its products for local retail in India in order to be able to open a company-owned store.
“India is a very prominent market as the economy is growing rapidly,” Asics’ CEO Yasuhito Hirota told the Economic Times. “We have seen big potential and big possibility in India, especially in the sporting goods industry, and in future we would [like] to use India as a global sourcing hub, most of which currently happens from China and Vietnam.”
Asics Corporation entered the Indian market in 2015 through its subsidiary Asics India. The business currently retails through a network of 83 franchise stores across the country. In 2023, Asics plans to open a further 20 to 22 mono-brand franchise stores in India. The brand also plans to increase its total points-of-sale in India to 850 from 700 at present.
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