Under Armour plans to open 10 stores in India this year
The US-headquartered sportswear brand Under Armour will be strengthening its retail presence in the country with the addition of 10 new stores this year.
Under Armour entered the Indian market through a wholly-owned subsidiary last month and opened its first store in the country at the DLF Promenade mall in the national capital New Delhi.
Despite being a late entrant in the country’s sportswear market, the company is betting big on the Indian market for growth and feels it has entered the market at the right time.
"We will be opening 10 stores in the first 12 months here and then will assess our performance going forward," Patrik Frisk, president and chief operating officer of Under Armour, told the Economic Times.
Under Armour will concentrate on metros for its initial expansion and expected to open stores in leading metros like Mumbai, Delhi, Kolkata, Bengaluru and others in the coming months.
Kevin Plank, founder, and chief executive officer of Under Armour added, "Everyone asks us if we are late to enter this market. My answer is, this is the right time for us to enter India, where sports and fitness has started to pick.”
Under Armour also sells its products in India online through e-commerce platforms like Myntra and Amazon.
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