Under Armour to invest around Rs 45 crore on retail expansion this year
today Jan 21, 2020
Sportswear brand Under Armour is planning to strengthen its retail presence in India and will open 15 new stores at an investment of Rs 2 ($2,80,837)-3 crore per store this year.
Under Armour’s new stores will come up in Bengaluru, Delhi, Mumbai, Hyderabad, Chandigarh, and Lucknow. The brand is also expanding its offerings and plans to bring in more niche sportswear like hiking and outdoor/adventure sports in the Indian market.
Currently, running gear and training gear are the two largest sports verticals in terms of sales for Under Armour in India.
“We exited 2019 with 10 stores in premier malls across Bengaluru, Chennai, Pune, Gurgaon, Noida, Surat and Guwahati. The plan is to open 15 new stores at an average size of 2,000 sq ft and exit 2020 with 25 stores. All of our stores are franchise-owned and operated and each store is set up at an investment of Rs 2-3 crore, depending on the size of the store,” Tushar Goculdas managing director at Under Armour India told BusinessLine.
“Interestingly, our first store in DLF Promenade, which raked in Rs 1.75 crore sales in its first month, is currently grossing the highest sales per sq ft in the world. The company’s retail strategy is to open stores on the ground floor of premium malls as it gives the brand greater and faster visibility as people walk in,” Goculdas added.
Under Armour had entered the Indian market in 2019. It currently has 10 stores across India and also sells on e-commerce platforms like Amazon, Myntra, and Flipkart.
Copyright © 2020 FashionNetwork.com All rights reserved.