Reliance Retail eyes booming sportswear market, to bring Saucony to India
As India catches up with the wider global fitness trend, sports brands are spotting an opportunity to capitalise on the booming sportwear market in India. The newest player to enter the sportswear market race in the country currently dominated by the Adidas, Reebok, Nike and Puma is USA footwear brand Saucony.
US sports shoe brand Saucony is partnering Reliance Retail for its India entry wherein Reliance will have the rights to the brand across different channels, the Economic Times reported citing sources.
Gopalakrishnan Sankar, CEO of Reliance Footprint chain is hoping to capture a large chunk of the sports market in India and is optimistic that the addition of Saucony will enhance Reliance Retail’s position in the market by offering its customers something different across its brand basket.
From 2015 to 2016, the Indian sportswear market grew 22 percent, outpacing the segment's global increase of 7 percent according to a report by Euromonitor. By 2020, it is expected to grow an additional 12 percent CAGR (compound annual growth rate) with sales expected to reach $8 billion.
International sportwear brands are entering India through exclusive partnerships with Indian companies to get a piece of the pie in the sports segment.
Amazon India recently brought Under Armour online in India through an exclusive partnership.
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