ASICS India said that it will open 18 offline stores in the country by 2022 while also eyeing growth of upto 25 percent.
Japanese performance sportswear brand ASICS announced that it is planning to add 18 stores to its sales network in 2022 thereby further expanding its retail footprint in India, along with a value-based growth of up to 25 percent during the same time, confirmed a top company official.
ASICS has already started domestic production of some of its products in India and expects to meet 30 percent of local sourcing requirements under the current FDI policy in retail, in the next 2-3 years. After that, ASICS' sales network would have a mix of company-owned, company-operated, and franchise stores.
The brand is also expanding its products portfolio and expects around 40 percent of sales to be contributed from e-commerce.
“In terms of expansion, we plan to open 15-18 retail stores in 2022," Rajat Khurana, Managing Director, ASICS India, told a media house, adding that most of the stores would come in non-metro tier-II and -III cities. ASICS currently has a network of 55 stores in the country, on a franchise model.
"We expect the business to grow business 20-25 percent in 2022 by value. E-commerce has been a growth engine for us in the past two years," he said, adding that in 2021, 40 percent of sales for the brand would come from e-commerce. In 2019, online sales contributed around 20 percent of sales.
“Both the channels (retail and online) have to grow side by side. A retail expansion plan would go along with e-commerce. The target audience of both the channels are different," Rajat Khurana added.
ASICS is presently getting its entry price footwear, school shoes, and apparel manufactured locally.