Japanese sportswear brand Asics is planning local sourcing in India so that it can apply for FDI and benefit from lower duties. Considering its competitors like Nike and Puma have already got FDI clearance to start their own stores, Asics has to wait till it completes the 30 per cent local sourcing norm before it can get away from the franchise model. Continue reading
Chisel, the Virat Kohli-backed fitness start-up, is set to introduce technology-enabled workout routines, targeting young information technology workers, as it expands its network of fitness centres across India. Continue reading
Textile and apparels firm Mandhana Industries Ltd, which partners actor Salman Khan’s Being Human Foundation to manufacture and market the Rs 300 crore Being Human clothing brand, has plans for deeper penetration into domestic and international markets using the franchise route. It already has a licensing agreement with the foundation for a global presence. Continue reading
“We have opened 20 units right now and we are projecting to have 20 more by the end of this year. So we would double our size,” said Anytime Fitness director of International Operations Eric Keller. Continue reading
In a major retail push, German sportswear maker Adidas is planning to earn 20% revenue from its own stores in India by 2020. At present, it operates a franchise-based model here, similar to ones followed by its competitors Nike and Puma. Continue reading
Puma, the global brand known for its lifestyle sports apparel and shoes, is looking to strengthen its position in India. It is eyeing the top slot in the segment via a nationwide network expansion as well as the launch of its global brands pitched at the Indian sports enthusiast. Abhishek Ganguly, the new managing director of PUMA India, is looking to reposition the brand in the country.
“We are in process of creating a strong brand awareness through various marketing and product launch initiative,” Ganguly said. “We are bullish on India and we have seen a major shift to high end products by Indian consumers. Hence, we want to bring our global sports assets to India shortly.”
According to Ganguly, Indian consumers are ready to move into high-end technical shoes which costs Rs 10000-15,000 for daily jogging. “A few years ago, we saw the trend of buying any kind of sports shoes for jogging by Indian middle class families. Nowadays, they are more brand conscious, unable to compromise on quality and ready to pay premium for the sports shoes,” he said.
Puma will continue their investments in India by adding more stores in cities as well as Tier-II cities. “We don’t believe in setting up more stores just for the sake of expansion. We are looking select pockets,”Ganguly said, adding that the company has identified new malls coming up at Mumbai, Delhi and Hyderabad to start the new stores.