22 December 2025, Mumbai
Under Armour is fast-tracking its India journey with a bold blueprint to triple its retail revenue to Rs 1,500 crore over the next five years. Driven by its exclusive licensee, Underdog Athletics, the American performance giant is doubling down on a ‘full-price’ model, intentionally shunning the aggressive discounting cycles common in the sports-apparel sector. By the end of FY25, the brand reached a retail value revenue of approximately Rs 500 crore, maintaining a steady 25 per cent CAGR over the last three years. This calibrated expansion reflects a broader shift toward ‘premiumization’ in India’s sportswear market, which is projected to grow at nearly 19 per cent annually through 2034.
Strategic scaling and high-productivity retail
The brand’s expansion is anchored in high-productivity physical stores, with a target of adding 8 to 10 new ‘Brand Houses’ annually. Under Armour’s current network of 50 stores across 30 cities is witnessing exceptional sell-through rates; for instance, a 1,740 sq. ft. flagship in Gurugram recently generated Rs 1.5 crore in a single month. While technical athletic gear remains the core, the brand is successfully testing the ‘premium streetwear’ waters, with select tech-led lifestyle drops selling out in weeks rather than months. Tushar Goculdas, Managing Director, Underdog Athletics, emphasizes, the goal is not mass-market volume but becoming India’s "most-loved premium athletic performance brand.
To support this Rs 1,500 crore ambition, Under Armour is diversifying its category mix and localized presence. Apparel currently dominates sales at over 50 per cent, while footwear contributes a significant 35–37 per cent. Notably, women’s wear is emerging as a high-growth pillar, expected to reach 25 per cent of total sales as the segment matures.
Founded by Tushar Goculdas in 2021, Underdog Athletics is the exclusive distributor and licensee for Under Armour in India, managing all retail, marketing, and distribution. The brand focuses on ‘advanced athletic gear,’ including HeatGear, ColdGear, and HOVR footwear technology, catering to professional athletes and fitness enthusiasts.
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