India will be Asics’ most rapidly expanding market in Southeast Asia: Rajat Khurana, Managing Director
Sportswear brand Asics foresees India emerging as its most rapidly expanding market in Southeast Asia and as its primary market beyond the established territories of the US, Europe, Japan, and China.
Presently, Asics boasts a presence in 103 stores across India and is poised for consistent expansion throughout the nation. The company aims to augment its footprint, particularly targeting tier 1, 2, and 3 cities, with the goal of potentially doubling its store count by the year 2026. Furthermore, Asics plans to pioneer the running and fitness sector in India by establishing more running clubs and forging partnerships with prominent marathon events across its existing markets.
Looking ahead, Asics envisions inaugurating its inaugural exclusive brand store in 2026, thus granting Indian consumers access to an expanded global product portfolio. The company has observed a burgeoning interest in sports and a shift in purchasing behavior across various tiers of cities. While mono-brand stores currently dominate the market, there exists a robust demand for digital sales channels, particularly from tier 2 and 3 cities, propelled by the burgeoning number of sporting events nationwide.
Asics' sales strategy encompasses a diversified approach, encompassing franchise-operated outlets, multi-brand stores, the company's official website, and various e-commerce platforms. While digital channels contribute significantly to sales, retail outlets remain pivotal, contributing approximately 60 percent to the overall business.
With a projected compound annual growth rate of 25 percent, Asics is steadfast in its commitment to nurturing a thriving running culture in India, where the number of registered runners has surged from 30,000 in 2004 to a staggering 2.5 million presently. Despite entering the Indian market relatively late in 2015, Asics perceives immense potential and prominence owing to the country's burgeoning population and economic growth trajectory.
