Fila India, a sporting goods company owned by Cravatex Brands, is planning to expand its presence by opening 100 new stores in India over the next five years.
The expansion is part of the retailer’s aggressive expansion strategy in a move to boost its presence in the country as well as achieve a sales growth of more than 50% by the end of this financial year, reported indiaretailing.com.
The company will initially focus on major Indian cities such as Mumbai, Bhubaneswar, Baroda, and Chennai to open new stores over the next three months. It also plans to continue opening stores of its new Fila Heritage format during this year.
Fila Heritage stores offer a range of premium sportswear items such as footwear, apparel and accessories.
Each store will feature the same layout and design, and will spread across 1,000ft2 to 1,200ft2 of space depending on the city.
Cravatex Brands chief operating officer Rakesh Singh Kathayat said: “The resurgence of sportswear in mainstream fashion is the most relevant conversation in the industry today, particularly among millennials and Gen Z.
“Fila’s retro aesthetic and nostalgia-tinged DNA has thus gained relevance and this conversation has supplemented its evolution into a sports fashion label.
“While we’re steadily making this progression in perception, supplementing consumer demand with supply is the need of the hour. Our offline retail growth in India focuses on strengthening our pan-India presence to create easier access and increased engagement with our growing consumer base.”
Besides metros and mini metros, the sporting goods retailer also plans to open new stores in the North Indian market with a focus on Delhi, Gurgaon, Noida, and the state of Punjab. It will later focus on South India.