Japan-based athletic equipment company ASICS is planning to set up more than 20 mono-brand stores in India by next year.
ASICS is currently operating through a franchise model, selling footwear and apparel products. Once the firm fulfils 30% local sourcing, it will meet the requirements of the country’s foreign direct investment (FDI) policy.
The company is also enhancing its presence on online platforms through regional distribution channels, which are aimed to meet the increasing demand in tier II cities, according to the Press Trust of India (PTI).
ASICS India managing director Rajat Khurana was quoted by the news agency as saying: "As of now, we have 22 mono-brand stores, out of which seven were opened in the first half of the year.
“Another seven will be opened in the second half. For next year also we are looking at a similar number of new such stores.
“In a country such as India 50%-60% of sales happen in mono-brand stores for all the brands and we are no exception. So we continue to focus on opening mono- brand stores, growth and other channels."
Besides mono-brand stores, the sportswear company is focused on improving its online presence and increasing distribution channels to serve the needs of regional markets.
In addition, ASICS is looking to distribute its products through multi-brand outlets such as Reliance Footprint to reach out to smaller cities.