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BENGALURU: French sports goods retailer Decathlon on Wednesday said it will invest 100 million euros ($111 million) in India over the next five years to expand its store count and manufacturing in the key market.
The retailer entered the Indian market in 2009 and sells a range of sports accessories from footballs and yoga mats to bicycles and fitness equipment, cashing in on the growing interest in fitness and active lifestyles.
Decathlon competes with Nike, Adidas, Puma and local brands in India’s sporting goods market, which is expected to grow 69% to $6.6 billion between 2020 and 2027, according to industry estimates.
Decathlon, known for its spacious stores that often come with a sports court, said it plans to expand its number of stores to 190 from the current 110. It has 1,700 stores worldwide.
The company, which makes cricket bats and most of its hockey equipment, among other products, in India, currently makes 68% of its sales there, and aims to increase that to 85% by 2026.
According to local media reports, Sankar Chatterjee, CEO of Decathlon India, said that Decathlon expects to double its business in India in the next three to five years.
Earlier this year, Decathlon said India was a priority market for it and expected it to become one of its top five markets globally within five years.
The company’s sales in India grew 37% to 3,955 crore ($471 million) in the year ended March 2023, outpacing the 1.14% sales growth at the group level, The Economic Times reported.
Decathlon’s expansion plans come as billionaire Mukesh Ambani’s oil and telecom conglomerate Reliance Group seeks to open a sports goods store to compete with Decathlon. ($1 = 0.8994 euros)(1 $ = 83.8920 Indian rupees)
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