The report says that the company is doubling down on boosting its local production capabilities
In an attempt to ensure a steady supply, Asics, a Japanese sportswear major, will boost India manufacturing to 40 per cent from 30 per cent over the next few years, Reuters reported. The report also noted that the country’s regulations force global brands to pause imports of footwear.
Certain standards for various footwear segments have been mandated by the government, which make it necessary for domestic and foreign manufacturers to secure quality certifications. Reuters reported that Asics is finding it difficult to bring in footwear from any country as it is not feasible without certification.
The company is developing local production capabilities and reached 30 per cent local production in the previous financial year (FY25), as per the report. The firm is eyeing to open its first brand-owned store this year. The report highlighted that it is scouting locations in and around Delhi and Mumbai.
Engaged in competition with the global rivals like Nike and Adidas in India, the company is looking to open three new franchise stores every month till the end of the year. The report emphasised that the rising interest in tennis and pickleball among the affluent urban consumers and the rising fitness culture in the country is aiding the company’s growth.
The report noted that for 2024-25, the company projected 35 to 37 per cent revenue growth in India, after a jump of 26 per cent in the previous fiscal year. The reports also mentioned that the local sporting goods and apparel category is likely to grow to USD 58 billion by 2030. (With Reuters Inputs).
