Japanese athletic footwear and sports equipment company ASICS has set an ambitious target of achieving $100 million in annual sales in India by 2026, representing a substantial 160% growth from 2022. Focused on capitalizing on the rising demand for running shoes and athletic gear within India’s expanding middle class, ASICS also aims to secure the third position in the country’s running gear market by 2026, currently believed to be in the fourth position.
To achieve these goals, ASICS plans to significantly expand its retail presence, increasing the number of stores exclusively offering ASICS products in India from 96 to 218. Additionally, the company will establish directly operated stores in the region. Furthermore, ASICS intends to boost local production by expanding the number of factories producing shoes in India, targeting a rise in local production from 44% to 52%. The long-term vision includes the possibility of exporting products from India.
India, home to over 100 million runners, presents a lucrative market for ASICS. The country’s running gear market, valued at $2 billion in 2022, is anticipated to reach $3.4 billion in 2028, as per IMARC Group’s predictions. ASICS India demonstrated strong financial performance in 2022, with revenue reaching $38.02 million, an 81% increase from 2019. The company’s strategic initiatives include sponsoring local marathons and collaborating with renowned actors and sports players to enhance its brand presence in India. With around 80% of its sales generated overseas due to Japan’s shrinking population, ASICS aims to establish a significant brand presence in India and leverage the market as a growth driver, according to President and CEO Yasuhito Hirota.
