Japanese sports shoe brand Asics has opened its first company owned store in India.
The 670 sqft outlet has opened in a shopping centre in south Delhi.
It marks the end of a five year partnership with local conglomerate Reliance Retail.
“We had a five-year agreement with Reliance Retail, and we did not want to renew the alliance,” Rajat Khurana, director of Asics India said in an interview.
“The market has matured, and we have a much better understanding about the Indian sports shoes market, which is worth about $1 billion.”
Now the brand will operate as a wholesaler, opening mono brand stores across India through franchise partners. It will manage the franchise business directly rather than partner with a local master franchisee.
“Over the next 18 months, we will open exclusive outlets across the top 10 Indian cities, with one or two outlets in each city. Over the next three years, sales should treble,” said Khurana.
Asics is the fourth largest sports goods manufacturer in the world and is currently sold in more than 150 countries.
Asics branded products will continue to be available through multi-brand stores in India, including reliance Retail’s network.