Japanese sportswear company Asics plans to increase Indian manufacturing to 40% from 30% over the next several years to assure a constant supply, as the nation’s restrictions force international brands to halt footwear imports, a top executive has reportedly said.
Both domestic and foreign manufacturers must receive quality certifications in order to comply with the requirements set by the Indian government for different footwear segments. According to Asics, which has also suspended imports, it is not possible to import footwear from any nation without a Government certification.
Asics met the Government-mandated 30% local production criteria for the fiscal year 2024–2025, which permits international brands to run their own single-brand stores in India.
According to Asics India Managing Director Rajat Khurana, the company, which runs about 125 outlets through franchise partners, is looking for locations in and around Delhi and Mumbai in preparation for the opening of its first brand-owned store this year. Over the coming years, it hopes to establish a few more.
In India, Asics, which faces competition from international brands like Nike, Adidas, and Skechers USA, also intends to create three new franchise locations every month till the year is over.
After a 26% increase in revenue to Rs. 428 crores in the previous fiscal year, Asics forecasted a 35%–37% revenue growth in India for 2024–2025. Asics, which is well-known for its running shoes, is profiting from India’s expanding fitness culture as well as wealthy urban consumers’ growing interest in tennis and pickleball.
