Japan's ASIC to increase the production of sportswear of India at 40% between import restrictions, says the manager et Bredequity

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For 2024-25, Asics provided for a growth in revenues of 35% -37% in India, following a 26% jump in the previous tax year which increased its revenue to 4.28 billion of rupees ($ 49.7 million).

The Japanese giant of sportswear Asic will increase the production of India to 40% from 30% in the coming years to guarantee a constant supply, a manager told ReutersThe Indian government has commissioned some standards for various footwear segments, which require national and foreign producers to obtain quality certifications.

Asics, who also paused the imports, said that bringing footwear from any country is not feasible without the government certification.

“To deal with this critical situation, we are strategically developing local production skills,” said the general manager of the Asics India Rajat Khurana.For the financial year 2024-25, Asics has reached 30% of local production, a government sent threshold that allows foreign brands to manage their single brand stores in India.

The company, which manages about 125 stores through the franchising partners, plans to open its first branded shop this year and is scouting offices in Delhi and Mumbai, said Khurana. Aims to create another couple in the coming years.

Asics, who competes with global rivals including Nike, Adidas and US Skechers in India, also plans to open three new franchise shops per month between today and the end of the year.

For 2024-25, Asics provided for a growth in revenues of 35% -37% in India, following a 26% jump in the previous tax year which increased its revenue to 4.28 billion of rupees ($ 49.7 million).The category of sports goods and local clothing should double at $ 58 billion by 2030 from the levels of 2023, according to a 2024 report by the Deloitte consultancy firm.

Known for his racing shoes, Asics is benefiting from a growing fitness culture in India and a growing interest in tennis and pickleball among wealthy urban consumers.