Japanese sportswear brand ASICS expects its India business to grow 35-37% in 2025, on the back of strong demand for running shoes, its managing director Rajat Khurana said on Wednesday.
With running now the fastest-growing sport in the country, growing annually by around 19-20%, Khurana said ASICS India is aiming to become the market leader in the running shoes segment in the next three years.
In 2023-24, the company reported revenues of Rs 428 crore, around 25% higher than in the previous year.
To achieve its target, ASICS is focusing on rapid offline expansion. By December, it wants to open 30 new stores, twice the number of stores it opened last year. At the end of April, it had 124 stores in the country.
Moreover, ASICS India is also planning to introduce 11 SportStyle focussed stores, which cater to customers who prefer the streetwear and athleisure look. “We still believe there is a big white space in tier 2, tier 3 cities and we are targeting to fill that,” Khurana said.
Online, the company sells through its own website and marketplaces like Amazon and Flipkart.
Currently, offline sales contribute to around 40% of the company’s sales while 30% comes from online channels. Khurana said this share is unlikely to change in the next few years, as both channels are growing at the same pace.
However, the company is in no hurry to enter the quick commerce space since it is a performance brand. “We have a technology to explain,” he said, adding that in this category, it is also difficult for customers to make a quick decision.
He believes quick commerce may still work for accessories like socks or slippers but for high-end technology shoes, more time may be needed to assess the trends.
Notably, ASICS has a Foot ID machine at its stores that matches customers with the right shoes based on their foot shape and gait.
Khurana said that after the Covid-19 pandemic, not only have people grown more conscious about their health, but are also now ready to pay more for comfort. “The overall market for footwear, especially the sports footwear, has moved one notch up towards the premiumisation for all the brands,” he said.