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Japan's ASICS readies to comply with FDI norms in India
Apr '18
Courtesy: ASICS
Courtesy: ASICS
ASICS, the Japanese multinational manufacturing footwear and sports equipment, is gradually increasing the share of its products manufactured in India to comply with foreign direct investment (FDI) norms for single-brand retail and will open its own stores in the country. ASICS India currently sources about 10-12 per cent of its total products sold from India.

The company will apply for FDI in single-brand retail after meeting 30 per cent sourcing norms and then will open its own bigger stores, ASICS India managing director Rajat Khurana told a news agency. It will look at operating a mix of both partner stores and own retail stores.

Production of apparel was started in India in 2017 and later expanded to footwear. It will take time to manufacture high -performance products in India, Khurana said. The company, which has 27 mono-brand stores in India now, plans to open 13-14 stores in India this year.

At present, ASICS India garners about 75 per cent of its sales from mono-brand stores, multi-brand retail outlets and distributer-driven business channels.

The company’s target is tripling revenue to over Rs 200 crore in the next two-three years, added Khurana. For the year ending March 2017, it reported a turnover of Rs 73 crore. (DS)

Fibre2Fashion News Desk – India

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