Under Armour enters India
Athleisure brand Under Armour has opened its first store in India. The New Delhi shop is the first of many, as the company plans to open a series of outlets throughout the country this year. And this emerging network will have a seasoned pair of hands at the helm: managing director Tushar Goculdas, a previous Adidas vice president. While it’s early days, Under Armour will no doubt be hoping to capitalise on what may be the world’s next big growth story – India, a hugely populous emerging market where consumers look like they’re walking a similar path to that of the Chinese a decade earlier.
Under Armour’s share price has appreciated by 19% year to date
Source: Yahoo Finance
Under Armour’s CEO and founder, Kevin Plank, released a statement, saying: “We are excited to open our first retail location to introduce the Under Armour brand and our world-class athletic performance products in India. As a nation with a long, rich history in sport and an accelerating focus on health and wellness, we look forward to building a strong foundation for our brand in India and driving our ability to achieve even greater long-term, international growth.” At the store’s opening, he was joined by another Under Armour exec, chief operating officer and president Patrick Frisk, and Olympic Swimmer Michael Phelps.
India, currently the world’s seventh largest economy, and growing at a fast pace, represents a major opportunity for brands. This year, the country’s economy is expected to increase by 7.5%. And sportswear in the country is an even hotter market: between 2015 and 2016, sales in the country increased by 22% - far higher than the segments 7% global growth figure. According to Euromonitor, it’s expected to increase by another 12% into 2020, hitting $8 billion.
Dominion holds Under Armour in its Global Trends Luxury Fund.
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