Asics will be ramping up Indian manufacturing from 30 to 40 percent over the next few years to ensure steady supply, a top executive has told Reuters, the country’s regulations forcing global brands to pause imports of footwear. The Indian government has mandated certain standards for various footwear segments, requiring both domestic and foreign manufacturers to obtain quality certifications. Asics, which has also paused imports, said bringing in footwear from any country is not feasible without government certification.
“To address this critical situation, we are strategically developing local production capabilities,” said Asics India’s Managing Director, Rajat Khurana.
For financial year 2024/25, Asics achieved 30 percent local production, thereby reaching a government-mandated threshold that allows foreign brands to operate their own single-brand stores in India. The firm, which operates roughly 125 stores through franchise partners, plans to open its first brand-owned store this year and is scouting locations in and around Delhi and Mumbai, Khurana said. It aims to set up a couple more over the next few years. Asics, which competes with such global rivals as Nike, Adidas and Skechers USA in India, also plans to open three new franchise stores per month between now and the end of the year.
For 2024-25, Asics projected revenue growth of 35 to 37 percent in India, after a 26 percent jump in the previous fiscal year that lifted its revenue to 4.28 billion rupees ($49.7m).
Known for its running shoes, Asics is benefiting from a growing fitness culture in India and rising interest in tennis and pickleball among affluent urban consumers. The local sporting goods and apparel category is expected to double to $58 billion by 2030 from 2023 levels, according to a 2024 report by the consultancy Deloitte.
