- Marjorie van Elven |
Under Armour has entered the Indian market by opening a store in New Delhi earlier this week, the first of a series of shops the sportswear label intends to open in the country in 2019. Under Armour’s India division will be overseen by Managing Director Tushar Goculdas, who previously served as Vice-President for Adidas.
“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”, said Under Armour founder and CEO Kevin Plank in a statement. He was joined by President and COO Patrik Frisk and Olympic swimmer Michael Phelps in the store’s opening event.
India is the world’s seventh largest economy and is expected to see gross domestic product grow 7.5 percent in 2019, according to the International Monetary Fund. From 2015 to 2016, the Indian sportswear market grew 22 percent, outpacing the segment's global increase of 7 percent according to Euromonitor. By 2020, it is expected to grow an additional 12 percent CAGR (compound annual growth rate) with sales expected to reach 8 billion US dollars.
Picture: courtesy of Under Armour