Sports lifestyle brand Fila India plans to set up 60-70 stores within three years, mostly in metros and tier I cities for an investment of over Rs 10 crore. The brand licence was bought about a year ago by Cravatex. It aims to garner a revenue of Rs 125-150 crore by the end of FY 2013.
Fila India chief executive officer Rajiv Bajaj said, ?We are planning to rollout around 60-70 stores in three years. The first store is likely to come up in two weeks at Linking Road in Mumbai.? The stores will be a mix of high streets and malls with an average size of 1,500 square feet. Most of the stores are going to be franchised.
This would be the $1.5-billion brand?s second entry into the country as it had entered earlier also through a licensing agreement with Mumbai-based Cravatex, which is also involved in distributing fitness equipment, in 2002. Currently, the brand is available at around 800 multi-branded outlets (MBOs) across the country. The stores will house a variety of apparels, footwear and accessories.
The sports wear market in India is pegged at Rs 2,500 crore. The segment itself is growing at 15-20% year-on-year. Fila?s renewed interest in India comes at a time when the market has been dominated by the already established sport brands such as Nike, Reebok and Adidas. However, the brand has got a long association with the international celebrities and likes for various sporting events and endorsements and has the famous Fila?s F-box logo, making the company confident of a promising debut in India.
The brand is targeting the young urban Indian with merchandise that retails between the Rs 1,800-Rs 3,500 price band. While footwear dominates half of the product range, the remainder is contributed by sports apparel and accessories accounts for 5-10%. The company is going to spend 8-10% of its sales on branding, advertising and promotion of the brand, Bajaj said.