 "Decathlon to invest 100 mn euros in India in 5 years to expand retail, mfg")
French sports retailer Decathlon on Wednesday said it will invest 100 million euros (around Rs 933 crore) in India, its one of the fastest growing markets, in the next five years to expand retail footprint and manufacturing operations.
The company expects its business to become double in next three to five years, said Decathlon India CEO Sankar Chaterjee.
The company plans to have a network of 190 stores, having presence in over 90 stores in next 5 years as part of its expansion, he added.
Besides, a handful of this would also be spent on enhancing the digital channel as per the omni-channel approach of the company.
Decathlon will expand its manufacturing operations and increase sourcing from india for the local market and its global operations.
Currently 68 per cent of the goods sold in India are locally produced. Besides, 8 per cent of Decathlon's global product range are also met through India manufacturing.
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"We are aiming to take the domestic manufacturing for Decathlon India to 85 per cent by 2026," Chaterjee said.
Decathlon plans to add 10-15 new stores every year, accelerating online sales and increasing local sourcing as part of expansion.
Decathlon Global Chief Retail and Countries Officer Steve Dykes said India now plays an important role for the company.
"India is a unique and exciting market with numerous opportunities. We have commitments to accelerate our efforts in india to make societal impact to inspire more and more Indians to play," he said.
Dykes further said Decathlon will explore new sales channels as B2B to increase its impact.
"We have a potential for India to play more and more and their role in Decathlon research and design and processes, over 2 million people are engaged globally in sports activity with a Decathlon clay app, and we have a big commitment in developing a future talent that comes from India, he said.
In March Decathhlon had said India is a "big priority" market and expects it to be among its top five global markets within five years.