 "Reliance Retail plans to launch sports format to compete with Decathlon")
Reliance Retail is planning to launch a sports format rivalling French competitor Decathlon, as it aims to tap into the post-Covid-19 pandemic athleisure market boom, The Economic Times reported on Tuesday.
According to the report, Reliance is in talks to lease 8,000-10,000 sq ft space across malls and high streets in top cities for the new venture. The name of the new brand has not been disclosed yet, it added.
Founded in 1976, Decathlon has a reputation for delivering high-quality, affordable, and durable products. Decathlon, which entered the Indian market in 2009, achieved revenue of Rs 3,955 crore in the financial year 2022-23, up from Rs 2,936 crore in 2021-22, the report adds.
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Its first store was opened at Sarjapur in Bangalore and as of today, the brand boasts over a 100 stores across India, it says on LinkedIn.
The pandemic has sparked a renewed interest in healthcare among the general public, leading to a surge in demand for healthcare services and products, driving sales in the industry.
Reliance eyeing consumer durable goods, diagnostic healthcare market
If Reliance’s venture in sports retail comes to life, it would be the latest addition to the company’s diversification efforts, which is also eyeing the consumer durables market and diagnostic healthcare sector among other things.
In May, reports emerged that the retail giant is planning to roll out its own brand of white goods and electronics under the name ‘Wyzr’. The timeline for this project is estimated to be the next several months, The Hindu Business Line had reported.
Reliance initially plans to have these items manufactured under contract, with a focus on independent manufacturing once the production volumes are sufficient.
In a separate report published in May, the media outlet said that the company is mulling to expand its business in the $150 billion diagnostic health care sector.
The Mukesh Ambani-owned company is reportedly looking for a player with a nationwide presence to scale its business.