With its first direct foray into India, the US-based sportswear company is looking to cash in on the growing athleisure market in the country
Radeshwer Davar, Country Manager, India, New Balance.
US sportswear brand New Balance has made its first direct foray into India, opening three own stores in four months. The Boston-headquartered company, which has been operating through retail and distribution partners since 2016, set up its India subsidiary in 2022, and operationalised it recently, starting with its first Indian store in Hyderabad in February and following it up with another in Pune in March. On May 4, New Balance, which posted revenues of $6.5 billion in 2023, opened its first outlet in Mumbai, on Linking Road, and is expected to launch another in the city shortly. Country Manager Radeshwer Davar spoke to Forbes India about the company’s plans for India. Edited excerpts:
Q. New Balance has finally made a direct entry into India, opening three stores in four months. Why now?
Over the last few years, New Balance has had a phenomenal growth trajectory globally, and that’s prompted us to launch the India subsidiary. Over the past decade, the sports and athleisure market in India has really evolved and we understand its potential. As a subsidiary, we have focussed on building a robust ecosystem of regional partners with whom we can launch exclusive brand stores pan-India. We are also working directly with select ecommerce partners to reach out to the geographically-spread customer base. Over time, we will also expand in a selective manner with own stores in key cities. The setting up of our subsidiary in India allows the brand to control its destiny in the market.
We currently have 14 points of sale, and we don’t have any numbers in terms of target—whichever locations we get in terms of size, catchment etc, we can go ahead and open stores.
Q. New Balance has been in India for nine years now, operating through retail and distribution partners. What are the key trends that you’ve noticed in the sportswear market through these years?