Mumbai: Reliance Retail Ltd, a unit Reliance Industries Ltd, plans to spend Rs400 crore to add 100 outlets in India to sell branded footwear by Asics Corp., Stylo Plc and Adidas AG.
Reliance Retail on Tuesday signed an agreement to sell Asics shoe brands in its Reliance Footprint stores, the company said in a statement.
Mukesh Ambani’s retailing unit is tapping the $3.3 billion (Rs14,982 crore) Indian footwear market forecast by the company to expand by a quarter as incomes rise in the world’s second fastest growing economy. India’s growth may quicken to 10% in a couple of years, Kaushik Basu, chief economic adviser at the finance ministry, said on 4 January.
“There is increased spending by consumers on fitness and health improvement, Reliance Footprint’s chief executive officer Gopalkrishnan Sankar said in an interview on Tuesday. We will capitalize on the fact the growth of the economy is wide spread, he said.