BrandMan Retail takes over apparel brand New Balance in India
- The company will open 35 points of sale by March 2022 including some shop-in-shop models
New Delhi: Delhi-based BrandMan Retail has acquired the retail arm of American sportswear brand New Balance in India. The retail solutions provider will represent the company's presence in India via omnichannel retail, taking over from its earlier India partner, Major Brands.
New Balance sells products like performance-oriented shoes and apparel. BrandMan has already set up retail stores for the company in Select Citywalk mall in Delhi; Mall of India, Noida and Alpha One Mall in Ahmedabad.
New Balance will further grow its presence across India with key retail players like Shoppers Stop, Lifestyle, among others. They will likely have 35 points of sales across India before the end of FY21-22. The company will also retail online.
Kavya Malhotra, chairperson at BrandMan Retail said, “With a growing focus on sports and fitness in Indians, we feel there is huge potential in expanding the brands presence across the country with a long-term sustainable growth strategy. New Balance is an iconic brand synonymous with performance and aesthetic."
New Balance would be available for retail across standalone stores as well as shop-in-shop models. It will also have an extensive online presence across the BrandMan's website as well as on Nykaa and Tata CLiQ.
New Balance is headquartered in Boston, Massachusetts and reported a revenue of $4.5 billion in 2018.
As per Forrester Research, in 2020, India's retail sector was estimated at $883 billion, with grocery retail accounting for $608 billion. The market is projected to reach $1.3 trillion by 2024.
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First Published:9 Nov 2021, 01:24 PM IST
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