Mukesh Ambani’s Reliance Planning A Sports Brand Like Decathlon: Report
Mukesh Ambani’s Reliance Retail is reportedly planning to challenge French retailer Decathlon with a new sports format as the Mukesh Ambani company looks to target the booming athleisure market.
An Economic Times report claimed that the firm is aiming to lease 8,000-10,000 sq ft. of space in prime locations across major cities for the brand, which is reportedly set to emulate Decathlon’s successful model.
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The report stated that while Reliance Retail has expanded in the past few years, the brand has been hoping to step into the field of sports as well.
After the COVID-19 pandemic, Decathlon filled a gap in the demand for athletic products, which Reliance is aiming to compete with. The French sports retailer made its debut in the country in 2009 and witnessed a rise in revenue from Rs 2,936 crore in FY22 to Rs 3,955 crore in FY23.
In an event in India in March, the company’s Chief Retail and Countries Officer, Steve Dykes, emphasised India’s importance, calling it a “priority market” with the potential to rank among Decathlon’s top five markets across the world. Dykes explained, “In India, each city is unique, so we tailor our offerings accordingly.”
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Sports brands such as Puma, Skechers, Adidas, and Asics have witnessed significant growth, earning collectively Rs 11,617 crore in FY23, an increase from Rs 5,022 crore two years ago.
