According to CEO Yasuhito Hirota, ASICS (Anima Sana In Corpore Sano), a Japanese sportswear company, plans to make 30% of its products in India for local retailers as part of a larger strategy to open company-owned stores by 2026. India's economy is expanding rapidly, making it a very important market.
According to Hirota, who spoke to the media personnel, "We have seen a lot of potential and possibility in India, especially in the sporting goods industry. In the future, we would like to use India as a global sourcing hub," with the majority of sourcing currently coming from China and Vietnam.
ASICS is a multinational corporation that designs and manufactures sports equipment, footwear, and apparel. It has announced plans to use India as a global sourcing hub for its products.
The company plans to source a significant portion of its products from India in order to take advantage of the country's skilled labor and favorable trade policies. By sourcing from India, ASICS hopes to reduce production costs and increase efficiency.
ASICS has identified India as a key market for growth and has been expanding its presence in the country in recent years. The company has set up a sourcing office in India, which will help it to identify and work with local suppliers.
India is considered a major player in the global textile and apparel industry, which makes it an attractive destination for companies looking to source these products. The country's textile and apparel industry is well-established and offers a wide range of products, including natural and synthetic fabrics, as well as finished apparel.
It's worth noting that ASICS is not the only company that is looking to India as a sourcing hub. Many other companies in the textile, apparel and footwear industry are also looking to India as a source of high-quality products at competitive prices.
Through its subsidiary ASICS India, ASICS Corp. entered India in 2015 and currently produces approximately 22% of its products there. It cannot open stores owned by the company until it manufactures 30 percent of its products in India, as required by the guidelines for foreign direct investment (FDI).
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