Apparel Online Bangladesh Magazine April Issue 2019 | Page 68

RETAIL CURRENT HAVE YOUR SAY BREAKING NEWS Tell us your news by emailing at [email protected] To read the latest sustainability news, go to https://apparelresources.com/business-news/sustainability/  Under Armour to open retail stores in India Global sportswear brand Under Armour is all set to open retail stores in India. The US- headquartered brand, which has partnered with Amazon and Flipkart-owned Myntra to sell some of its merchandise in India, has set up a wholly owned subsidiary in the country, said Jason Archer, MD, Under Armour’s Asia-Pacific region. The company has roped in Former Adidas Veteran Tushar Goculdas as MD of its India operations. Goculdas has earlier served as VP of emerging markets at the German sportswear company. “We are investing in Asia-Pacific as there are long-term growth opportunities. We have been concentrating in China over the last few years. Over the next couple of weeks, we will be establishing our retail presence in India,” Archer said. Under Armour will start operations by opening stores in metros but even before announcing its India entry, the brand has been testing the market. The sportswear brand is aiming to take on the existing giants like Puma, Nike and Adidas. swimmer Michael Phelps and heavyweight boxing champion Anthony Joshua, has been testing cricket-related products in Jalandhar, (India) sources said. Under Armour, which uses brand endorsers, including WWE star- turned Hollywood celebrity Dwayne ‘The Rock’ Johnson, Olympic “Cricket is a great sport. But we will start operations by selling our global portfolio of training and running products,” Archer maintained. Most global sportswear companies, however, have found it difficult to crack the price-sensitive Indian market. Only two, Adidas and Puma, have managed to breach the Rs. 1,000 crore mark in revenues, while the world’s largest sportswear company Nike has been fighting for profits, despite being in the country for more than a decade. Gap to split up in two publicly traded companies; also to shut 230 stores  The firm is also planning to close about 230 Gap stores over the next two years. The move aims to allow Old Navy, which has grown to US $ 8 billion in annual sales since it opened its first store in 1994, to expand on its own. Old Navy’s ability to deliver stylistic apparel to price-conscious buyers has created a cult-like following. Over the last three years, it has continued to grow in sales and store count, often at the expense of Gap stores.  Old Navy has been the strongest in the brand portfolio for the parent company accounting for nearly half of the annual revenues. “We think the best way for each company to grow It was in November that Peck described Gap’s store count as unprofitable. At the end of last quarter, there were 1,242 Gap stores worldwide, of which 758 of them were in North America. Gap has said that it is planning to split into two independent public traded companies – Old Navy brand and the second, a yet-to-be- named company, that will include its other brands like Banana Republic, Athleta, Intermix and Hill City. and meet the evolving needs of our customers is to allow them to pursue tailored strategies separately,” Gap CEO Art Peck 68 Apparel Online Bangladesh | APRIL 2019 | www.apparelresources.com said. Peck will lead the newly formed company. Sonia Syngal, CEO of Old Navy, will keep running that company.