Reliance Retail is gearing up to start its sportswear segment and is in discussion to rent 8,000-10,000 sq ft space for its new athleisure brand, as per a report by the Economic Times.
The French retailer Decathlon which has largest market in sporting goods in the world is likely to face competition from Reliance Retail if it launches the brand.
"India also needs a retailer in the sports category who can compete with global giants. The category has shown a lot of growth and is expected to grow further," sources cited in the report said. While Reliance conglomerate has a diversified presence in multiple segments, sportswear is still a market unexplored by the company.
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With increasing awareness about health post-covid and expanding fitness-culture in India, fitness goods have seen a surge in demand across age group. In fact sportwear is one of the fastest-growing market in India.
In 2009, Decathlon opened its first shop in India and overs the last three financial years, the company has seen surging revenue figures. From Rs 2,079 crore in FY21 to Rs 3,955 crore in FY23, the french retailer has made increasing profits as per the regulatory filings.
But Decathlon is not a lone winner in the growing sportwear sphere. Companies like Puma, Adidas, Skechers and Asics have witnessed a similar growth trend
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Looking for expansion as a multi-brand retailer, french based sports products giant is in talks with the Government of India. It is seeking permission to keep products of other national and international brands offering same line of products.
This development comes at time when the conglomerate is reportedly planning to get its subsidiary firm, Jio, listed on the bourses.
On year-to-date basis, Reliance's shares have delivered returns of more than 22 per cent on the National Stock Exchange.
