Watch out Decathlon! Mukesh Ambani's Reliance Retail reportedly planning a new sports venture

French sporting goods retailer Decathlon brought a revolution in India in 2009. Since then, it has a monopoly over the market with no major competitors in tow. Looks like this will soon change as Reliance Retail is planning to challenge the brand with an all new sports brand to make its presence felt in the athleisure market.?

According to a report by the Economic Times, Reliance Retail intends to lease 8,000-10,000 sq ft spaces in prominent urban areas for a new brand, inspired by Mukesh Ambani's interest in replicating Decathlon's prosperous business strategy.

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Not just Decathlon, other sport brands have also witnessed significant growth in recent years?

During this period, prominent sports brands like Puma, Adidas, Skechers, and Asics have experienced notable expansion. Steve Dykes, Decathlon's Chief Retail and Countries Officer, highlighted India as a "priority market," expressing confidence that India could become one of the company's top five global markets for athleisure products.

The company intends to continue opening around ten stores annually, adapting their sizes to match local preferences, according to him. As per him, each city in India has its own distinct characteristics, therefore, they? customize their offerings accordingly.

Also Read:?Inside The Net Worth Of India’s Richest Man Mukesh Ambani’s Children & Family

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Decathlon, which entered the Indian market in 2009, experienced a significant increase in revenue, reaching Rs 3,955 crore in FY23 compared to Rs 2,936 crore in FY22 and Rs 2,079 crore in FY21.

Additionally, the company is enhancing its online presence to bolster its digital footprint in India. This follows earlier reports indicating that Reliance Retail plans to introduce the Chinese fast-fashion brand Shein to the country in the near future. Shein, a well-known global brand, was banned in India in 2020 amidst heightened tensions along the border with China, along with other Chinese apps.

Also Read:?How India's Richest Man Mukesh Ambani Earns Money Despite Zero Salary At Reliance?