A Japanese luxury footwear subsidiary of Asics Corporation, Onitsuka Tiger plans to shift production to India to boost regional growth.
As per Ryoji Shoda, Vice President, Onitsuka Tiger, says demand for high-end clothing and footwear is growing rapidly. Local production will also help the brand increase its value propostion, he adds.
Given its sizable client base, rising prosperity, fashion-conscious youth, and expanding demand for luxury goods, India serves as a crucial market for Onitsuka Tiger, adds Shoda.
As per industry projections, growing at a CAGR of 4.8 per cent from 2023-2028, India’s footwear market will reach 2,225 million pairs by 2028. To capitalize on this growth, the company plans to establish two more stores next year, bringing its total number of outlets in the nation to 11.
Additionally, the company aims to boost exports from India in collaboration with an original equipment manufacturer to establish a new facility to boost production in 9= n the business is looking into potential exports from India and revealed plans to collaborate with an original equipment manufacturer (OEM) partner facility to boost production in India by 2028.
