US Polo Assn plans up to 70 annual store openings, India to become largest market

The president and chief executive officer of US Polo Assn, Michael Prince, has revealed details of the company’s ambitious growth plan which centres India as one of its key markets.

Speaking to ET Retail, Prince said the brand plans to sustain its 15 percent compound annual growth rate (CAGR) through the opening of 60 to 70 stores annually, building on its current international store count of 450.

Prince added the company was further aiming to expand its flagship store numbers, referencing those spanning 4,000 square feet, from 15 to 40 over the next two years.

India remains an important market for US Polo Assn, retaining its position through store expansions and strong online sales, putting it ahead of other key markets like the US and Turkey.

“India is our fastest-growing market and has the potential to become our largest market many years from now,” Prince told the media outlet. “The growth here is outpacing both the US and Turkey on an annual basis.”

Footwear and kidswear are categories leading the way for US Polo Assn, with the latter also expected to double its financial contribution to the brand over the next three to four years.

“Globally, we have been doing a 500 million dollar business of kidswear and footwear is a 400 million dollar business,” Prince said. “We see a 100 million dollar opportunity globally in kidswear, footwear, innerwear, women’s apparel and handbags.”

The company is also planning to manufacture footwear in India to align with the government’s Bureau of Indian Standards Act (BIS), introduced in 2016 as a means of developing standards and quality certifications of goods.

Looking ahead, alongside plans to increase investment in areas such as advertising, US Polo Assn also has its eyes on new markets like Brazil, Argentina and Poland, with entries planned for 2025.