Nike files application under single-brand retail FDI

After a successful stint in the Indian market, giving tough competition to contemporary brands like Adidas, Puma

and Reebok, American sportswear label Nike has filed an application to set up a wholly owned subsidiary to sell its own brand of products. Nike India has filed the application with the Department of Industrial Policy and Promotion on August 29, 2014.

Nike entered India about two decades ago and is currently available in the country through 400 franchise stores. According to the filling, it now plans to open its own flagship stores. With many global sportswear majors competing to grab a pie of India’s growth market, Nike India has been launching concept-based stores in the country to establish a strong presence in the segment valued at about Rs 3,500 crores. It already has about 3,000 point of sales across the country apart from its Nike House of Cricket concept store in Chennai, New Delhi and Mumbai.

Nike is trying to woo the young fitness conscious consumers through extensive usage of social networks, mobile phones and colleges. In its endeavor to provide innovative product gear for the athletes, brand recently unveiled a range of Pro Bra collections in India, to provide the right fit and right support.