Under Armour Thailand eyes 20 per cent sales growth
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Under Armour Thailand is targeting a 20-per-cent sales increase in the kingdom, according to the brand’s exclusive Asian distributor Triple Pte Ltd.
The company is focusing on footwear sales to follow up on its gains in the apparel sector in a sporting goods market expected to see 5–7 per cent growth this year. It will also offer a wider range of branded products, including sleepwear.
“Under Armour is a relatively new brand in Thailand, and it has huge potential to spread its wings here,” said company CEO Michael Binger during a visit to Thailand last week. “We want to grow our footwear business at a faster pace than in the past and expect footwear sales to increase to 35 per cent of total sales by 2020, up from 25 per cent last year.”
As part of this year’s expansion plans, Triple Pte is planning exploratory Under Armour Thailand outlets in the country’s north, with a shop-in-shop scheduled for the Mall Nakhon Ratchasima as well as a potential new shop in popular tourist destination Chiang Mai. It will also launch another branch in suburban Bangkok.
“We see huge potential in the sporting goods business in Thailand,” said Binger, “and we feel confident in our capability to propel Under Armour to success here because we are an alternative brand for people looking for innovative performance shoes.”
Thailand is Under Armour’s second fastest-growing market in Southeast Asia after Singapore.
Questions & Answers
Q.What is the expected growth rate for the wider sporting goods market in Thailand this year?
What is the expected growth rate for the wider sporting goods market in Thailand this year?
The sporting goods market in Thailand is expected to see a growth rate of between 5 and 7 per cent this year. This is the market Under Armour Thailand operates within.
Q.Which specific product category is Under Armour Thailand focusing on for its sales growth?
Which specific product category is Under Armour Thailand focusing on for its sales growth?
The company is focusing on increasing its footwear sales. It aims for footwear to constitute 35 per cent of total sales by 2020, an increase from 25 per cent last year.
Q.What new retail locations are being planned for Under Armour in Thailand as part of this year's expansion?
What new retail locations are being planned for Under Armour in Thailand as part of this year's expansion?
Expansion plans include a shop-in-shop at the Mall Nakhon Ratchasima, a potential new shop in Chiang Mai, and another branch in suburban Bangkok.
Q.Where does Thailand rank among Under Armour's fastest-growing markets in Southeast Asia?
Where does Thailand rank among Under Armour's fastest-growing markets in Southeast Asia?
Thailand is Under Armour's second fastest-growing market in Southeast Asia. Singapore is currently the fastest-growing market in the region.