Under Armour Thailand predicts 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 primary product category Under Armour Thailand plans to focus on for sales growth?
What is the primary product category Under Armour Thailand plans to focus on for sales growth?
Under Armour Thailand is focusing on increasing its footwear sales. This strategy follows previous success in the apparel sector, aiming to expand footwear's contribution to total sales significantly by 2020.
Q.What specific expansion plans does Triple Pte Ltd have for Under Armour Thailand this year?
What specific expansion plans does Triple Pte Ltd have for Under Armour Thailand this year?
Triple Pte Ltd plans to open new Under Armour outlets in the north of Thailand. This includes a shop-in-shop at Mall Nakhon Ratchasima, a potential new shop in Chiang Mai, and another branch in suburban Bangkok.
Q.How quickly does Under Armour Thailand expect its footwear sales to grow relative to overall sales?
How quickly does Under Armour Thailand expect its footwear sales to grow relative to overall sales?
The company expects footwear sales to increase to 35 per cent of total sales by 2020. This is a 10 percentage point rise from last year's figure of 25 per cent, indicating a faster growth pace.
Q.Where does Thailand rank in terms of growth for Under Armour in Southeast Asia?
Where does Thailand rank in terms of growth for Under Armour in Southeast Asia?
Thailand is Under Armour's second fastest-growing market in the Southeast Asia region. Singapore holds the top position for growth within this specific geographic area.