Sportswear maker Fila has announced an extension of its license agreement with Cravatex for another 30 years in India.
Sportswear maker Fila has announced an extension of its license agreement with Cravatex for another 30 years in India. The extension with Cravatex would see the brand invest and launch exclusive Fila stores. Until now, the brand’s presence has been largely in wholesale and shop-in-shop formats and retail stores. Fila plans to open 60 new exclusive stores by 2014 through a mix of ownership and franchise model. Currently, the brand operates 40 stores in India and the new openings will take the count to 100 exclusive stores in the next two years. Also, in addition to its core focus footwear segment, which is 60-65 per cent today, the company has decided to focus on its apparel range as well. Fila entered India three years ago. Originally an Italian and now a Korean brand, Fila has five per cent share in India’s Rs 2,000 crore sportswear market. The brand is aiming to almost double its current market share by 2015.