Under Armour’s journey, led by Underdog Athletics, is gaining sharp traction with a premium, experience-first retail strategy and disciplined growth roadmap that aims to triple retail revenue to about Rs 1,500 crore in the next five years, according to Tushar Goculdas, Managing Director, Underdog Athletics (Exclusive Distributor for Under Armour in India).
Since entering India in 2019, the brand’s playbook has remained steadfast in building a premium athletic performance brand, avoiding discounting as a lever, and controlling key consumer touchpoints to protect brand equity and deliver a consistent experience.
“We’ve had a consistent approach since we entered the country. Our vision is to create and build Under Armour into the number one most loved premium athletic performance brand in India,” said Goculdas, highlighting that experience and positioning drive their strategy, not promotions.
This disciplined stance has helped the brand grow at a ~25 per cent CAGR over the past three years, with FY25 retail value revenue reaching around Rs 500 crore.
Under Armour’s retail productivity underscores the strength of demand. A 1,740 sq ft store at Ambience Mall, Gurugram, generated Rs 1.5 crore revenue in November, and the inventory focusing on streetwear, originally planned for seven to eight months, sold out in just 2–2.5 months.
“That speed of sell-through tells us consumers want what we’re offering,” he added.
The brand’s core remains athletic performance, but it has selectively introduced technology-led streetwear SKUs, with just one new SKU contributing 10–12 per cent of sales in that store. The brand calls it a strategic move rather than a shift in core focus.
The channel mix also reflects balanced category performance as footwear contributes ~35–37 per cent, apparel accounts for mid-50s, and the rest is accessories, while brick-and-mortar still drives ~60 per cent of overall business.
“Women’s wear, currently in the low 20s as a percentage of total sales, is gaining share and has potential to touch around 25 per cent as the segment matures,” he asserted.
Physical retail remains the backbone of growth, with the company on track to open 8–10 new stores annually.
With existing presence in ~30 cities and key metros like Delhi, Mumbai, and Bengaluru contributing over 60 per cent of revenues, expansion plans extend to the East and tier-II markets as demand widens.
“However, real estate availability in premium-to-luxury retail corridors continues to be a gating factor despite strong demand signals,” he stated.
Underdog’s ideal store format is ~2,000 sq ft, with a capex of ~Rs 6,000–7,000 per sq ft, translating to Rs 1.5 crore per unit. The company balances company-owned stores with four retail partners and will hit ~10 company stores by March, taking the total network to the mid-50s.
On the digital front, Under Armour operates a dual e-commerce model. D2C, where it is the seller, and B2B on marketplaces where select partners sell entry price points that are still premium relative to competition.
Marketing remains an investment priority, typically ~10 per cent of revenue, and assortments are curated with about 500 articles at peak, including exclusive limited-quantity SKUs for top outlets.
With India now on the radar for future sourcing, as two global factories set up in South India, Under Armour is laying down a long-term, premium-led growth blueprint.
