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Tag: Sales

  • Canada Goose revenues surge more than 50%

    Canada Goose revenues surge more than 50%

    Canada Goose Holdings announced its financial results for the third quarter, highlighting a surge in revenues after new store openings both physical and online. For the quarter ended December 31, 2018, the North American outdoorwear company said total revenues increased by 50.2% to $399.3m from $265.9m, or 49% in constant currencies.

    Direct-to-consumer sales totalled $253.3m from $131.7m last year, driven by the strong online and in-store sales. Canada Goose said it opened five new stores during the quarter and an online store.

    Wholesale revenue increased to $164m from $134.2m, on the back of higher order values from existing partners, coupled with earlier shipment timing relative to last year.

    The Toronto-based company reported net income came in at $103.4m, or $0.93 per diluted share, compared to $63m, or $0.56 per diluted share. The 64% increase was due to higher operating income and a lower effective tax rate, said Canada Goose.

    Adjusted EBITDA was $151.1m, compared to $94.7m.

    “Fiscal 2019 is shaping up to be another year of impressive results. In our peak selling season we continued to deliver when and where it matters most, while also strengthening our foundation for future success on the global stage,” said Dani Reiss, Canada Goose President & CEO.

    “We have successfully entered new markets, introduced new product, and increased capacity to meet growing demand in both channels. We remain deeply confident in the long runway we have ahead.”

    Looking ahead for 2019, annual revenue growth is projected to be in the mid-to-high thirties on a percentage basis, compared to at least 30%.

    Annual growth in adjusted net income per diluted share is now predicted to be in the mid-to-high forties on a percentage basis.

    Founded in 1957, Canada Goose is today one of the world’s leading makers of performance luxury apparel. The Made-In-Canada advocate employs more than 3,400 people worldwide.

    In Asia, the Canadian brand has flagships in Tokyo, Beijing and Hong Kong.

  • Anta Sports shows positive result

    Anta Sports shows positive result

    Anta Sports Products is planning more than 1000 new stores this year after revealing another record profit. The Hong Kong-listed Chinese sports apparel and footwear manufacturer operates more than 11,600 stores in Greater China and beyond under its own Anta brand, and banners like Fila and Descente, for which it owns regional rights.

    In September last year it led a takeover bid for Amer Sports, which owns Salomon, Wilson, Arc’teryx, Suunto, Peak Performance and Precor, among other brands – a deal likely to be completed as early as next month.

    This year’s net profit was the fourth consecutive annual record and reflects growing popularity of sport and fitness in Mainland China and a strengthening of its online offer.

    The company’s profit jumped 32.9 per cent to RMB 4.103 billion ($613.13 million) last year on sales up 44.4 per cent to RMB 24.10 billion (US$3.597 billion).

    In a stock exchange filing, Anta said it was “cautiously optimistic” about the prospects of the business in China in the coming year, despite reduced business confidence across the region. It plans to open more than 1000 Anta-branded stores on the mainland this year along with up to 250 Fila, Fila Kids and Fila Fusion stores on the mainland and in Hong Kong, Macau and Singapore.

    Anta-branded products saw a mid-teens increase in retail sales in the latest quarter compared to the same period last year, however sales in stores bearing other banners rose between 85 and 90 per cent.

    Anta Sports, was founded in 1991 as a manufacturing supplier to the footwear industry. Since then it has grown to become China’s largest domestic sportswear brand, and industry analysts estimate it is the world’s third largest by market capitalisation after Nike and Adidas.

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  • Coty sales, profit best estimates despite supply chain woes

    Coty sales, profit best estimates despite supply chain woes

    Coty Inc announced  its second-quarter results for fiscal 2019, confirming it expects to make in a net profit for the period, despite overall sales taking a dive and supply chain issues. The New York-based cosmetic and luxury fragrance company said net revenues for the second quarter came in at $2,511.2 million, for a decrease of 4.8%, while like-for-like revenues grew 0.7%.

    The company said it was helped by higher sales in its luxury segment, with strong holiday demand for the Gucci, Marc Jacobs and Burberry brands.

    That said, the maker of luxury perfumes recorded a net loss of $960.6 million compared to $109.2 million in the prior-year.

    Adjusted net income was $181.9 million, a decline of 23%, “driven by the lower adjusted operating income and the $41.8 million positive foreign tax settlement in the prior year,” said Coty in press release.

    Excluding certain items, the company earned 24 cents per share, topping expectations of 22 cents, and sending its shares up 20%

    “I must stress that while we are confident that we can return Coty to a path of sustainable growth, we are also realistic that it will take time to achieve this outcome,” Coty’s recently appointed Chief Executive Officer Pierre Laubies, said in a statement.

    Revenues in Asia, Latin American, the Middle East and Africa (ALMEA) totalled $567.4 million, to make up 23% of total revenues. Coty said the region showed solid growth despite impacts from supply chain disruptions. Revenues decreased 5% as reported, but grew 4% LFL, fuelled by strong growth in Luxury and Professional Beauty.

    However, Coty’s consumer beauty Max Factor declined in China.

    North America revenues were unchanged at $742.2 million, or approximately 29% of total net revenues, while Europe remained Coty’s largest market, accounting for close to half of company revenues at $1,201.6 million, down just 1% on last year.

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  • Avon 2018 sales dip, culls sales reps globally

    Avon 2018 sales dip, culls sales reps globally

    Avon reported its fiscal 2018 results earlier in the month, saying revenues declined as the beauty giant continued to cull it sales representatives across the globe. The London-headquartered company said total revenue decreased 2% for the twelve months, while like-for-like revenues decreased 3% in constant dollars. The number of Active Representatives declined 5% with decreases reported in all segments, said Avon, with Ending Representatives declining 8% with decreases reported in all segments.

    On a positive note, Avon’s average order increased 10%, while on a like-for-like basis, average orders increased 2%, primarily driven by increases in South Latin America, North Latin America and Asia Pacific, said Avon in a press release.

    Avon reinforced the positives of its “Open Up Avon” strategic plans, addressing falling levels of its representatives.

    “We are in the initial stages of our turn-around plan with fourth-quarter results showing sequential improvement in revenue trends in 4 of our top 5 markets, as well as some early signs of progress against our core strategies,” said Avon’s CEO, Jan Zijderveld.

    “As we look over the course of 2018, we are seeing tangible signs of increased productivity by our Representatives, with sequential increases in Average Representative Sales, Net Price Per Unit and e-commerce.”

    Avon made several cost-reducing decisions in 2018, including the announced sale of its China manufacturing facility. The cosmetic giant more recently announced its intention to reduce the global workforce by an additional 10% in 2019, on top of its already completed 8% reduction in 2018.

    “We have begun to identify repeatable business models in training and recruiting, while reducing our cost structure and taking steps to simplify our business infrastructure,” added Zijderveld.

    Avon reported a diluted loss per share of $0.10. Like-for-like diluted earnings per share was $0.01, compared with $0.06 for 2017.

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  • Puma reports strong sales, profitability in 2018

    Puma reports strong sales, profitability in 2018

    Sportswear giant Puma reported strong annual results in 2018, as the German company witnessed double-digit growth across all geographic zones and product divisions. For the year ending December 31, 2018, the Herzogenaurach-based company said sales increase by 17.6% currency adjusted to €4,648 million (+12.4% reported) with double-digit growth in all regions.

    Asia-Pacific, despite being the smallest of Puma’s three regions after the Americas (+16.9%) and market leader EMEA (+11.4%), was the strongest in growth terms for 2018, up 28.8% to €1,235.5 million. APAC was mainly driven by high growth in China and Korea, while sales in Japan increased at a more moderate mid to high single-digit rate.

    In product terms, Puma highlighted the success of new sneaker styles Thunder, RS-0 and RS-X in 2018, as part of the company’s debut into the “chunky shoe” category.

    Puma also spent 2018 re-entering the basketball category after 20 years, and signed supermodel Adriana Lima as its women’s training ambassador.

    Net earnings increased by 38 % from €135.8 million to €187.4 million, and earnings per share lifted from €9.09 to €12.54.

    “We are very happy with how our business developed in 2018. Sales rose organically by 17.6% to €4,648 million and the operating result (Ebit) improved by 37.9% % to €337 million, which shows our strong momentum,” said Bjørn Gulden, Chief executive officer of Puma.

    “The double-digit growth in all regions is a proof that the we have strengthened the Puma brand globally and the double-digit growth in all product divisions shows that we have enhanced our product portfolio,” added Gulden.

    In 2019, Puma said it expects currency adjusted sales to grow around 10% and operating results to increase to a range between €395 million and €415 million.

    “We still have a lot to improve, but we feel we are moving our brand and company in a good direction,” said Gulden.

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  • Asia-Pacific the key market for global smartphone sales

    Asia-Pacific the key market for global smartphone sales

    Global smartphone sales grew 5 per cent to hit US$522 billion last year, with Asia-Pacific accounting for nearly half of those. According to a recent Consumer Life Study by GfK, smartphones, feature phones and wearables accounted for a 44 per cent share of the global $1.2 trillion technical consumer goods (TCG) market. But it warned smartphone sales are expected to grow by just 1 per cent this year.

    Apac the key driver

    More than 732 million smartphone devices were sold last year. Despite a slight decline in demand, overall consumer spend increased by 5 per cent.

    China accounted for 60 per cent of the Apac region’s market value and 54 per cent market volume, making it the largest contributing country to the global smartphone market.

    “The Chinese market consumes the majority of the global smartphone production, as well as being the home of local brands that are becoming increasingly global,” observed Alexander Dehmel, GfK regional senior market insights manager.

    “Some 40 per cent of the Chinese brands’ smartphone production in 2018 was purchased outside of China, up from 31 per cent in 2016.”

    In second position, India bucked the global demand downtrend, reporting growth in both sales volume and value in 2018, by 19 and 21 per cent respectively. More than 161 million smartphones worth more than $28.5 billion were sold last year.

    “In Asia’s emerging markets such as India, a country where feature-phone sales still exceeds half of the total handset market, smartphone market rapid growth is fuelled by the high adoption rate of first-time smartphone users, in addition to the fast replacement cycle and upgrading of existing smartphone users,” said Dehmel.

    Premium models and Chinese brands fuel growth

    Globally, 12 per cent (up from 9 per cent in 2017) of smartphones sold were priced at more than $800 last year. The $150-400 segment continues to be an important competitive battleground accounting for 46 per cent of smartphones sold globally (up 2 per cent from 44 per cent in 2017).

    Within Asia, developed markets drove the take up of high-end smartphones. Last year, every other device (53 per cent) sold in these countries cost more than $800. On the other hand, the most affordable phones priced below $150 accounted for half the total market.

    “Chinese brands have been significantly increasing their presence worldwide, and specifically in emerging Asian markets, their popularity have been largely driven by their affordability and faster model refresh cycles with improved specs,” commented Dehmel.

    “Take the region’s third largest smartphone market of Indonesia for instance; Chinese brands accounted for more than two in every five (42 per cent) smartphones sold in the country in 2018.”

    Looking ahead

    The study shows that consumer trends are changing when it comes to possessions. Not only do consumers “prefer to own fewer but higher quality items” that they will pay premium prices for, but they also “value experiences more than possessions”. If larger memory or screen size and multiple high-megapixel cameras can enhance their overall usage experience, such innovations will likely help ignite consumers’ imagination and stimulate greater demand.

    With rapidly evolving technology, the later part of last year saw new launches in the market which offered consumers features such as larger screen sizes, higher resolutions for both the front and back cameras, along with increased number of camera lens, and more-advanced AI functionalities.

    One of the key observations for last year was the continued popularity of larger screen sized smartphones – a trend consistently reflected across every single Apac market. China and Korea were the top two markets where almost nine in 10 smartphones sold had 5.5 inch or larger screen sizes.

    “From the trends that emerged in the second half of last year, we anticipate the growth of larger display smartphones with high screen-to-body ratios (i.e. slim bezels) to continue developing this year, as well as rising demand for models with stronger camera offerings in both resolutions (megapixels) and the number of lenses, powered by more advanced AI capable chipsets,” concluded Dehmel.

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  • Retail report says holiday sales were disappointing

    Retail report says holiday sales were disappointing

    Shoppers did not spend as much as expected this past holiday season. Holiday sales were up just 2.9 percent in 2018, the National Retail Federation said, on the heels of the Commerce Department announcing retail sales for December fell 1.2 percent, the largest decline since September of 2009. NRF, the retail industry’s trade organization, had been calling for 2018 holiday sales, those from Nov. 1 through Dec. 31, to rise between 4.3 and 4.8 percent.

    “It appears that worries over the trade war and turmoil in the stock markets impacted consumer behavior more than we expected,” NRF President and CEO Matt Shay said in a statement. “There’s also a question of whether the government shutdown and resulting delay in collecting data might have made the results less reliable.”

    NRF said online and other nonstore sales were up 11.5 percent this past holiday season, while the group had been calling for growth of between 11 and 15 percent.

    It said sales, both in stores and online, were down 1.5 percent in November year over year, and in December were up just 0.9 percent. It added that October sales were up 5.7 percent year over year, but spending during that month isn’t included in NRF’s holiday sales tally.

    NRF chief economist Jack Kleinhenz said the sales results were “truly a surprise” and “in contradiction to the consumer spending trends” NRF had been monitoring.

    The fresh retail sales data from the Commerce Department has, meanwhile, raised new concerns about a recession. But economists also say the biggest drop in nine years clashes with other data and may be suspect.

    NRF is still calling for retail sales, excluding automobile dealers, gasoline stations and restaurants, to climb between 3.8 and 4.4 percent this year, amounting to as much as $3.84 trillion.

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  • Amazon to train Vietnamese small firms in e-commerce

    Amazon to train Vietnamese small firms in e-commerce

    Amazon will train 100 Vietnamese businesses to develop their business on its platform. According to the Department of Trade Promotion, Amazon Global Selling will identify 100 small and medium-sized enterprises (SMEs) for its “Supporting Vietnamese enterprises to boost exports via Amazon” program. It will train the businesses in promoting exports and build brands through its website.

    According to Amazon Global Selling, the program will support businesses with comprehensive export solutions and logistics infrastructure, its 175 fulfillment centers and presence in 185 countries.

    “In the context of evolving global markets, Vietnam has more than 700,000 businesses, of which 98 percent are SMEs, so in addition to traditional trade promotion methods such as going to international trade fairs, promoting e-commerce is extremely necessary,” Vu Ba Phu, head of the department, said.

    Bernard Tay, director of Amazon Global Selling in Southeast Asia, said his company chose Vietnam to run this program because it sees great potential for development, especially with the entrepreneurial spirit of Vietnamese youth.

    “Vietnamese businesses are well known for their top production capabilities. When combined with our worldwide resources, it will create conditions for them to develop and build brands in the international market.”

    But he said they need to adapt to global product trends, improve their proficiency in foreign languages and brand building expertise to derive the most from the e-commerce platform.

    Vietnam’s e-commerce value climbed to about $4 billion in 2016, becoming one of the fastest-growing markets in the world.

    Revenue from online retail in the country is forecast to hit $10 billion by 2020, accounting for five percent of the country’s retail market.

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  • Korean Air plans to make 16 trillion won in sales by 2023

    Korean Air plans to make 16 trillion won in sales by 2023

    Korean Air unveiled its mid-term business strategy Tuesday, saying it aims to record 16.2 trillion won ($14.4 billion) in sales by 2023. The goal comes as the airline’s March shareholders’ meeting draws near. Korean Air Chairman Cho Yang-ho’s term at the country’s largest airline ends this year and shareholders will vote on his re-election. To achieve the sales target, it needs to grow by an average 5.1 percent every year. Last year, the airline inked 12.7 trillion won in sales.

    Its operating profit target for 2023 is 1.7 trillion won, about 2.5 times more than last year’s 692.4 billion won.

    The company said it will work to raise the profitability of its business to reach a 10.6 percent profit to sales ratio. Last year, the ratio stood at 5.5 percent. Along with improved profits, the company plans to lower its debt ratio to below 400 percent from last year’s 699 percent.

    To expand sales, Korea’s largest full-service carrier plans to expand routes connecting America and Asia through a joint venture inked with U.S. airline Delta Air Lines last year. The partnership enables the two companies to share revenue, costs, flights and sales networks with antitrust immunity on their trans-Pacific operations.

    The airline also plans to open up new flight routes headed to Europe and Southeast Asia, both growing as popular travel destinations.

    As for its cargo business, the airline plans to bolster its business with emerging markets like Vietnam, India and Central and South America.

    In the aerospace business, the company said it will develop new technologies to build parts for passenger aircraft and start mass producing unmanned aerial vehicles to secure future growth engines.

    This year, Korean Air proposed a target of 13.2 trillion won in revenue and 1 trillion won in operating profits.

  • Warm weather blamed for worsening Bossini International loss

    Warm weather blamed for worsening Bossini International loss

    An unseasonably warm winter and weak consumer sentiment in core markets has been blamed for a more than doubling of losses for Bossini International in the six months to December. The casual-fashion retailer reported a 10 per cent decline in group revenue to HK$875 million (US$111.5 million) and a 5 per cent drop in same-store sales for the period. Gross profit fell 11 per cent and the loss attributable to shareholders ballooned from $12 million in the same period a year earlier to $26 million (US$3.3 million).

    Operating profit in the key Hong Kong and Macau market, where Bossini has 39 stores, improved, despite a 5 per cent decline in same-store sales.

    In Singapore, sales plummeted 23 per cent due to store closures. Same-store sales there fell by 6 per cent, in Taiwan by 7 per cent and in Mainland China by 3 per cent. Group-wide same-store sales fell by 5 per cent, worse than the 2 per cent of the December 2017 half.

    As at the end of last year, Bossini International had a total net retail floor area for directly managed stores of 362,000sqft, about 4000sqft less than a year earlier, across 295 stores, (11 more than a year earlier). It opened 114 franchised stores in markets outside Hong Kong and Macau, taking the total franchised network to 768.

    Hong Kong challenge

    Bossini chairman Man Kuen Bess Tsin said the significant decline in retail sales growth in Hong Kong since July and the negative impact of the devaluation of the Renminbi had impacted on the company’s sales in its home market, which accounts for 66 per cent of group revenue.

    “The Hong Kong retail market presented a cautious optimism if not a mixed picture. Strong inbound tourism, especially from Mainland China, was recorded in Hong Kong. Nevertheless, the consumption per capita started to drop in the third quarter, despite the annually increasing numbers of tourist arrivals in Hong Kong.”

    The group’s total net retail floor area in Hong Kong and Macau reduced from 125,800sqft to 121,600sqft, a decrease of 3 per cent, while sales per square foot slipped 5 per cent to $7200 (from $7600). Operating profit in Hong Kong and Macau was $17 million, up from $12 million for an operating margin of 3 per cent (compared with 2 per cent a year earlier).

    Mainland China revenue decreased 2 per cent.

    Bossini Singapore posted an operating loss of 5 million, 20 per cent more than the comparable period and the operating margin was negative 9 per cent.

    Cautious outlook

    Tsin said Bossini International management is “cautiously optimistic” about the year ahead.

    “However, in face of the complex and volatile global economy and geopolitics, the outlook is full of uncertainties. As an open economy, Hong Kong is particularly vulnerable to the impact of the global situation. At the same time, the local economy and consumption structure are also gradually changing.

    Challenges and opportunities coexist. The group is fundamentally strong with a healthy financial position, which is capable of facing the potential challenges.”

    Tsin said the export franchising business is a main focus of the group.

    “We will further expand and optimise the distribution network, leveraging the economy of scale in market reach and profitability.”

    The company will focus on introducing more new products and designs, with a focus on functionality at the core of its product strategy. Alongside the young adult segment, the company will develop more childrenswear lines to broaden its customer base and it will strengthen supply chain management to improve operational efficiencies.

  • Rising active customer count gives Vipshop good impact

    Rising active customer count gives Vipshop good impact

    Chinese online discounter VIPShop is reaping the benefits of a 13 per cent increase in active customers last quarter to 32.4 million – well ahead of the 5 per cent full-year improvement. Its annual results released overnight showed net revenue soared 15.9 per cent last year to RMB84.5 billion (US$12.3 billion) and net income attributable to shareholders rose 9.2 per cent to RMB2.1 billion ($309.6 million). VIPShop says its Gross Merchandise Volume (GMV) for the full year rose 21 per cent to RMB131.0 billion.

    “We are pleased to have finished the fourth quarter of 2018 with solid operational results,” said chairman and CEO Eric Shen.

    “Going forward, we will continue to strengthen our core capabilities, aiming to bring highly desirable selections of products to our valued customers on a daily basis, which will drive our long-term growth and profitability.”

    CFO Donghao Yang said the fourth quarter saw “a healthy sequential recovery” of VIPShop’s bottom-line, which was mostly attributable to a focus on the highly profitable apparel category.

    “During this quarter, we began to shift some low-margin categories from our first-party business into the marketplace platform, reducing their drag on our bottom-line while still delivering a solid GMV growth of 15 per cent year over year. We remain focused on stabilising our margins, aiming to drive enhanced shareholder return in the long run.”

    During the fourth quarter of last year, VIPShop added about 86,000sqm of warehousing space, taking its capacity to 3 million sqm.

    For the first quarter of the new year, the company expects net revenue to grow by up to 5 per cent, to between RMB19.9 billion and RMB20.9 billion.

  • VinFast to test its first car for safety in Europe next month

    VinFast to test its first car for safety in Europe next month

    VinFast, Vietnam’s first indigenous car manufacturer, plans to test its first vehicle for safety parameters in Europe on March 6. According to company executives, the vehicle will be tested for international standards to ensure its highest safety. This announcement came after VinFast’s Hai Phong factory successfully manufactured the first body shell of the Lux A2.0, a sedan, Wednesday.

    Shaun William Calvert, deputy general director in charge of production, said the first body shell meets the highest quality requirements.

    VinFast, the car manufacturing unit of Vietnam’s largest private conglomerate Vingroup, showed off its first two car models, a sedan and an SUV, at the Paris Motor Show in France last October just a year after the company’s incorporation, grabbing the attention of the local and international media.

    VinFast’s first cars are expected to hit the road in August 2019.

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  • Smartwatch market set for a shakeup: Juniper Research

    Smartwatch market set for a shakeup: Juniper Research

    Big brands are set to lose share in a major shakeup of the smartwatch market. According to Juniper Research, the largest brands in the category now will see their market share fall by 2023 as new niche players gain ground. Four leading brands including Apple, Samsung, Fitbit, and Fossil will see sales decline from an estimated 58 per cent of the market last year to 47 per cent by 2023. The decline is due to the growth of smaller players such as Garmin, Huami and Huawei.

    Smaller players will thrive thanks to strategies tailored for niche markets, their choice of cases or price points, while other brands are releasing premium smartwatches combining the best of fitness, outdoor activity and health features. While Apple will remain the largest single vendor in terms of shipments over the next four years, Huawei will enjoy the fastest growth, at a CAGR of 20 per cent.

    An intensified focus on healthcare integration will also contribute to an increase in smartwatch shipments over the next few years. Juniper forecasts that Apple and Withings will lead this section, followed by Fitbit and Garmin.

    China to become the biggest market

    The rise of smaller players is linked to the rapid expansion of the Chinese market offering lower-priced smartwatches. The Far East and China have now overtaken North America as the largest geographical market, with more than 24 million smartwatches shipped last year, compared to 19.5 million in North America.

    The gap between these two markets will widen by 2023, with the Far East and China trebling its shipments by then.

    Slower hybrid market

    The adoption of hybrid smartwatches will be slower than expected. Last year, hybrid smartwatches represented about 22 per cent of all smartwatch sales. The slower growth is linked to smaller players focusing on digital smartwatches offering more possibilities in terms of apps, connectivity and sensors than hybrid watches, which remain limited in their functionality.

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  • CU convenience stores parent records sales leap

    CU convenience stores parent records sales leap

    The operator of South Korea’s CU convenience stores, BGF Retail, has achieved KRW189.5 billion (US$168.9 million) in operating profit last year, a leap of more than 600 per cent over last year. The company said on Tuesday its sales had risen by 515.3 per cent to KRW5.77 trillion ($5.14 billion). The results confirmed market predictions of a major upswing for the firm following demerging into separate holding and operating entities in November 2017.

    However, despite the improved trading figures, net profit dropped 98.1 per cent to KRW47.2 billion ($42.06 million). A statement by the firm explained that profits from some business activities made after the demerger had been attributed to the previous year’s statements.

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  • Under Armour Thailand predicts sales growth

    Under Armour Thailand predicts sales growth

    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.

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