India is the top market in terms of growth rate in APAC for Lacoste

Meyer added that the buying power of the Indian consumer is on the rise in India, thus also pushing up disposable incomes, and expects it to grow much further

India is the top market in the Asia Pacific (APAC) region for Lacoste in terms of growth rate, and the crocodile brand expects to continue experiencing strong growth moving forward.

“Lacoste India stands at the top of the list of markets in the APAC region in terms of growth rate. While we are already quite developed in this market, we see further growth potential as the Indian economy continues to grow, thus aiding our expansion,” said Marcus Meyer, chief executive officer, APAC, Lacoste, in an interview with Business Standard.

He did not provide specific details about the rate at which the brand is growing in the country.

Meyer also noted that the buying power of the Indian consumer is on the rise, which is increasing disposable incomes, and he expects this trend to continue.

He said, “When we look at the forecasts from institutions like Anarock and the Retailers Association of India, they have estimated the Indian retail market to have a growth potential from $690 billion in 2022 to approximately $2.3 trillion by 2032.”

Explaining further, he said that even if the Indian retail market reaches $1.6 trillion, it still offers tremendous growth opportunities to be a big part of the growth potential.

Lacoste, known for its polo neck shirts, entered the Indian market three decades ago through Sports & Leisure Apparel. Currently, Lacoste has 42 exclusive stores in the country and also maintains an online presence.

The brand is currently present in 17 cities across the country, primarily in metros, mini-metros, and Tier-I cities. Meyer expects to further expand its presence to include 28-29 cities, although he did not provide a specific timeline for this expansion.

He also said that Lacoste’s presence in other product categories in India, including footwear, leather goods, kids wear, accessories, and eyewear, is relatively small.

“There is a lot more that we can offer to our consumers than what we could in the past. Our goal is to strengthen and further develop our offerings in these categories, which are still relatively small at the moment,” he added.

Regarding increased competition in the Indian market, Meyer acknowledged that the domestic market has seen heightened competition over the past four to five years. However, this does not deter the brand from maintaining a positive outlook on its growth prospects in the country.