Asics eyes 35% annual growth in India, aims to lead running shoe market

By Satviki Sanjay

 

Japanese shoemaker Asics Corp. expects its India business to grow as much as 35 per cent annually for the next five years as it gains favour with marathoners and recreational runners pursuing healthier lifestyles in the world’s most populous country. 

The Kobe, Japan-based manufacturer of sports shoes and athleisure wear is seeking to become the top seller of running shoes in India by 2029, Rajat Khurana, managing director at Asics India Pvt., said in an interview.  

 

“I aim to be number one” in premium athletic footwear in the next three years, Khurana said, adding the company is currently the third-largest player in India’s high-end running segment. That would mean leapfrogging over entrenched international giants including Nike Inc. and Adidas AG in a fast-growing market where competition is heating up.

 

Recreational running is booming across the South Asian nation, driven by an increased focus on fitness in India’s growing ranks of affluent consumers. The market for running apparel and equipment is expected to grow 7.7 per cent annually between 2025 and 2033 to $4.8 billion, according to market research firm IMARC Group. 

 

Boutique run clubs as well as mega events like the Tata Mumbai Marathon in January — which hosted a record 69,000 runners — are a sign of the sport’s growing popularity. The Japanese firm’s shoes had the largest market share at the Mumbai race in 2025, it said in a November presentation, with nearly one-third of the racers sporting its stylized letter “a” logo. 

Buyers in India are increasingly willing to spend more on high-quality performance sports shoes, creating a more lucrative opportunity for global athletic gear firms. Asics typically sells products priced between 3,999 rupees ($44) to as much as 29,999 rupees, a range broadly similar to rival global brands. Demand for its top-end Onitsuka Tiger sportswear label accounts for about 15 per cent of total revenue. 

 

But the fight for the top India spot in running shoes will not come easy. Bigger peers like Puma SE are also betting on recreational running to drive growth and Nike is expanding its local visibility through marketing activities like the Nike After Dark Tour — a women-only race that saw 3,000 participants in Mumbai in 2025.

 

India is among Asics’ fastest-expanding markets globally, although its largest markets are Europe and North America, which together make up nearly half of its total sales worldwide. 

 

Asics has yet to report full-year earnings for 2025, but has forecast a nearly 30 per cent gain in its Indian sales to about 12 billion yen ($76 million).

 

The company has 138 stores in India and plans to add as many as 20 more outlets this year — both on its own and through franchise partners. Khurana said Asics India’s same-store sales, a key metric tracked by the industry, grew 15 per cent last year.  

 

The shoemaker manufactures about 30 per cent of its shoes locally and plans to increase Indian production to 40 per cent of its sales within the next three years, he said.

 

The firm has earmarked 6 per cent of its annual sales for promotions that include sponsoring major marathons and managing smaller running clubs across India.