French sporting goods retailer Decathlon has announced plans to invest €100 million (£85.8 million) in India over the next five years as part of an ambitious expansion strategy in one of its key markets.

The investment will see Decathlon increase its store count from 110 to 190 across more than 90 Indian cities, as well as bolster its manufacturing operations in the country. Decathlon India chief executive officer Sankar Chatterjee expects the company's business to double in the next three to five years.

Currently, 68 per cent of Decathlon's products sold in India are manufactured locally. The company aims to increase this to 85 per cent by 2026, underlining its commitment to the 'Make in India' initiative. Decathlon already produces cricket bats and most of its hockey gear in India, alongside other products.

The expansion comes as India's sports goods market is projected to grow 69 per cent to $6.6 billion between 2020 and 2027, according to industry estimates. Decathlon, known for its large-format stores often featuring attached playing fields, competes with global brands like Nike, Adidas, and Puma, as well as local players in this burgeoning market.

Steve Dykes, Decathlon's global chief retail and countries officer, emphasised India's growing importance to the company. Earlier this year, Decathlon stated that it expects India to be among its top five markets globally within five years.

The French retailer's bullish outlook on India is reflected in its recent financial performance. Decathlon's sales in India surged 37 per cent to 39.55 billion rupees (£375 million) in the year ended March 2023, outpacing the group's overall sales growth of 1.14 per cent.

As Decathlon expands its footprint, it may face new competition. Billionaire Mukesh Ambani's Reliance group is reportedly planning to launch a sports format store to rival Decathlon in the Indian market.

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