Underdog Athletics, the sole distributor and licensee for the US-based athletic performance apparel and footwear brand Under Armour in India, intends to open eight to ten stores annually, targeting a potential three-fold increase in retail revenue, according to reports.

The company aims for retail revenue of approximately Rs 1,500 crore over the next five years, according to its Managing Director, Tushar Goculdas.

The brand, which recently launched its latest format brand house store at Ambience Mall in Gurugram last week, plans to expand into five to ten new cities in India while reinforcing its presence in major cities where it is already established, Goculdas says.

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"Over the last three years, we have experienced stable growth of around 25 percent. This year, we also anticipate growth in the vicinity of 25 percent. In FY25, we achieved retail value revenue—the actual value of products purchased by consumers—of Rs 500 crore," he stated when inquired about the brand's growth since Underdog Athletics became the exclusive distributor and licensee for Under Armour in India in 2021.

Goculdas remarked, "Moving forward, we will continue to grow in the range of over 20 percent. Looking at a five-year horizon, this could potentially lead us to a revenue increase of two-and-a-half to three times during that period."

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When questioned about store expansion, he noted, "We currently have 49 stores, and our initial plan has always been to open eight to ten stores each year. We are adhering to that plan this year.

"We have set a target of eight to ten stores, and we hope to achieve that. It is not a strict target for any specific year, but rather a long-term average that we aspire to meet. We do not intend to expand aggressively into new cities, although there are several additional locations where we see growth potential within a three-year timeframe, there are five to ten cities where we can establish a presence," adds Tushar.