JSW Sports – the sporting arm of the JSW Group – has announced that it will be entering the $500 million Indian sports apparel market, through its own line of active-wear that will go by the name ‘JSW Inspire’.
As per the company, over the last decade the active-wear market in India has grown multi-fold, with its valuation estimated at Rs 466.9 billion in 2018 and estimated to reach Rs 997.8 billion by 2024. During the 2019-2024 period, the market has expanded at a compound annual growth rate of approximately 13.59%.
“Venturing into the sports apparel and active-wear space is a move we have long considered, and we are now ready to take the first step in that direction with JSW Inspire. I firmly believe that an Indian brand is capable of delivering high-quality active wear. The JSW Group has been pioneering the development of sport in the country over the last decade, and we have a very strong understanding of the space,” said Parth Jindal, Managing Director of JSW Cement and JSW Paints.
“Our involvement in Indian sport has evolved through our various teams, franchises, athletes and high-performance centres. Our wider footprint across Indian sport makes this a perfect opportunity for vertical expansion,” Jindal added.
With India's internet user base expected to cross 900 million by 2025, as per a joint report by MMA India and GroupM, JSW Inspire’s initial presence will look to tap into the efficacy of e-commerce with its retail strategy initially focusing on online sales.