NEW DELHI — Quiksilver Holdings has signed a 25-year agreement with Reliance Brands Ltd. to bring its products to India, Sri Lanka, Nepal and Bangladesh.
This story first appeared in the January 13, 2011 issue of WWD. Subscribe Today.
Quiksilver, which manufactures surfwear and other board-sports-related equipment, is available in 90 countries. Roxy, another of its brands, is also being brought to India. “The company plans to open six exclusive Quiksilver stores across Gurgaon, Pune, Hyderabad and Chandigarh this year,” said Darshan Mehta, president and chief executive officer of Reliance Brands.
Reliance launched several brands in the Indian market in 2010, including Diesel, Timberland and Paul & Shark. The company is a part of Reliance India Ltd., which had an annual turnover of $45.09 billion and profit of $3.6 billion in the fiscal year ended in March.
According to a report by market research company RNCOS, the Indian active apparel market is expected to grow at a compound annual growth rate of around 45 percent between 2010 and 2012. The report describes India as “one of the most attractive destinations for both domestic and international sportswear players to cash in on the highly lucrative market.”
Other big players in the sportswear market include Nike, Adidas and Reebok.