Thailand fourth regional market for Under Armour

Thailand fourth regional market for Under Armour

Under Armour Inc, a Maryland-based brand of sports performance shoes worn by celebrities such as Barack Obama and Jennifer Lopez, will debut in Bangkok next month.

The new shoe and apparel brand will be operated under a joint venture called UA Sports (Thailand).

Singapore's Triple Pte, which holds the Southeast Asian distribution rights for Under Armour products, and Sports Revolution Co, a Thai sporting goods retailer, each own half of the joint venture.

Triple chief executive Michael Binger said his company would spend 10 million baht to open its first Under Armour shop covering 200 square metres of space in Siam Center next month.

Binger: Sports shoes a growth market

Two more branches are planned for later this year.

Under Armour claims it has the second-largest sports shoe market share for an American-owned brand in the US market, after Nike.

It makes shoes for running, training, basketball, golf and football.

The company expects Thai sales will reach 75 million baht this year, rising to 800 million when the number of Under Armour stores in Thailand climbs to eight in 2018.

"Triple and our partners have 40 years of experience with fashion apparel in Asean, but we chose to expand in the sporting goods market because sporting shoes are growing faster than the overall fashion market, which is extremely competitive," Mr Binger said.

Under Armour has expanded its business internationally since last year.

Thailand will be its fourth market in Asean after Singapore, the Philippines and Malaysia, with 10 stores in the region.

Apart from Thailand, UA Sports plans to open one more shop in Singapore this year, another in Malaysia and two more in the Philippines next year.

The company expects to have 35-38 branches by 2018, with eight in Thailand.

"We want the Under Armour brand to be recognised as a high-performance shoe in Thailand over the next five years," Mr Binger said.

Last year, global sales totalled US$3 billion, with 12% coming from the international market.

Annual sales are projected to reach $10 billion by 2020, with 30% from the international market.

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