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“When I think about India in particular, it’s been our fastest growing market, and I believe it has the most long-term potential than any market in the world. India is the third-largest market for the brand apart from America (US) and Turkey,” said J. Michael Prince, president and chief executive officer (CEO) of United States Polo Association (USPA Global).
Also Read | India now fastest growing market for US Polo Assn
U.S Polo Assn. is the official brand of the United States Polo Association, the governing body for polo in the US since 1890.
The brand entered India in 2007 via a licensing agreement with Arvind Ltd. U.S Polo sells casual clothing and footwear for men, women and kids, such as its signature polo T-shirts with apparel priced between ₹799 and ₹4,999.
The retailer operates over 430 stores across India. It is the largest brand in terms of sales and number of stores within Arvind Fashion Ltd’s portfolio. Globally, the brand retails via 1,100 stores.
Also Read | Arvind Fashions expands U.S. Polo Assn presence in Bengaluru
“During covid, U.S Polo Association numbers that came close to ₹1,000 crore were impacted, but now we are crossing ₹2,000 crore; in the last three-and-a-half years, we have doubled the business of the brand in India. We are now imagining when we will hit ₹3,000 crore. Our guidance has been to grow at 12% to 15% per annum, and we are seeing extremely strong momentum on the brand,” said Shailesh Chaturvedi, managing director and CEO of Arvind Fashions.
Brands and stores
BSE-listed Arvind Fashions sells its five brands across 9,000 single and multi-brand stores in India. Its portfolio includes Tommy Hilfiger, Clavin Klein, Arrow, U.S Polo, and Flying Machine. In fiscal 2024, the company reported sales of ₹4,259 crore.
This management commentary comes amid continued weak demand for clothing and footwear. Due to high inflation, middle-class consumers are prioritizing value, while affluent shoppers are shifting spending to travel and luxury items.
Also Read | Many of our brands have crossed pre-covid Aug ’19 numbers: Arvind Fashions CEO
However, Chaturvedi said the broader trend of consumers switching to more casual clothing and buying more premium apparel and footwear bodes well for the retailer.
Arvind Fashions has maintained its forecast of opening 150 stores annually.
“A lot of those 150 stores would come from U.S Polo. We are looking at a very large development of adjacent categories like women, kids, footwear, etc. U.S Polo will continue to grow its store footprint across India,” he said.
In the last 12 months, the company has opened 15 large-format stores for the brand. Chaturvedi said the brand will continue investing in marketing and launch more premium collections to appeal to younger consumers.
India’s lifestyle market—covering apparel, beauty, accessories, and footwear—is projected to reach $210 billion by 2028, according to a 2024 report by Bain & Co. and Myntra. While the broader retail sector is experiencing a slowdown, premium fashion and beauty demand remains resilient.
Meanwhile, Prince said India could be a potential export market for the American brand. Currently, 85% of what is sold in the domestic market is manufactured locally. Exports out of India are negligible, Prince said.
Sourcing needs
“I think we could do much more from a global perspective. They (Arvind Fashions) do an amazing job of producing in the country. We are very diversified from a sourcing base point of view, be it East Europe, China, Vietnam, and Bangladesh. One thing we’re looking at from a sourcing perspective is, could we do more in India that gets exported to other countries over time,” Prince said. “It’s a conversation worth having and looking at not just in apparel but footwear as well,” he added.
Prince highlighted kids’ wear and footwear as key growth areas in India and globally. While domestic footwear retailers face inventory challenges due to the new BIS certification requirements, Chaturvedi expects inventory levels to normalize within two quarters. U.S Polo footwear already generates over ₹300 crore in revenue.
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