Under Armour clocks ₹500 crore revenues in FY25 in India

Underdog Athletics is the exclusive India distributor and licensee of the bran Under Armour
| Photo Credit:
Takashi Aoyama

Underdog Athletics, India distributor and licensee of Under Armour, aims to triple the brand’s sales over the next 5-6 years. Under Armour clocked revenues of about ₹500 crore in FY25, garnering a growth of over 25 per cent in the country.

Tushar Goculdas, Managing Director, Underdog Athletics, the exclusive India distributor and licensee of the brand, told businessline: “Under Armour has been growing rapidly in India in the last few years. In FY25, the brand grew by over 25 per cent. The brand clocked revenues in retail sales terms of ₹500 crore, which is a significant milestone. The premium athletic performance segment is fairly focused and niche in India. The way we operate the business, which is very stable and is not price- or discounts-driven, I think we should be able to sustain our growth momentum in FY26.”

He pointed out that the segment has been clocking a faster growth rate of 16-17 per cent post 2020. “Given the growth rates, we expect the industry should be doubling in five years. We expect to gain market share and triple revenues in the next 5-6 years,” he added.

In 2019, Goculdas set up the Under Armour business and launched the brand in India. He founded Underdog Athletics in 2021, taking over as Under Armour’s exclusive distributor and licensee to continue growing the brand. The premium American brand is known for its athletic performance apparel, footwear, and accessories. Currently, it is sold through the online channel as well as across 49 branded stores.

Talking about expansion of retail footprint, Goculdas said, “We have been focusing on adding 8-10 stores per year. This year we are on track to achieve this and working on opening the 50th milestone store. We are focusing on setting up branded stores in premium real estate developments, in line with the global strategy.”

In India, the brand is endorsed by Olympic gold medalist Neeraj Chopra. On Friday, the brand announced that new athletes including Jay Shah, Jyotika Dutta, Rishika Khajuria, and Tejaswin Shankar have joined the Under Armour squad.

Published on July 11, 2025