TechnoSport plans to capture 10% of Indian activewear market in coming five years | Maqvi News

Bengaluru-headquartered apparel manufacturing business TechnoSport aims to capture 10% of the Indian activewear market in the coming five years. The business also aims to reach Rs 1,000 crore in revenue in the same time period and explore international expansion. 

Over the past three years, TechnoSport has maintained an average growth rate of between 30% and 40%, it announced in a press release. The business sold a total of 12 million individual garments in the 2023 financial year and expects this figure to rise to 15 million in the 2024 financial year, which concludes at the end of the month. 
 
The business recently opened an activewear manufacturing facility in Erode in the state of Tamil Nadu. The business plans to make the manufacturing unit one of the largest facilities in South Asia and aims to run it as an environmentally responsible venture. The facility is also designed to focus on research and development and innovation, according to the business. 

TechnoSport also signed a memorandum of understanding with the government of Tamil Nadu to commit to both job creation and economic growth in the state. The business expects its latest facility, in which it is investing Rs 150 crore, to create 5,000 new jobs in the state in the coming five years. 
 
The business forayed into e-commerce last year. Along with continuing to expand online, the business is looking to international markets for growth including South Africa, Singapore, and the Middle East. TechnoSport is gearing up to open exclusive brand outlets and franchise operations in the near future, which it also expects to contribute to achieving its revenue targets.