Kolkata, Aug 28 (IANS) The $1.5 billion US-based New Balance Athletic Shoe Inc Monday said it would start manufacturing in India to cater to the company's needs in the country.
'The India sourcing is expected to start by the end of 2006,' New Balance India director (sales and marketing) B.D. Nathani said, here.
The company also makes shoes for Nike and Reebok.
Presently, New Balance manufactures shoes at its own factories in the US and Britain and through sub-contracted facilities in China and Vietnam. Only 25 percent of its overall production is in the US.
'Before starting domestic production, we need to have a pan-India presence. We are already into the northern and western markets in the country and now we are planning to rope in the east and north-eastern region,' Nathani said.
In May 2006, the company tied up with Royal Sporting House to market and distribute its products in India.
'India is one of the most important markets for us. We are focusing on India as we feel it would emerge as the biggest retail destination in the coming 10 years,' Nathani said.
New Balance - which is targeting a turnover of over Rs.600 million over the next three years from Indian markets - has plans to open over 50 exclusive outlets by 2008.