Reebok India: 210+ stores, 40-50 added yearly

What changed for Reebok after the India rights deal

Reebok’s India business has expanded sharply since Aditya Birla Group, through Aditya Birla Lifestyle Brands Limited (ABLBL), acquired the brand’s rights three years ago. Company officials said Reebok’s sales across athletic footwear, clothing, and equipment have surged more than twofold over this period. The brand’s retail footprint has also scaled up to more than 210 locations. Management framed this as a mix of stronger store productivity and a larger network.

The message from the latest management commentary was clear. Reebok is being positioned as a core growth driver within ABLBL’s emerging brands portfolio. The company sees “considerable potential” for Reebok across India, with market opportunities that are still “largely unexplored”.

Q4 FY26: Reebok growth stands out in the quarter

In the quarter ending March (Q4 FY26), management said Reebok delivered about 30% growth. The drivers cited were higher same-store sales and continued store additions. Kumar, responding to an investor query on an earnings call, said the company currently operates around 210 stores for Reebok. He added that the growth potential is “much greater,” indicating the brand is still in an expansion phase rather than a maturity cycle.

This performance came alongside a broader solid quarter for ABLBL. Consolidated Q4 FY26 revenue rose 12% year-on-year to ₹2,174 crore. Management also reported profitability growth, with EBITDA up 14% year-on-year and normalized profit after tax up 58% year-on-year.

Store rollout plan: 40-50 Reebok stores a year

ABLBL’s near-term plan is to keep expanding Reebok’s retail network at scale. Management said the company aims to open 40 to 50 additional Reebok stores each year in the coming years. Kumar said the company would persist with network expansion for the next few years, unless it exceeds that target.

The rollout plan matters because it signals the brand is being built for wider access and distribution, not just premium metro concentration. Management also noted a “strong pipeline of upcoming stores,” implying that store additions are already in execution rather than at a proposal stage.

What is driving growth: like-for-like gains and new products

Management attributed Reebok’s momentum to two levers working together. First is double-digit like-for-like growth, which indicates improving productivity in existing stores. Second is “introduction of new products,” which the company said is further supporting the growth trend.

ABLBL also guided that like-to-like growth across the business is expected to be around 7%, while it expects sustained double-digit growth overall. For Reebok specifically, management said both like-for-like and expansion-led growth should continue “for the foreseeable future,” based on current trends and rollout plans.

How Reebok fits into ABLBL’s FY26 performance

ABLBL finished FY26 with full-year revenue of ₹8,396 crore, up 7% year-on-year. In Q4 FY26, the Lifestyle Brands segment grew 11% year-on-year, and the company reported full-year Lifestyle Brands revenue of ₹7,154 crore.

Reebok’s growth is discussed as part of the emerging brands engine, alongside labels like American Eagle and Van Heusen innerwear. In Q3 FY26, management said the emerging brands portfolio comprising Reebok, Van Heusen innerwear, and American Eagle spanned over 375 stores, with 20-plus store additions during the quarter.

Network context: Reebok within a much larger retail footprint

ABLBL’s overall store network is significantly larger than Reebok’s footprint. In Q3 FY26, the company said its store network expanded by over 90 stores during the quarter to reach 3,300-plus stores across 785-plus cities. It also indicated plans to add 120-plus more stores next year.

That broader context is important for Reebok because the parent organisation already has operating systems for store launches, supply, and multi-brand retail execution. Management commentary also repeatedly linked growth to multi-channel performance and distribution expansion, suggesting that Reebok’s strategy is not limited to just new store openings.

Capital allocation: capex guidance tied to expansion and upgrades

ABLBL’s growth plans come with defined capex guidance. Management projected FY27 capex of ₹250-300 crore for retail expansion and upgrades. Separately, the company had earlier guided FY26 capex of ₹320-330 crore, with 80% allocated to Lifestyle Brands for expansion and renovations.

For investors, this signals that store additions and store upgrades are being funded as a planned strategy rather than an opportunistic push. It also indicates that near-term cash deployment priorities are closely linked to retail execution.

Key numbers at a glance

Why the expansion matters for the sportswear market

Reebok’s store-led expansion plan, backed by management guidance of sustained double-digit growth, highlights how large brands are still building physical reach in India’s sportswear category. The company’s commentary suggests it sees meaningful whitespace beyond its current 210-plus stores, even after more than doubling sales since the acquisition.

The near-term execution metrics to watch, based on the company’s own narrative, are straightforward: the pace of store launches (40-50 per year), the durability of like-for-like growth, and how effectively new product introductions keep supporting demand. With FY27 capex earmarked for expansion and upgrades, ABLBL is signalling that the Reebok growth plan is central to its operating agenda.

Conclusion

Reebok’s India business under ABLBL has scaled to 210-plus stores and more than doubled in sales over three years, with Q4 FY26 growth reported at about 30%. Management plans to add 40-50 stores a year for the next few years and expects continued momentum from like-for-like growth and new products. Investors will likely track store rollout progress and capex execution, especially as FY27 capex is guided at ₹250-300 crore for retail expansion and upgrades.