BENGALURU (Reuters) – French sporting goods retailer Decathlon said on Wednesday that it will invest 100 million euros ($111 million) in India over the next five years to expand its store count and manufacturing in what is one of its key markets.

The retailer, which entered India in 2009, sells a host of sports accessories ranging from footballs and yoga mats to bicycles and exercise equipment, cashing in on the growing interest in fitness and an active lifestyle.

Decathlon competes with Nike, Adidas, Puma and local brands in India’s sports goods market, which, according to industry estimates, is expected to grow 69% to $6.6 billion from 2020 to 2027.

Decathlon, known for its cavernous stores that often have a playing field attached, said it plans to increase its network to 190 stores, from the 110 stores currently. It has 1,700 stores globally.

The company makes cricket bats, most of its hockey gear as well as other products in India. Currently, 68% of its India sales are locally-made products and the company aims to boost this figure to 85% by 2026.

Decathlon is expecting to double its business in the country in the next three to five years, Decathlon India CEO Sankar Chatterjee said, according to local media reports.

Earlier this year, Decathlon said India is a priority market and expects it to be among its top five markets globally within five years.

The company’s sales in India jumped 37% to 39.55 billion rupees ($471 million) in the year ended March 2023, outpacing the 1.14% sales rise at the group level, Economic Times had reported.

Decathlon’s expansion plans come as billionaire Mukesh Ambani’s oil-to-telecom conglomerate Reliance group is looking to launch a sports format store to compete with Decathlon. ($1 = 0.8994 euros) ($1 = 83.8920 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D’Souza)