The well known international fitness chain Gold’s Gym is all geared up to open 25 more gyms in India. These gyms are to be opened at an investment of around Rs 70 crore, this year. At present, the US-based company operates 50 gyms across 28 cities in the country and it will add another 25 in 17 cities this fiscal year, said the Gold’s Gym Chief Operating Officer, Istayak Ansari.
Speaking to PTI , Ansari said “The sports and fitness industry in India has not been tapped to its full potential. Therefore, there is huge scope for growth. We will be setting up 25 more gyms in this fiscal at an investment of around Rs 70 crore.”
He further added “The fitness market in India is worth around $400 million, despite the penetration being less than 0.1 percent compared to the US and other developed countries where the penetration is around 12 percent.”
“India is now becoming more and more health conscious and our aim is to grow faster here. Therefore, we have decided not only to expand our business in Tier I cities but also penetrate in the Tier II and III cities where the potential for growth is huge,” said Ansari. The company operates over 700 gyms of which 580 are in the US and its presence in India has been growing fast.
“Today we are not just the fastest growing international gym chain in India but also in the Asia-Pacific region. We achieved a double-digit growth in the country last year and will continue the performance in this financial year too. We expect a 40 percent growth in revenues from our Indian operations in financial year 2012,” added Ansari.
Source: http://www.thehindubusinessline.com
