Triple Pte Ltd, which holds the exclusive distribution rights for the Under Armour brand across Asia, is set to increase sales in Thailand by 20% this year, besting a sporting goods market expected to grow 5-7% this year.
"Under Armour is a relatively new brand in Thailand, and it has huge potential to spread its wings here," Michael Binger, the company's chief executive, said during a visit to Thailand last week.
The company plans to launch various activities in the market this year, focusing on expanding athletic shoe sales after building a strong foothold in the apparel business the past three-and-a-half years.
"We want to grow our footwear business at a faster pace than in the past and expect footwear sales to increase to 35% of total sales by 2020, up from 25% last year," Mr Binger said.
Moreover, Triple Pte plans to expand in the upcountry market. It will open a shop-in-shop format at The Mall Nakhon Ratchasima this year to test the brand's market response in the Northeast.
Under Armour also wants to open a shop in Chiang Mai because it is a tourist destination, with a lot of universities and growing e-commerce.
Another branch will be opened in suburban Bangkok, Mr Binger said.
The company plans to launch five Under Armour HOVR collections to the market this year.
In addition to new footwear, Triple Pte wants to offer a wider range of Under Armour products this year, including sleepwear.
"We see huge potential in the sporting goods business in Thailand, and we feel confident in our capability to propel Under Armour to success here because we are an alternative brand for people looking for innovative performance shoes," Mr Binger said.
The American sportswear brand arrived in July 2015, with Thailand the second fastest-growing market in Southeast Asia after Singapore.
The sporting goods market in Asean is estimated at US$2 billion (63 billion baht). In Thailand the market is roughly 30 billion baht, with Nike and Adidas the major players.
Mr Binger expects sporting goods sales in Thailand to grow by 5-7% this year, with tourism a key driver.
The expansion of luxury and fashion brands to athletic shoes also helps propel growing demand in the Thai market, he said.