Under Armour Inc. has tapped Myntra Jabong India Pvt. Ltd. to manage its physical stores in India, The Times of India reported May 21, citing two people aware of the matter, who also said discussions between the two companies are in an advanced stage.
One of the sources told the newspaper that the talks could result in a formal deal "in a couple of months."
The report comes as Myntra, a fashion e-commerce company, opened a 3,200-square-foot store in Bangalore in the Indian state of Karnataka, which is smaller than its flagship Roadster store that was closed in early 2019, the report said.
Under Armour opened its first store in India, located in the country's capital territory Delhi, in March. This comes two years after the Baltimore-based company entered India through an exclusive retail channel partnership with Amazon.com Inc.'s Indian marketplace.
TOI said a contract with the U.S. sports and lifestyle apparel giant would be a significant boost to Myntra's omnichannel strategy. Myntra reportedly manages the brick-and-mortar outlets of Hong Kong's Esprit Holdings Ltd. and Punto Fa SL, which does business as Mango, in the country.
Sources told the newspaper that Myntra is focusing on managing stores in high-footfall shopping malls that target young shoppers, instead of high-street locations, which have higher rents.
A Myntra spokesperson declined to comment on the reported partnership but told the news outlet that it is "deeply satisfying for us that the brands are also seeing us as an unparalleled and unique channel for their growth and also to strengthen their positioning in India."
Meanwhile, a spokesperson for Under Armour reportedly said the company does not comment on speculation.
Myntra is a unit of Flipkart Online Services Pvt. Ltd., which is majority-owned by U.S. retail giant Walmart Inc.