BENGALURU, Aug 21 (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 ( NKE ), 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)