Puma has maintained its position as India’s leading sports and apparel brand, reporting a 10 per cent increase in sales last year, resulting in a revenue of Rs. 3,274 crore. This growth comes despite a slowdown in demand and top management changes within the company.
Puma’s revenue significantly outpaced competitors such as Adidas, Nike, Reebok, Skechers, Zara, and H&M for the fiscal year ending in December, according to filings with the Registrar of Companies.
Puma is shifting its focus towards being a sports and performance-first brand, rather than just lifestyle and athleisure. “We aim to lead with performance to strengthen our credibility in the sports sector, which will also support our presence in the athleisure market,” said Karthik Balagopalan, Managing Director of Puma India. About a quarter of Puma’s sales come from sports performance products, a figure that could rise to one-third in the future.
The company recently partnered with the Athletics Federation of India as the official kit partner, providing over 400 athletes with footwear, apparel, and accessories. Puma also teamed up with the Indian Olympic Association as the official footwear partner, supplying athletes with podium and travel footwear for the Olympics.
India remains one of the fastest-growing and largest international markets for Puma Group, ranking among the top three globally.
Last year, Puma’s former managing director, Abhishek Ganguly, along with other top executives, left to start their own sports firm. Balagopalan took over during a time when growth in lifestyle and apparel segments had slowed. “While demand has been muted, the overall growth rate in the health and fitness category remains strong. We expect a recovery by the festive season,” Balagopalan added.
