According to the Registrar of Companies (India), five sportswear brands – Puma, Decathlon, Adidas, Skechers, and Asics – have all increased 35-60 per cent year on year since FY ’21, with total revenues of Rs. 11,617 crore in FY ’23.
It’s worth noting here that these brands collectively generated a total revenue of Rs. 5,022 crore in FY ‘21.
The data further shows that the sales of all products have surged in the last two years, both during and after the COVID outbreak. Because of expanding fitness awareness and increased demand for athleisure attire, sportswear firms have more than doubled their business in India.
Shreya Sachdev, Head of Marketing at Puma, India says, “People of all ages are opting for technical and performance footwear as the emphasis on health and fitness grows. Running is one of our fastest growing categories, and searches for walking shoes have increased significantly among those over 45.”
Companies claimed they profited from the popularity of more casual styles in the aftermath of the pandemic, a trend that has since faded, but customers are still more health-conscious than ever.
Abhishek Ganguly, former managing director of Puma India and founder of Agilitas Sports added, “There is a noticeable tendency toward casuals and sneakers, which is not limited to sports or leisure activities. Contrary to the former idea that following Covid, formal clothes would be back in popularity, we observe people wearing casual attire even at work. India is no longer solely a cricketing nation as consumers grow more active in other hobbies.”
With a population of 1.4 billion people, India is one of the world’s largest and fastest-growing footwear markets. Most international corporations have been present in India for more than two decades and have grown by advertising their products through cricket and other sporting events.
Yasuhito Hirota, CEO of Asics Corp. states, “With the changing consumer landscape, we see a huge potential with new and emerging demand for sports across different regions in India, adding that the company plans to build 50 new stores in the nation by 2025.”
