Recent data from the Registrar of Companies in India reveals remarkable progress among five major sportswear brands—Puma, Decathlon, Adidas, Skechers, and Asics. These brands collectively saw a surge in revenue, rising from Rs. 5,022 crore in FY ’21 to a notable Rs. 11,617 crore in FY ’23, marking an increase of 35-60 percent year on year.
The sales data indicates a substantial increase in demand for sportswear and related products over the past two years, fueled by a growing fitness consciousness and heightened interest in athleisure attire among consumers. This surge has propelled sportswear companies to more than double their business in India.
Shreya Sachdev, Head of Marketing at Puma India, highlights the growing inclination towards technical and performance-oriented footwear, especially in categories like running. Additionally, there’s been a notable rise in searches for walking shoes, particularly among individuals over 45 years old.
According to Abhishek Ganguly, former managing director of Puma India and founder of Agilitas Sports, the trend of casual and sneaker styles, which gained popularity post-pandemic, continues to prevail. Despite the expectation of a return to formal attire, people are choosing casual wear, even at work, indicating a shift in fashion preferences.
India, known traditionally as a cricket-loving nation, is experiencing a diversification of interests in sports and activities, as mentioned by Ganguly. The nation’s vast population of 1.4 billion presents a thriving market for sportswear, attracting global corporations to advertise their products through sporting events and beyond.
Yasuhito Hirota, CEO of Asics Corp., acknowledges the evolving consumer landscape and foresees significant potential in various regions across India for sports-related demands. Asics plans to expand its footprint by establishing 50 new stores in India by 2025, tapping into this burgeoning market.
