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Sports brands have doubled their business in the last two years in the country, which is the period during and after the pandemic, The Economic Times (ET) reported. This is primarily due to the increased awareness about fitness and a growing demand for athleisure wear.
Puma, Decathlon, Adidas, Skechers, and Asics have registered growth in the 35 to 60 per cent year-on-year (Y-o-Y) since the financial year 2020-21 (FY21). These companies posted a combined revenue of Rs 11,617 crore in FY23, the ET report said, citing data from regulatory filings from the Registrar of Companies (RoC). Only two years ago, the total revenue of these companies together stood at Rs 5,022 crore. With people prioritising their health, the industry has seen a rise in demand for products related to disciplines other than cricket.
Indians shift towards casual wear
Speaking on the subject, the head of marketing at Puma India, Shreya Sachdev, told ET, "The increased focus on health and fitness has resulted in individuals across ages looking for technical and performance footwear. Running is one of the fastest growing categories for us, along with a notable jump in the search for walking shoes by adults over 45 years."
Sachdev added that the sports and athleisure category is witnessing faster sales growth than the country's average apparel and footwear market.
India is a large market for sports brands
India is the largest country in population and one of the fastest-growing large international markets for footwear companies. Most international brands have maintained their presence in the Indian market for more than two decades. However, several new firms in the space are focusing more towards providing comfortable and regular athletic wear products, the ET report stated.
