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Global sportswear brand PUMA has cemented its leadership position as India’s number one sports brand with a revenue growth of 23% in a market where retail spending has been sluggish due to a market slowdown. Regulatory filings revealed PUMA’s revenues at Rs 1,413 crore. PUMA increased the sales gap with its competitor to over 14% as against 2.4% in 2018.
The growth is attributed to the exponential increase in the sales in categories such as women, growth in overall sports and fitness segment, athletic leisure increasing share of wardrobe and increasing aspiration in Tier 2 and Tier 3 markets. Both online and offline sales have seen a spike. With 373 exclusive stores across the country, the brand saw 17% like-to-like sales growth in exclusive stores
With major sporting events like Olympics and World T20 Championships around the corner, PUMA expects a major bump in sales in India in 2020. “India is a strategic market for PUMA and we are thrilled to see the brand’s performance in the country. Being the No.1 brand in India is a reflection of how well we understand our consumers and how pleased they are with our products,” Björn Gulden, CEO, PUMA SE.
Unveiling the global sales numbers last week, Gulden described 2019 as “the best year in PUMA’s history” as worldwide revenues surged to EUR 5.5 bn, a growth of 18.4%. India was highlighted as a strong driver of growth in Asia.
“2019 has been a fantastic year for PUMA globally and in India. There is huge brand momentum and we’re making strong progress in both sports performance and sport style categories. Our partnership with Virat has been one of the most successful for us globally. PUMA one8 continues to grow steadily,” added Abhishek Ganguly, Managing Director, PUMA India.
PUMA’s collaboration with India’s cricket captain Virat Kohli’s, one8, saw an exponential rise in its sales in 2019. In 2019, one8 accounted for almost 10% of the company’s overall sales. This collaboration is the first of its kind for PUMA in India where they have created a complete line with a brand ambassador.
PUMA global ambassador and athlete Virat Kohli said, “Congratulations to team PUMA on their continued success in India. It’s been a great experience partnering with the them to launch one8. I have had the opportunity to create my own personalized collection in collaboration with PUMA and the growth shows that people like the idea behind it. I’m thrilled to be the first sportsperson to partner with PUMA for a product line such as this in India.”
PUMA was a late entrant to India, beginning operations only in 2006. The company attributes its growth to the overall growth in the sportswear market and growth in categories like women’s in addition to expansion in tier-2 and tier-3 towns.
