By: Shubham Ghosh
German sports brand Puma has said that it is witnessing a robust growth in India, making the country a crucial market for itself.
Moneycontrol reported this citing a top official of the company.
It said that Puma India’s income went up from Rs 2,044 crore (£204.6 million) in FY21 to Rs 2,980 crore (£298.3 million) in FY22, as per the filings with the Registrar of Companies. Footwear constituted 60 per cent of the brand’s total sales income while apparel accounted for 35 per cent and accessories five per cent.
In comparison, brands such as Adidas, Nike and Reebok reported revenues of Rs 1,551 crore (£155.2 million), Rs 814 crore (£81.4 million) and Rs 417 crore (£41.7 million), respectively, in FY22 and Rs 945 crore (£94.6 million), Rs 564 crore (£56.4 million) and Rs 320 crore (£32 million) the previous FY, the Moneycontrol report added.
Puma India’s Indian unit saw 145.3 per cent growth in two years since the outbreak of the Covid-19 pandemic, the report said.
Abhishek Ganguly, managing director of Puma India and South East Asia, told Moneycontrol that the amount of business the company has added after the pandemic is as healthy as the first 13 years when they began their journey in India.
The sportswear and athleisure category is growing significantly in the Asian market, which is propelling Puma forward.
Puma India has also launched a shopping app, and more than 50 per cent of its e-commerce business has moved to the app within just seven to eight months of its launch.
According to Ganguly, Puma India’s focus is robust on its offline business, with more than half of its business coming from offline stores.
Puma India added 69 stores last year, raising the total number of stores in India to 480. It is now eyeing the tier II and III markets, where franchises are keen to set up outlets, the report added.