From trainers and joggers to dumbbells and yoga mats, the sales of almost half a dozen prominent sports brands have surged in the last two years, both during the pandemic and subsequently. They have experienced a twofold increase in business in India, propelled by a growing awareness of fitness and a soaring demand for athleisure wear.
Puma, Decathlon, Adidas, Skechers, and Asics have all experienced year-on-year growth ranging from 35% to 60% since FY21, as indicated by regulatory filings from the Registrar of Companies. In FY23, their combined revenues amounted to INR 11,617 crore, a significant increase from the INR 5,022 crore they collectively generated two years prior. The increased demand for fitness wear and sports equipment, not limited to cricket, underscores a heightened emphasis on health in response to the onset of Covid-19.
“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 search for walking shoes by adults aged over 45 years,” said Shreya Sachdev, head of marketing, Puma India. “Overall, the sports and athleisure category is growing faster than the average apparel and footwear market in the country.”
Organizations have leveraged the appeal of relaxed styles following the pandemic, a trend that has diminished, although people remain more health-conscious than ever.
“There is a clear trend of ‘casualisation’ and ‘sneakerisation’ and it is not just restricted during sports or leisure activities. We see people opting for casual attire even at offices, against the earlier assumption that post Covid, formal wear will be back in fashion,” said Abhishek Ganguly, former managing director at Puma India who recently started his own firm Agilitas Sports. “India is no longer just a cricketing nation as we see consumers increasingly getting involved in other activities such as running, football and gyms.”
Boasting a population of 1.4 billion, India stands as one of the swiftest expanding and most extensive global markets for footwear enterprises.
Many international brands have established a presence in India for over two decades, expanding through collaborations with cricket and other sports. In contrast, recent entrants have positioned themselves as brands offering comfortable lifestyle and regular athletic wear.
“India is a crucial market for us and, with the changing consumer landscape, we see a huge potential with new and emerging demand for sports across different regions in India,” Asics Corp. CEO Yasuhito Hirota said in a statement last week, adding it will open 50 new stores in the country by 2025.