Sales of over a half-dozen top sports companies, ranging from running shoes and joggers to dumbbells and yoga mats, have skyrocketed in the last two years, both during and after the epidemic. They have more than quadrupled their company in India, thanks to rising fitness awareness and increased demand for athleisure apparel.
According to regulatory records obtained by the Registrar of Companies, brands such as Puma, Decathlon, Adidas, Skechers, and Asics have all risen 35-60% year on year since FY21, achieving total sales of 11,617 crore in FY23. These businesses had combined revenues of 5,022 crore two years ago. With the advent of COVID-19, people prioritized health, which increased demand for exercise gear and sports equipment for activities other than cricket.
“With a greater emphasis on health and fitness, people of all ages are looking for technical and performance footwear. Running is one of our fastest growing categories, and we’ve seen a significant increase in searches for walking shoes among those over 45,” said Shreya Sachdev, director of marketing at Puma India. “Overall, the sports and athleisure category is growing faster than the average apparel and footwear market in the country.“
Companies said they capitalized on the appeal of more casual fashions in the aftermath of the epidemic, a trend that has since abated, but consumers are still more health aware than ever.
“A clear trend of ‘casualization’ and’sneakerisation’ exists, and it is not limited to sports or leisure activities. We see people wearing casual attire even at work, contrary to the earlier assumption that after Covid, formal wear would be back in fashion,” said Abhishek Ganguly, former managing director of Puma India who just launched his own business 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.“
With a population of 1.4 billion people, India is one of the biggest and fastest-expanding worldwide marketplaces for footwear firms.
Most multinational businesses have been in India for more than two decades and have expanded by promoting their products via cricket and other sports events. However, recent entrants have positioned themselves as comfortable lifestyle and regular athletic wear manufacturers.
“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 that the company plans to build 50 new shops in the nation by 2025.
