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Puma India views India as a key market, given its outstanding 46% revenue growth in FY22

The sports brand expects growth momentum to continue in 2023 as well.

March 15, 2023 / 05:07 PM IST

The German sports brand Puma is experiencing robust growth in its Indian unit, making the country a crucial market for the brand, according to a top official of the company.

Puma India's income rose from Rs 2,044 crore in FY21 to Rs 2,980 crore in FY22, as per the filings with the Registrar of Companies (ROC). Footwear accounted for 60% of the company's total sales income, with apparel accounting for 35% and accessories for 5%.

In contrast, Adidas, Nike, and Reebok reported revenues of Rs 1551 crore, Rs 814 crore, and Rs 417 crore, respectively, in FY22, and Rs 945 crore, Rs 564 crore, and Rs 320 crore in FY21.

Puma India's total revenue is higher than the combined revenues of Nike, Adidas, and Reebok, placing it ahead of its rivals.

Puma's Indian unit registered 145.3 percent growth in two years since the onset of the pandemic.

Abhishek Ganguly, Managing Director of Puma India and South East Asia, has stated that the amount of business the company has added post-pandemic is as healthy as the first 13 years when they started in India. The sportswear and athleisure category is growing significantly in India, which is driving Puma's growth.

Furthermore, Puma India has seen strong traction in its online sales, with online sales accounting for 44% of its business. This is a significant increase from the pre-pandemic level of 25% in 2019.

Puma India has also launched a shopping app, and over 50% of its e-commerce business has moved to the app within seven to eight months of its launch.

Ganguly emphasized that Puma India's focus is strong on its offline business, with more than half of its business coming from offline stores. Puma India added 69 stores last year, bringing the total to 480 stores in India. The company plans to continue expanding, particularly in Tier II and III markets, where franchises are eager to open stores.

Ganguly is optimistic about Puma India's growth momentum, expecting it to continue in 2023, as the company is far from being saturated in the Indian market. Puma India is geared up for five to ten years of growth in India.

Maryam Farooqui
first published: Mar 15, 2023 04:27 pm