Puma becomes India’s top sportswear brand, outshines Nike and Adidas

The Germany-based sportswear brand Puma is one of the preferred sportswear brands in India and across the globe. According to a Times of India report, Puma has become the top sportswear brand in India surpassing other rival sportswear giants such as Nike, Adidas, Skechers and Reebok, in terms on yearly sales and interestingly, India is the only nation where Puma’s sales have crossed the separate sales of sportswear behemoths Adidas and Nike. On the other hand, Puma is the third-largest sportswear manufacturer in the world.

“2018 has been a great year for us. Globally there is huge momentum in the brand. We are making strong progress in both Sports Performance and Sport Style categories, Puma India Managing Director Abhishek Ganguly was quoted in the TOI report, adding “women’s segment is a key element of our strategy. There are paradigm shifts happening in the India women’s lifestyle, evolving their buying behaviour. We have also tripled our sales through puma.com in this year.”

As seen in the Times of India report, Puma, which follows calendar year for reporting of financial results, registered a sale of Rs 1,157 crore in January-December 2018 period as compared to a revenue of Rs 958 crore in the same period a year ago, whereas, Nike, Adidas and Skechers, follow financial year (April-March) for reporting, reported a sale of Rs 828 crore, Rs 1,132 crore and Rs 440 crore in the fiscal year 2017-2018 as against an annual sales of Rs 807 crore, Rs 1,100 crore and Rs 282 crore in FY 2016-17, respectively.

However, Adidas-owned Reebok registered a drop in sales. Reebok posted a revenue of Rs 391 crore in FY18 vs a revenue of Rs 416 crore, the newspaper report added.
Source:https://www.timesnownews.com/business-economy/industry/article/puma-becomes-india-s-top-sportswear-brand-outshines-nike-and-adidas/372249