German sportswear maker Puma is looking at India as a key market of focus for growth and will be making big investments in the country to maintain its leadership position in the Indian sportswear market.
Last year, Puma opened 30 new stores and expansion would continue this year too. Puma currently has 365 stores in 125 cities across India. It also sells online through its own website and other leading e-commerce platforms. The company’s sales in India this fiscal jumped to Rs 1,157 crores from Rs 958 crores last year. Globally there has been a huge momentum for the brand, which is making strong progress in the sports performance and sport style categories. Puma’s success comes against the backdrop of the athleisure trend that has gripped the sportswear market. While other companies flaunt performance and technology, Puma focuses on style that makes its products attractive to the casual dresser.
India is expected to become one of Puma’s top five markets by 2020. The women’s segment is a key element of its strategy. While the company recently roped in boxer Mary Kom as a brand ambassador, Puma’s signing of Indian cricket skipper Virat Kohli for Rs 100 crores has also paid off with One8, the brand he co-created with company, clocking Rs 100 crores in sales within the first year of its launch.