German sportswear maker Puma recorded more revenues during FY21, than the combined sales of its rivals - Adidas, Nike, and Reebok - last fiscal year. With revenues of Rs 2,044 crore Puma surpassed footwear company Bata for the first time in sales. It also outsold sports retailer Decathlon and apparel brands Hennes&Mauritz (H&M) and Zara, according to the latest filings with the Registrar of Companies.
The demand for fitness wear and sports equipment for sporting disciplines other than cricket has expanded in India. Last year, Puma sold 1.2 lakh pairs of footwear and opened a new store every week on average to take the total outlet count to 411. The brand also generated robust online demand as it had invested in e-commerce a few years ago.
Despite restrictions, Puma continued to invest in retail expansion, local supply chain and new products at a time when most others were considering store closures and cutting down inventory size.
