SPORTSWEAR MARKET WHERE FASHION MEETS FUNCTION

With increasing awareness about the importance of physical activity, more people are taking up sports and fitness activities. As a result, India’s sportswear market has registered significant growth over the years.

When supermodels Milind Soman and Madhu Sapre's Tuffs shoe campaign created a buzz in 1995, the Indian sportswear market knew only a handful of brands like Power and Kamachi. The market then was almost entirely unorganized. India had recently opened up its economy after the rupee crisis. As the economy grew and the disposable income of people rose, the market witnessed the entry of brands and, at the same time, the launch of new retail formats such as exclusive, multibrand and large malls responding to the rising needs.

Later, brands like Tuffs and Power found themselves on the same turf with global brands like Adidas and Nike. The latter entered India directly in June 2004, about six years after its main competitor, Adidas. If the industry knew the existence of a few major global brands like Nike, Adidas, Puma and Reebok, today they wonder what strategies other entrants like Hoka, Brooks, New Balance, HRX, New Balance, Asics, Saucony, to mention some, would launch. The market, broadly divided into apparel, shoes and athleisure, continues to remain largely unorganized, and is dominated by a few major brands such as Puma, Adidas and Nike. With revenues of ₹2,980 crore during FY22 ended December, Puma outsold its rivals-Adidas, Nike and Reebok-all put together.

Apparel