India’s sportswear sector witnesses surge in sales in December
Sales of leading international sportswear brands soared in the month of December 2018 witnessing a rapid growth due to the heavy discounts being offered by e-commerce firms and retailers during the recently concluded end of season sale.
Sportswear market in India has been growing at a rapid pace with more and more brands entering the booming market in the country to boost revenue.
From 2015 to 2016, the Indian sportswear market has already grown 22 percent, outpacing the segment's global increase of 7 percent according to a report by Euromonitor. By 2020, it is expected to grow an additional 12 percent CAGR (compound annual growth rate) with sales expected to reach $8 billion.
The end of season sale which usually takes place in January have more than doubled the sales of leading brands like Puma and Asics as fitness conscious Indians geared up in December to welcome a fitter 2018.
“We did twice of what we usually do in other months. While New Year resolutions have always helped us get good results in December, we could rake in better numbers in 2017 due to end-of-season sale and marathons,” said Rajat Khurana, Managing Director of Asics India told TOI.
“We have seen a substantial uplift in consumer demand during December this year. Across channels, our sales are 30% more than the average monthly sales for the year,” Puma India MD Abhishek Ganguly said.
India’s sportswear market is currently dominated by Adidas, Reebok, Nike and Puma but with sports sales surging both online and offline other sports brands too are spotting an opportunity to capitalise on the booming sector.
Recently, Under Armour entered India with an exclusive partnership with Amazon while Saucony joined hands with Reliance Retail for its India entry.
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