The battle for the crown between the sportswear brands in India is heating up. Adidas has trumped its fellow German rival Puma in the race to shore up profit in India, racking up a net profit of ₹ 140 crore in 2018, up by 47.5% from ₹ 95 crore last year.
However, Puma surpassed its closest rival Adidas to become the largest sportswear brand in India by revenue, surpassing other giants as well such as Nike, Reebok, Fila, Sketchers etc.
Puma, which is the third largest sports manufacturer in the world; may be the largest sportswear manufacturer by revenue in India, but, continues to lose money in the country registering a net loss of ₹ 5.2 crore in 2018.
What is interesting no note, is that Puma in India follows the January to December calendar year of reporting financial results, whereas Adidas, Nike and Reebok follow the financial year format i.e. April to March for reporting.
The country’s third largest player, Nike, seems to be faltering in India. Nike’s revenue grew to ₹ 829 crore in 2018, which is an increase of 2.8% from the prior year’s ₹ 807 crore. However, in spite of reducing the amount of losses it accumulated since 2106, its net loss figure still stood at ₹ 53 crore for 2018.
All multi-national company sportswear brands in India have struggled to improve their margins due to intense competition and are working on different strategies to improve their profitability.
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