After witnessing glorious doubled sales for 2 years post the Covid-19 pandemic, top sportswear companies like Adidas, Puma, Nike, Asics and Skechers are now witnessing slowed-down sales. From running shoes, joggers to yoga mats, the sales have taken a hit.
Sportswear companies reported a 1-25 per cent year-over-year gain for FY ’24, down from a 35-85 per cent increase for the previous fiscal year, according to recent regulatory results. Over the previous six to eight quarters, consumers have reduced their discretionary spending across all categories, despite the fact that demand for fitness apparel and sports gear for sports other than cricket increased as individuals prioritised their health with the beginning of Covid-19.
According to experts, businesses profited from the post-pandemic trend of more casual fashion, which has since waned despite the fact that consumers are more health-conscious than ever. Global players dominate luxury categories like sportswear, which were negatively impacted by a wider recession, particularly in urban areas.
The Government mandated that footwear producers seek BIS certification for over a dozen footwear products, including sports brands, in August of this year. Even last year, this had an effect on sales because BIS had refused to provide licenses to a number of international companies whose goods were produced outside of India, forcing those brands to reduce their supply.
