By Ravi Kukreja, Co-Founder of playR
The sports fashion industry in India has seen significant growth in recent years, driven by a combination of factors including the increasing popularity of sports, lifestyle and fitness, the rise of athleisure as a fashion trend, and the growing consumer demand for high-quality sportswear.
With the increasing popularity of sports in the country, the demand for sports merchandise has also increased. The sports fashion industry in India is a growing market with enormous potential.
Then and Now:
The sports merchandising industry in India was largely non-existent until the 1990s. At that time, there were only a few companies that were selling sports merchandise in India. However, with the liberalization of the Indian economy, several international brands entered the Indian market. Today, India is home to a large number of sports merchandise retailers, including global legacy brands like Nike, Adidas, and Puma. Further, in recent years, there has been a rise in the number of domestic brands such as playR, and various marketplaces promoting them and their own branded sports merchandise. These brands have been able to tap into the growing demand for sportswear in India, offering affordable, high-quality products that cater to the needs of the domestic market.
The Indian Premier League (IPL), which started in 2008, has been a significant factor in the growth of the sports merchandising industry in India. The league has helped popularize cricket as a sport and has given rise to a massive demand for IPL merchandise, including team jerseys, caps, and other accessories.
The future of the sports merchandising industry in India looks bright. With the increasing popularity of sports in the country, the demand for sports merchandise is only going to grow. Additionally, with the rise of e-commerce and the increasing penetration of internet and smartphones in India, there is a significant opportunity for online sports retailers to reach a wider audience and drive sales. The Indian government’s recent initiatives to promote sports and fitness, such as the Fit India Movement, are expected to further drive demand for sportswear and other related products.
The sports fashion industry in India is expected to grow at a CAGR of around 10% over the next five years. The growth is expected to be driven by the increasing popularity of sports, the rise of e-commerce, and the entry of new players in the market.
The sports fashion industry in India has seen significant growth in recent years, and the future looks bright. With the increasing popularity of sports in the country and the growth of e-commerce platforms, the demand for sports merchandise is expected to grow. The sports merchandising industry in India has come a long way since its inception, and the future looks promising.