Puma India rationalises stores and shifts focus to performance categories
Under new MD Ramprasad Sridharan, Puma India is closing weaker locations, reducing discount-led sales and prioritising running, hybrid fitness and cricket merchandise. The brand operates about 400 stores, generates roughly half of sales online and now makes 75% of its products locally.
What happened
Puma India is resetting its retail strategy under new MD Ramprasad Sridharan, closing weaker stores, reducing discount-led sales and prioritising running,
Key facts
- India revenue about ₹3,200 crore
- Slightly under 11 million footwear pairs sold in FY26
- Running accounts for almost 30% of retail-store sales
- Puma has about 400 India stores
- Roughly 20-25 stores shut during the reset
- Online contributes about 49%-51% of business
- About 75% of products are made in India, versus 49% in 2023
- RCB business grew 75% this year
- RCB reached 1.8 billion viewers across 30 countries
Why this matters
Puma India’s performance-category pivot, 400-store network and 75% local product mix strengthen its positioning for targeted partnerships or acquisitions in running, fitness and cricket ecosystems.
What to watch
- Comparable-store sales, sales per square foot and full-price sell-through after the 20–25 closures.
- Running's ability to sustain or exceed roughly 30% of retail-store sales without disproportionate discounting.
- Gross-margin movement, inventory ageing and markdown rate during key festival, cricket and end-of-season periods.
- Net store openings or closures over the next 12 months, especially whether expansion shifts to franchises, shop-in-shops or tier-2 cities.
- Online revenue mix, marketplace discount intensity and evidence that digital sales cannibalise or support physical stores.
- New performance product launches, athlete/league partnerships and participation in Indian running events.
- Competitor promotional activity and category expansion by Adidas, Nike, Asics, Skechers and domestic sportswear labels.
- Local-sourcing share, lead times and any quality or capacity constraints as domestic production remains near 75% of assortment.
- Expand run clubs, race partnerships, campus activations and coach/influencer networks to build performance credibility beyond celebrity-led marketing.
- Reallocate closed-store inventory to high-performing malls, shop-in-shops, franchise partners and online marketplaces while protecting full-price positioning.
- Use locally manufactured capsules and faster replenishment for cricket seasons, marathon calendars and regional fitness demand.
- Tighten store portfolio metrics around sales per square foot, full-price sell-through, omni-channel fulfilment contribution and repeat purchase rather than gross store count.
- Segment promotions more aggressively through loyalty and digital channels instead of broad markdowns, preserving entry-price accessibility without resetting brand price perception.
- Increase technical-product storytelling, fitting services and in-store trial experiences for running and hybrid fitness.