Puma growth plans kick off in India
Puma plans to introduce a larger range of products in India through its newly-launched subsidiary.india Updated: Apr 01, 2006 11:01 IST
German sporting goods firm Puma said on Friday it planned to introduce a larger range of products in India through its newly-launched subsidiary Puma Sports India Pvt Ltd.
About 250 products in footwear, 200 in apparel and 100 in accessories will be launched in the country, Puma said in a statement. The products will be in line with its international range in sports, lifestyle and fashion.
"The products will be available at all different price points already available in the market," said Rajiv Mehta, General Manager Puma Sports India.
Puma has been selling in India for the past three years through multi-brand retail stores supplied by its franchisee Planet Retail Holdings, known earlier as Planet Sports India Pvt Ltd.
Earlier this year, India allowed 51 per cent foreign direct investment in retailing by firms which sell only a single brand.
Puma plans to open stores in India with retail and wholesale partners and expects to open the first one in the second quarter of 2006.
"We are looking at Bangalore or Chennai as options," Martyn Bowen, Puma's general manager for Eastern Europe, Middle East and Africa, told a news conference.
Puma, known for its trademark leaping red cat logo, expects India to account for a large part of its 875 million euro ($1.05 billion) revenue target from the Asia-Pacific region by 2010, he said.
"Our phase-IV global plan is to become the most popular sports lifestyle company in the world, India is part of that," he said, referring to a phased long-term business plan Puma's chief executive Jochen Zeitz kicked off after taking charge in 1993.
The first three phases involved establishing a strong financial footing, improving brand equity and generating growth.
Puma has benefited from its sports-lifestyle fashion thrust. To fight off Nike and Adidas which just bought US rival Reebok, Puma plans to spend 500 million euros in the coming years to enter new markets and make acquisitions.