0n the back of consistent good performance German sportswear company, Adidas Group which includes both Adidas and Reebok brands has posted an exponential rise in net profit in its India business to Rs 113 crore for the financial year 2016-17 ending March 31, 2017, across its popular categories such as running, training and football. The group during the same period last year had posted a profit of Rs 5.3 crore. This translates into an astronomical rise of more than 20 times in profit this year for the group.
Adidas Group has posted a revenue of Rs 1,513 crore for the financial year 2016-17 as compared to Rs 1,253 crore it posted last fiscal.
Meanwhile, Adidas India reported a rise of 131.7 percent in net profit to Rs 95 crore for the financial year 2016-17 ending March 31, 2017, the company said in its earnings announcement. The brand has reported a net profit of Rs 41 crore during the same period last fiscal.
Adidas India also became the first brand in the Indian sportswear market to cross Rs 1000 crore turnover in a single financial year by posting a revenue of more than Rs 1,100 crore. It posted a revenue of Rs 898 crore during the corresponding period last year.
It has also grown strongly in its Originals business as it has become the most popular athleisure brand for India’s millennials, the company said.
Also, Reebok this year has posted a net profit of Rs 18.89 crore while the brand had posted loss of Rs 35.9 crore during the last financial year. Revenue of the brand during the financial year 2016-17 increased 16 percent to Rs 413 crore as opposed to Rs 354 crore it posted in revenues during the same period last fiscal.
“Both Adidas and Reebok brands continue to invest in the Indian sportswear market with a number of strategic and consumer-centric initiatives. Both brands operate across multi-channel formats and additionally Adidas opened its first own retail store in Delhi last week. It plans to open a few more in the coming months in its continuous quest to improve consumer experience in India,” Adidas Group said.
– Apparel and Textile News, Apparel Talk, Indian Apparel
