German sportswear retailer Puma has announced financial results for Puma India for January-December 2016. During the period under review, the retailer noted a loss of Rs. 3.6 crore and sales of Rs. 921.2 crore. This has been stated in filings with the Registrar of Companies (ROC). The loss has come after profits of Rs. 29 crore in 2014 and Rs. 12 crore in 2015.
“We have made investments in technology worth Rs. 120 crore. We are building Puma.com to sell directly to customers,” said a company executive to a leading daily on condition of anonymity.
Around 18 per cent of Puma India’s sales take place online. Last year, it got the Government’s nod for a 100 per cent single-brand entity in the country for a wide range of retail options, including e-commerce.
Headquartered in Herzogenaurach, Germany, Puma is a multinational company that designs and manufactures athletic and casual footwear, apparel and accessories.