As we all are well aware of the steep rise in the market of fitness in the past few years, along with it there is another industry whose growth came hand in hand. That industry is workout gear industry.
Since the current generation is much into fitness, there is a need of apparels that they would require in order to go to various gyms, etc. Moreover, these apparels have also been in vogue lately. They have paved their way into the fashion, modeling and Bollywood industries as well. Apart from this, we can see numerous people partying and clubbing in these workout gears. To add to this, we see a lot of people publishing end number of blogs regarding tips for athleisure trends. Athleisure itself is a clothing style now.
The market size of workout gear is equal to the market size of all the fitness industry, sports industry and half of the fashion industry combined together. This is so because all of the people need clothes in order to perform the required set of fitness activities. Apart from these, there are a number of people who just go for them in order to stay in the trend which involved athleisure wear. These gears are considered to be much classy when worn to an informal event or during clubbing. We also see a number of celebrities in athleisure gear during various photo shoots and parties. This itself has set the trend. Apart from these, all the cricketers, footballers and other sports person require proper workout or fitness gear. As per Euromonitor report, Sportswear is expected exceed a strong retail value CAGR of 12% over the expected period with sales expected to touch Rs. 540 billion by the year 2020.
Workout Gear Manufacturers
There are a lot of companies involved in the manufacture of various workout gears, some of the leading international brands are- Nike, Puma, Adidas, Reebok, Yonex, Quechua, Nivia, Fila, Under Armour, etc. These brands have great sales in India as the quality of their gears and the brand name itself sets a bar. Moreover, these brands are famous all around the globe and competing with them is tough but still manageable in India if you provide great quality products at a cheaper rate.
Establish Your Own Brand
Apart from the legal work that is required to set up the brand, you need various other things to keep in mind. Here, I’ll provide you with some of the insights you need to take care of before stepping in the field, they are:-
- Idea and Customer Need– Today’s market is all about the quality at a cheaper price; this is the prime need of customers. If your brand provides good quality gears at a rate that is cheaper as compared to other brands, that are well-established in the market. Moreover, everyone gets bored of all the technologies and kind of workout gears available in the market. So, you need to be innovative regarding your design and technologies used.
- Scan the Market– This is the most important part after you’ve got an idea. This requires you to thoroughly go through the market and find if your idea clashes with an already existing idea in the market, if it is, remember you’re number two!
- Business Plan- This is a great way of attracting investors and partners but along with it, it helps you find the flaws in the picture that you’ve in your head. With time, the business plan and strategies are bound to change for healthy growth in sales of the items.
- Money– The money required to open a brand is huge, you need to put in a lot of investment. So, be careful and determined before stepping in the field.
- Entrepreneurship– This is another important mindset. You need to put in efforts 24/7 unlike a 9-5 job. Moreover, an entrepreneur is a person who puts ideas into reality, everyone has some unique ideas but the means to convert them into reality is the job of an entrepreneur.
- Defining your Brand– Next, you need to develop a clear image of what all things you’re going to manufacture!
- Sourcing– Finding appropriate material at the cheapest rates without compromising with the quality is another essential thing to look after before you start manufacturing.
- Pricing– It is an important aspect which defines the sale of your products. You need to set your price in a competitive manner; it should provide value for money as well as is cheaper to other brands.
- Marketing and Sales– The marketing of the products should be done properly because there are already end number of companies in the market who are offering various workout gear and have a good brand loyalty. So, you need to get the customers out of their bag. The sales of the products should also be checked regularly and any fall in the sale should always be looked after. The customer care should be pretty active because any fault in your product can bring down your market considerably.
So, these were all the things that you should keep in mind. Now, there are some legal formalities which need to be fulfilled, they are the basic permissions required to carry out a business.
Some of the Indian companies already in the market are- HRX by Hrithik Roshan, 2go, Shiv Naresh Sports, NNN, Aesthetic Nation, etc.
Though the mass sale is of athleisure clothing yet there are other departments which need to be taken care of as their requirement is also increasing. Some of the other products that are much demanded are-
- Workout belts
- Sport shoes
- Gym bags and kit bags(for various sports)
- Abdominal Guards and supporters
- Gym gloves, grips and wrist bands
- Water bottles and sippers
So, this was all about the industry, hope you guys get an idea about the marketing strategies and market type. I wish you all the luck for the business!