Articles by Puran Choudhary

Business

Gen Z and millennials are telling India’s sneaker story, homegrown brands ride new wave

Looking to experiment with a new kind of footwear, 26-year-old Devyani R bought her first pair from a home-grown sports shoe brand with ghungroos woven into them. Devyani, who loves wearing anklets but often loses them, found the idea of attaching an anklet to the shoe practical and stylish.“Sneakers with skirts are such a fun fashion statement. These feel like they were designed for skirts. I didn’t see anything else like it in the market,” she said.Devyani’s choice mirrors a growing trend among Gen Z and millennials looking for sports shoes that have unique Indian designs, limited editions and comfort. Many direct-to-consumer (D2C) manufacturers are now tapping into this mass-premium market or bridge-to-luxury segment, positioning sports shoes as “aspirational yet accessible”.Priced at Rs 3,000-5,500, these shoes are attracting consumers in the 18-35 age bracket mostly through social media. Founders told ET that repeat purchases make up 20-30% of overall sales, promising growing brand loyalty.Home-grown brands such as Comet, Gully Labs, Thaely, Neeman’s, Banjaaran and Bacca Bucci are riding this wave with focus on design and quality. Some have also raised pre-seed and series A rounds, such as Comet ($6.57 million), Neeman’s ($2.7 million), Gully Labs ($1.17 million) and Thaely ($344,000). Designs with a desi twistFor Gurgaon-based Gully Labs, every launch or collection is backed by storytelling and nostalgia. “We took ordinary Indian items and reimagined them as well-thought-out designs like our Kulfi and Ghungroo shoes, which are among our bestsellers and also our most expensive. People appreciated that originality,” said founder Arjun Singh.Bengaluru-based Comet has also taken a storytelling-led approach. The brand makes limited edition, theme-based sports shoes inspired by nostalgia and collaborations with Indian artists. It recently opened stores in Bengaluru and Delhi, offering a hands-on experience of its products. “The space is very hot for investors. It’s fast-growing and has high barriers to entry because creating these products is hard. You have to solve for both supply and demand,” said Utkarsh Gupta, cofounder of Comet. The company raised a $5.08 million series A round led by Elevation Capital and Nexus Venture Partners.Bacca Bucci, of Shark Tank fame, which makes sports shoes and boots for men and women, is also expanding offline with new stores planned for Delhi-National Capital Region. “The market today is a mix of organised and unorganised players; the shift toward organised brands is happening. There will eventually be consolidation,” said founder Natwar Agrawal. He highlighted that material availability and minimum order quantities still lag behind China, which needs to be addressed. Market finding its feetMost brands in the segment are eyeing revenue of Rs 100 crore by next year as they ramp up manufacturing through contractual agreements and building their own factories. Analysts estimate that sports shoes now make up 20-25% of India’s footwear market, and sales volume is projected to reach 73 million pairs by 2030.However, founders also said manufacturing remains one of the biggest challenges. India has long been strong in leather shoe exports, but is still catching up in the casual shoes segment. “Factories here are improving but are years behind China and Vietnam,” said one founder, who did not wish to be identified.Naman Lahoty, who tracks consumer investments at Stellaris Venture Partners, said while there’s excitement around the segment, strong supply chains are needed for scaling up. “India excels in leather but lacks an established ecosystem for sneakers. Back-end integration and material innovation will be key for emerging brands,” he said, adding that the firm will continue to evaluate brands with the potential to scale up to revenue of Rs 500-1,000 crore.Investors see sector as promisingVenture capitalists are watching the segment closely but remain cautious about how sustainable these businesses can be. “These companies are scaling revenue fast, but the real test is whether they can build emotional connect and brand loyalty and not just short-term buzz,” said Rohit Krishna, general partner at WEH Ventures, who has evaluated a few sports shoe brands. Krishna said the opportunity for his firm lies in the mass-premium segment rather than the top 1A consumer base. “People in tier-II and tier-III cities are also shifting from sandals to shoes. That’s a much larger market, and brand loyalty there tends to be stronger because affordability and accessibility will drive repeat purchases,” he said.Analysts expect India’s sports shoe brands to follow a similar path as fast-moving consumer goods and personal care, where home-grown players eventually dominate the domestic market.Brand consultant Renu Bisht, founder of Commercify360, said the cultural shift toward casual dressing is one of the biggest game changers. “Sneakers have become appropriate for almost every setting, work, conferences, even semi-formal events,” she said. “Consumers are willing to pay more if the product delivers comfort, design and credibility.”Bisht believes increasing incomes and social media exposure are also making sports shoes aspirational beyond metros. “Tier-II and tier-III cities are the next big growth pockets,” she said.