Good morning [%first_name |Dear Reader%],

When we want to buy a pair of trainers, chances are people like you and I think of Nike, Adidas, Puma, Asics, Skechers.

But for a big chunk of the country, Campus Activewear is that brand.

If you’re surprised, you shouldn’t be.

By revenue, Campus is India’s largest sports and athleisure brand in footwear. Adidas and Nike saw their revenue from shoes and sandals in India fall at a compounded rate of 17% and 7%, respectively, between the years ended March 2019 and March 2021. But Campus headed in the opposite direction.

Its sales grew 10% annually during this period—twice the rate Puma’s did. Campus’s revenue of Rs 710 crore  (US$89 million) in the year ended March 2021 was marginally higher than that of Puma and one-third larger than Adidas’. Campus did even better in the following year, increasing its top line nearly 70% to ~Rs 1,200 crore (US$150 million).

Since its listing in May, its shares have risen by three-quarters in value. Campus is now worth Rs 17,600 crore (US$2.2 billion).

Campus didn’t even take that long to get there; it was only set up in 2005, years after Adidas and Nike first launched in India. But it has still bested them.

How Campus beat Puma, Adidas to become India’s top sports-shoe brand

When I was in school, in the nineties and early aughts, shoes only meant one thing: Bata.

There was no question of getting my folks to pay Rs 1,500 (US$19) for a pair of Nikes. Bata’s Power brand of casual and sports shoes, which cost one-fifth of that, is as far as we went.

But Bata was, and still is, known more for its leather shoes and sandals than for its sneakers.

There weren’t too many options between Bata and global brands when it came to sports shoes. This was the lucrative gap Campus set out to exploit when it launched its first shoes 17 years ago.

And it priced them just right.

The biggest chunk of Puma’s, Adidas’, and Nike’s offerings in India–between 70% and 90%–are priced above Rs 3,500 (US$44), according to Campus’ initial public offer (IPO) filing from December. But more than two-thirds of Campus’ products are in the Rs 500-1,500 (US$6.3-19) range.

Attractive pricing alone won’t do the trick, though. You also need a wide collection on offer.

Take Bata, for instance. Its sports and athleisure shoes are in the same price segment as Campus products. But Bata only has 500 stock-keeping units (SKUs); Campus has 6,400. This is more than 3X the range Nike offers in India. Among Campus’ peers, only Adidas has a larger selection, at over 7,000 SKUs.

It’s not just pricing or collection where Campus is different from its global peers either.