German sportswear giant Puma has set foot in Bangladesh, with its first store to open next week -- as the country's sizeable and upwardly mobile middle-class and youth population continues to catch the attention of global brands.
Puma's first store will be on Banani 11 and it will open its doors to the public on April 7, said MA Jabbar, the local franchisee of Puma.
“All the clothing items would be brought in from Germany as the country is not yet capable of manufacturing high-end stuff,” said Jabbar, also the managing director of DBL Group, which exported garment items worth $400 million last fiscal year.
The entrepreneur has plans to take the Puma brand to Chittagong and other divisional cities and open more stores in Dhaka. He, however, declined to give any numbers behind the venture.
“Bangladesh has a good quantity of youth population and a lot of them can afford to buy those expensive fashionable items.”
The economy has been growing at more than 7.5 percent over the last four years and it is expected to cross 8 percent this fiscal year. The domestic apparel market size is nearly $12 billion, according to local researchers.