The Hidden Manufacturer Behind Adidas, Puma and Nike

Behind the marketing power of Adidas, Puma and Nike sits a network of contract manufacturers, and one of the most interesting stories today is India’s Mochiko Shoes, now part of Agilitas Sports. Mochiko is a BIS-licensed sports footwear manufacturer supplying brands like Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon, Clarks and US Polo, with plants across Noida and Uttarakhand and a FY23 revenue base of about ₹642 crore growing at roughly 30% annually. For investors, this “maker of brands” model offers exposure to global demand without betting on any one logo, while Agilitas layers on capital, brand IP and distribution to potentially compound this manufacturing edge.

How Adidas, Puma & Nike actually make shoes

Global sportswear majors are brand, design and distribution powerhouses; they outsource most footwear production to OEM/ODM partners, primarily in Asia. Groups like Pou Chen and its listed arm Yue Yuen Industrial are the world’s largest athletic footwear manufacturers, producing for Nike, Adidas, Puma, New Balance, Reebok and others across China, Vietnam, Indonesia, Mexico and more. This asset-light strategy keeps the brands focused on marketing and innovation, while scale manufacturers capture operating leverage, long-term contracts and multibrand utilisation of capacity.

Where Mochiko fits in the global chain

Mochiko has emerged as India’s leading sports footwear contract manufacturer, with strategic relationships spanning Adidas, Puma and other global names. It operates multiple units across Dehradun, Rishikesh and Noida, employs thousands of workers, and is among the first Indian sports footwear makers to secure BIS certification, aligning perfectly with “Make in India” and import substitution tailwinds. For brands seeking China+1 alternatives with quality, compliance and scale, Mochiko offers a ready-built platform integrated into their global supply chains.

Agilitas Sports: the strategic owner

Agilitas Sports, founded by former Puma India leadership, acquired Mochiko in 2023 using roughly ₹430 crore of investor capital to lock in domestic manufacturing capacity at scale. The deal instantly gave Agilitas a large revenue base, deep OEM relationships and a platform aligned to India’s fast-growing sportswear market, with reports indicating the combined business was already trending towards ₹740 crore+ in revenue by FY24. Beyond contract manufacturing, Agilitas is also building its own brand ecosystem via assets like Virat Kohli-linked one8 and Lotto licensing, creating a full-stack play from factory to consumer.

Why this model appeals to investors

For investors, the Mochiko–Agilitas combination offers three structural levers: (1) multibrand, multigeography order books that diversify risk; (2) operating leverage as volumes scale across largely fixed manufacturing infrastructure; and (3) policy tailwinds from India’s push to localise footwear and curb low-quality imports. The platform is also backed by institutional capital via Convergent Finance and other investors, adding governance, growth capital and potential pathways to IPO or strategic exits over the medium term.

How India’s Mochiko compares to global giants

Title: Global sports shoe manufacturers vs Mochiko (Agilitas platform)

Dimension	Mochiko / Agilitas (India)	Yue Yuen / Pou Chen (Global)
Core role	OEM/ODM sports footwear maker supplying Adidas, Puma and others.	Largest global OEM/ODM for Nike, Adidas, Puma, New Balance, and more.
Scale (revenue)	~₹642 crore FY23, projected strong doubledigit growth and higher postacquisition.	Multibillion-dollar global revenue base across multiple entities and regions.
Geography	Manufacturing units in Noida, Dehradun, Rishikesh; Indiacentric with export potential.	Footprint across China, Vietnam, Indonesia, Mexico and other low-cost hubs.
Client concentration	Focused portfolio of leading sports and casual brands.	Extremely broad client roster across top 10 global sports brands.
Strategic owner	Controlled by Agilitas Sports, an integrated sportswear platform building brands and retail.	Independent contract manufacturing group with some downstream retail interests.
Policy positioning	Direct beneficiary of India’s BIS norms, Make in India and China+1 sourcing.	Longstanding beneficiary of global outsourcing from the West to East Asia.

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FAQs

Which company quietly makes shoes for Adidas and Puma in India?
Mochiko Shoes, now part of Agilitas Sports, is a leading Indian contract manufacturer producing sports footwear for brands such as Adidas and Puma, among others.

Does Mochiko also supply Nike?
Public information highlights Mochiko as a partner to Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon, Clarks and US Polo, while Nike primarily relies on large groups like Yue Yuen and Pou Chen across Vietnam, China and Indonesia.

How big is Mochiko’s business today?
Mochiko reported around ₹642 crore in revenue in FY23 and has been projected to grow at roughly 30% annually, with expectations of further scale-up after the Agilitas acquisition.

What exactly does Agilitas Sports do?
Agilitas is a sportswear and athleisure solutions platform founded by ex-Puma India leadership, combining contract manufacturing via Mochiko with brand, IP and potential retail plays such as one8 and Lotto.

Why are global brands shifting more production to India?
Brands are diversifying away from single-country dependence, and India offers labour cost advantages, improving infrastructure, strong domestic demand and regulatory pushes like BIS norms that favour local manufacturing.

Is Agilitas Sports listed on the stock exchange?
As of the latest available updates, Agilitas operates as a privately held venture backed by investors such as Convergent Finance and has not yet listed on public markets.

How do OEM footwear manufacturers make money?
They earn manufacturing margins by securing longterm orders from multiple brands, driving utilisation of factories, negotiating rawmaterial costs at scale and sometimes providing design or development support as ODM partners.

What are the main risks for investors in this theme?
Key risks include dependence on a few global clients, margin pressure from brands, labour and compliance challenges, currency and logistics volatility and potential regulatory changes in sourcing markets.

How does Mochiko compare to global giants like Yue Yuen?
While Yue Yuen and Pou Chen operate at multibilliondollar, multicountry scale, Mochiko is a highgrowth Indiacentric player at a much earlier stage, with strong brand relationships and policy tailwinds but a smaller, more concentrated base.

How can investors gain exposure to this opportunity?
Exposure can eventually come via unlisted equity deals, future IPOs of platforms like Agilitas or listed global manufacturers, but careful due diligence on valuation, client concentration, governance and capex intensity is essential.