Back in August All for Padel CEO José Luís Sicre was expecting annual revenues of €29 million, up by 10 percent year-on-year. In late November he raised this to €35 million (up 22%). Then, with two weeks to go in FY24, he raised it again, to €37 million (up 27%). This would be a record, and it’s not close. The trend has been up for several years: FY20 saw revenues of €4.7 million, FY21 €16.6 million, FY22 €27.2 million and FY23 €29.4 million. (All of these figures exclude VAT.)
Sicre ascribes the increase to the Adidas brand’s improved position and increased market share in Spain and elsewhere. Exports accounted for 60 percent of sales over in the previous three years or so, but domestic sales (Spain) have been gaining ground, reaching 46 percent in FY23 and 53 percent in FY24. According to Sicre, this is not due to diminished sales abroad. Scandinavia, Italy, the US and South Africa (“padel’s new Sweden”) have been fruitful.
Unit sales too were up year-on-year in FY24, to 390,000, but by the lesser margin of 4 percent. The reasons, according to Sicre, are greater sales of premium racquets and All for Padel’s focus on hardgoods to the exclusion of apparel, which sets the company apart from its competitors.
According to CMD, recent studies show that ten brands account for 90 percent of the world’s padel-racquet sales, eight brands account for 83 percent, and five brands for 70 percent. One of these five is Adidas Pádel, although Sicre declined to specify the brand’s rank. What he did do was reiterate to CMD his view that the padel market is still shedding brands. Once the shedding it done, he said, “there’ll be scarcely seven truly relevant brands left on the world market.” It is “becoming more demanding in every sense, and only a few brands can meet the requirements” for long-term business.
Like AFP Courts, All for Padel is a part of AFP Group.
