Sridharan, ex-Benetton honcho, set to join as Puma new India CEO
Sridharan will replace Karthik Balagopalan, who stepped down as managing director of Puma India earlier this week.
Puma declined to comment on Sridharan’s appointment. did not answer Mint‘s questions about the new position.
Sridharan has held senior leadership roles since June 2021, heading Benetton India in the Asia-Pacific region and the UK. Prior to this, he held senior positions at shoe brands Clarks and L’eros Fashions.
An industry insider said Puma’s new CEO comes into office at a difficult time when rivals and new brands such as Adidas and Skechers are affecting the businesses of established companies. “So there will be a challenge for new management, from getting more shelf space in stores to branding,” an executive familiar with the development told Mint on condition of anonymity. Adidas in India also has a new CEO in Vijay Chauhan, effective August 1.
Changes in supply chain, technology initiatives, digital adoption, product and brand discovery and channels have led to a complex situation: “The rapid pace of innovation, disruption is driving complex business models, making it important for CEOs to provide direction to ever-evolving stakeholders,” said Pakhi Saxena, partner, retail and consumer, Accord India, an executive search firm.
On October 28, Puma announced that Balagopalan had resigned to focus on family priorities in Germany. He was appointed to the position in May 2023. He replaces Abhishek Ganguly, who worked at Puma India for 17 years before leaving in 2023 along with two other executives to set up Agilitas Sports with investment from cricketer Virat Kohli.
Balagopalan was previously Puma’s global retail and e-commerce director.
Earlier this year, Puma India had announced the end of its long-standing partnership with Kohli, ending an eight-year deal in which the German brand sold co-branded shoes with startup one8.
On September 9, Benetton announced that Sridharan was leaving the company to pursue a new professional opportunity. Appointed Nikhil Upadhye as the new managing director of Benetton India, effective October 16.
confusion, competition
The move comes amid ongoing turmoil in the Indian retail market with many top CEOs taking on new roles. This includes recent management changes at Arvind Fashions and Bestseller India, among others.
On October 1, casual wear and denim retailer Arvind Fashions announced that Amisha Jain has taken over as managing director and CEO, replacing Shailesh Chaturvedi, who stepped down on September 30.
Other new leadership moves include Manish Kapoor, former MD and CEO of Pepe Jeans India, who took over as managing director of M&S India, which retails the Marks & Spencer brand.
The retail market has become more competitive with more international brands as well as local brands expanding both online and offline.
A report last month by consultancy firm KPMG estimated India’s sporting goods and apparel manufacturing business to be worth $6.7 billion. This figure is expected to reach 10 billion dollars in 2030.
As the sportswear and sportswear industry grows, competition also grows. For example, according to a report by French sports goods retailer Decathlon ₹4,066.4 crore annual revenue and net profit in FY24 ₹197.2 crore, according to the latest available company records. Premium athletic wear brand Lululemon, known for its yoga pants, will also start selling in India next year through Tata Group’s e-commerce initiative Tata CliQ.
Star athletes also launch brands; This month, cricketer Sachin Tendulkar launched his Ten X You initiative with nearly $3.5 million in funding from Surge, which is owned by VC firm Peak XV.
Puma India for calendar year 2023, which is the latest period for which such data is available. ₹3,262.08 crore, up 10.5% ₹2,953.35 crore in the previous year, according to data tracker Tofler. Their spending grew faster: 14.8% ₹3,257.53 crore reduced profit ₹17.28 crore against ₹140.12 crore in 2022.
