Sportswear brand to announce successor soon as Balagopalan relocates to Germany
Karthik Balagopalan has resigned as Managing Director of Puma India to focus on family priorities in Germany, the sportswear company said in a statement on Monday.
“Karthik Balagopalan has decided to leave Puma and has stepped down as the Managing Director of Puma India to focus on family priorities in Germany. We will officially announce the successor soon. We wish Karthik all the best,” the company stated.
Balagopalan, who took charge as Puma India’s Managing Director in May 2023, had previously served as Global Director of Retail and ecommerce, overseeing the brand’s Direct-to-Consumer business worldwide. He joined Puma in 2006 and has since held multiple leadership roles in retail operations and business development, both in India and globally.
His appointment followed the exit of Abhishek Ganguly, who had helmed Puma India for 17 years and served as Managing Director since 2014. Ganguly departed to pursue entrepreneurial ventures, eventually founding Agilitas Sports in mid-2023 along with former Puma India executives Atul Bajaj and Amit Prabhu
Under Balagopalan’s leadership, Puma India strengthened its retail footprint and continued to solidify its position as one of the country’s leading sportswear brands. Puma said a formal announcement regarding its successor will be made soon.
From Rs 1,413 crore in 2019, Puma India’s revenue jumped to Rs 2,044 crore in 2021, then Rs 2,980 crore in 2022, before reaching Rs 3,274 crore in 2023. This represents a 145 per cent growth over just four years. Puma India operates an extensive retail network across the country. As of mid-2025, the brand had approximately 447 stores spread across 33 states and territories.
