German footwear and apparel major Puma on Thursday said it has appointed its Global Director of Retail and e-Commerce Karthik Balagopalan as the new Managing Director for India.
Balagopalan (42) will replace Abhishek Ganguly, who worked for Puma's Indian business for 17 years and has been the Managing Director of Puma India since 2014.
He will report to Puma CEO Arne Freundt and will be based in Bengaluru.
Ganguly leaves Puma to pursue a career as an entrepreneur in his own venture, said a statement.
"Karthik will start in his new role on August 1, 2023. Abhishek will remain at Puma until the end of August to ensure a smooth transition," it added.
Freundt said: "India is a vibrant market, where Puma has been the No. 1 brand for many years. With the appointment of Karthik, we will write the next chapter of this very successful story".
He also thanked Ganguly for his contribution over the past 17 years and wished him for his future as an entrepreneur.
Balagopalan has been with Puma since 2006. Prior to leading Puma's global DTC business, he held management positions in retail operations and business development.
During Ganguly's leadership, Puma witnessed multi-fold growth - from being a Rs 500 crore company to Rs 2,980 crore in 2023 - outpacing rivals such as Adidas, Nike and Reebok.
Puma sales in India are now more than the combined sales of three rival multinationals - Adidas, Nike and Reebok.
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