Virat Kohli passed on a Rs 300 crore Puma deal extension. He is instead backing Abhishek Ganguly’s Agilitas Sports, a new Indian sportswear brand. This challenges the decades-long dominance of global giants like Puma and Adidas in a ~$10 billion Indian market.
How We Got Here
Abhishek Ganguly led Puma India from 2005, growing its revenue past Rs 2,000 crore by 2023. He established Puma's Indian presence using only $20 million in equity capital to build a $400 million business.
The Numbers
- Puma India eventually became bigger than Nike and Adidas combined in the country.
- Ganguly founded Agilitas after noting global headquarters' meeting rooms lacked Indian city names like New Delhi or Bangalore.
- Agilitas aims to build a global brand from India, not for India, avoiding the "cheaper alternative" positioning.
- Indian consumers now spend Rs 5,000-6,000 on shoes, with sneaker culture leading to individuals owning up to 400 pairs.
- Indian retail evolved from limited offline to mono-brand stores, ecommerce, and now quick commerce, broadening access.
What Happens Next
🇮🇳 Why This Matters for India
For aspiring Indian D2C brands, particularly in sectors like apparel and lifestyle, Agilitas demonstrates a viable path to premium positioning beyond cost arbitrage.
The Take
What's being missed here is Ganguly's capital-efficient playbook, building a $400 million business with only $20 million equity at Puma. That low-burn approach, applied to a premium Indian D2C brand, makes Agilitas a real threat to global incumbents.
Source:
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