Puma India Appoints Ex-Benetton Chief Ramprasad Sridharan as MD

Puma India has named Ramprasad Sridharan, the former head of Benetton India, as its new managing director. The change comes right after Karthik Balagopalan left the job on October 28, 2023, to be with family in Germany.

Sridharan ran Benetton India from June 2021. Before that, he spent more than 20 years in retail and fashion, working with brands like Clarks and L’eros Fashions across Asia-Pacific and the UK. Benetton quickly replaced him with Nikhil Upadhye on October 16, 2023.

The move is big for Puma. Last year, the company made ₹3,262 crore in revenue—up 10.5%—but profits crashed 88% to just ₹17 crore because costs shot up. It’s up against tough rivals like Adidas (where Vijay Chauhan became CEO in August 2023), Skechers, Decathlon (which earned ₹4,066 crore in FY24), and soon Lululemon through Tata Cliq. Even local players, like Sachin Tendulkar-backed Ten X You, are jumping in.

• Puma India names ex-Benetton CEO Ramprasad Sridharan as new Managing Director
• Ramprasad Sridharan joins Puma India as MD after leading Benetton’s India business
• Puma India appoints retail veteran Ramprasad Sridharan to drive next growth phase

Industry observers view Sridharan's hire as a savvy bet on seasoned leadership. "The rapid pace of innovation and disruption is driving complex business models, making it crucial for CEOs to navigate evolving stakeholders," noted Pakhi Saxena, partner at executive search firm Accord India. An anonymous executive echoed the sentiment: "For new management, challenges abound—from securing shelf space to branding in this dynamic retail landscape."

Puma has had a bumpy ride lately. It ended its deal with Virat Kohli, and former India head Abhishek Ganguly left in 2023 to start Agilitas Sports. Other big shifts in the industry include Amisha Jain joining Arvind Fashions and Manish Kapoor moving to M&S India.

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India’s sportswear market is worth $6.7 billion now and expected to reach $10 billion by 2030, says KPMG. With Sridharan in charge, Puma hopes to stay fast on its feet and grow stronger in this crowded race.