Outgoing Three Top Puma India Executives Set Up Agilitas Sports, Raise Rs 430 Crore
Agilitas Sports is a sportswear and athleisure solutions platform that aims to invest in the core fabric of the Indian sports ecosystem, the statement said.
Three outgoing top management officials of Puma India, including Managing Director Abhishek Ganguly, announced on Monday the launch of an entrepreneurial venture called Agilitas Sports and their plan to raise Rs 430 crore.
The other two are Atul Bajaj, executive director, sales and operations of Puma India, and Amit Prabhu, chief financial officer of Puma India.
Agilitas Sports is a sportswear and athleisure solutions platform that aims to invest in the core fabric of the Indian sports ecosystem, according to the statement.
The funds advised by Convergent Finance LLP, an investment management and advisory partnership led by Harsha Raghavan, have invested Rs 400 crore, and Rs 30 crore have come from individual investors, it added.
Ganguly said, "Agilitas Sports aims to disrupt and redefine the sportswear industry by seamlessly integrating innovation and technology across the product value chain from the factory floor to the retail shelf."
"With a hyper-focus on customer experience and customer-centricity, we endeavour to build meaningful communities in the Indian sports and sportswear space and be a catalyst towards a fit and athletic India," he added.
Harsha Raghavan said, "With the amazing new opportunities in India's sportswear market given our nation's focus on fitness as well as 'Made in India', we believe that Agilitas represents the next step in the evolution of India's consumer story. Convergent will work with Agilitas in the areas of operations, capital allocation, and long-term business strategy.' Currently, sports footwear accounts for 16% of the overall footwear market and is the fastest-growing segment.
Its share is trending towards the global averages of over 30% in emerging markets and 50% in mature markets.
'At the same time, the current total footwear market of approximately Rs 11,000 crore is projected to grow at about 13% compound annual growth rate up to 2030,' it said.
Last week, German footwear and apparel major Puma announced the appointment of the company's Global Director of Retail and e-Commerce, Karthik Balagopalan, as the new Managing Director for India.
Balagopalan (42) will replace Ganguly, who worked for Puma's Indian business for 17 years and has been the Managing Director of Puma India since 2014.
Ganguly will remain at Puma until the end of August to ensure a smooth transition, it added.