Is Virat Kohli’s move to Agilitas a new dawn for athletes in Indian business?

When Virat Kohli, one of India's most iconic athletes, parted ways with PUMA after an eight-year partnership, it wasn’t just another exit. Instead of chasing the next endorsement deal, Kohli took an unexpected turn by investing in Agilitas Sports, a homegrown athleisure startup.

Kohli, who had surpassed MS Dhoni to become India’s most valuable celebrity brand (according to Duff & Phelps), is also a global business force. In fact, Forbes had named him one of the highest-paid athletes in 2018, and by 2025, his brand value was projected to surpass that of icons like Lionel Messi, Rory McIlroy, and Stephen Curry, reaching $14.5M.

So when Kohli chose to walk away from a reportedly ₹300-crore renewal deal with PUMA, the sports world definitely took notice. This move indicates a bigger shift in the landscape, one that sports marketing experts have picked up on. They tell us why this move is more than just a shift in endorsement deals, and what it could mean for the future of Indian athletes in business.

From endorsement to ownership

Kohli’s move is part of a broader trend where athletes are shifting from traditional endorsement deals to becoming active participants in brand creation and ownership. For decades, the relationship between athletes and brands was transactional: a hefty cheque in exchange for visibility. But the tides are turning, with athletes like Kohli opting to take charge by becoming active stakeholders in brand-building.

Talking about this shift, Mazhar Gadiwala, VP – Sports at Togglehead, said, “We’re witnessing a tangible shift in the athlete-brand dynamic. It’s no longer just about being the face of a product—it’s about ownership and co-creation. Virat Kohli’s latest pivot echoes this trend—he's not just the poster boy anymore; he's a stakeholder in how the brand grows. Athletes are building legacies, not just campaigns.”

Independent sports advisor Tenzing Niyogi echoed this, sharing that today’s athletes are “building brands, not just endorsing them.” 

This move isn’t just a trend in India; it’s part of a broader global shift where athletes are increasingly involved in the brands they represent, playing an active role in their growth and direction.

On the global stage, athletes like Roger Federer, LeBron James, Naomi Osakaa and Cristiano Ronaldo have already altered the way athletes engage with brands.

Federer didn’t just endorse the Swiss brand On but co-created the ‘THE ROGER’ line, which propelled the brand to an IPO in 2024, according to On Holding AG Annual Report. 

LeBron James, through his partnership with Nike, didn’t just lend his name to their products but co-created the 'LeBron' line of sneakers, a key factor in Nike’s global dominance in basketball footwear. His collaboration transcended typical endorsement, with James also leveraging his influence to launch the 'Uninterrupted' platform, where athletes take control of their narratives, shifting the conversation about athlete engagement and empowerment.

Cristiano Ronaldo, with his CR7 brand, took ownership of his image. He’s not just associated with his sponsorships but is the face of his own clothing line, fragrance, and footwear, all of which reflect his personal brand of excellence. 

Naomi Osaka, through her Niji Sports agency, took a similar approach by stepping into an entrepreneurial role. Instead of just endorsing products, she now represents the interests of athletes of color, aiming to make a meaningful impact on representation and equality in sports.

Furthermore, Niyogi shared examples like Serena Williams’ Serena Ventures, which has invested in over 60 startups, and Steph Curry’s SC30 Inc, which facilitates ventures into production, tech investments, and brand partnerships. He also shared that LeBron James turned down a $15M endorsement deal with Reebok early in his career to prioritise long-term equity opportunities.

“And now Virat Kohli joins this elite group while rejecting a $35M Puma extension to sign with Indian startup Agilitas,” Niyogi added. “This marks a significant shift from the traditional brand partnerships model, where athletes were seen merely as spokespeople, sharing their name and image with a product in exchange for lucrative but mostly short-term deals.” 

Kohli’s Agilitas move is more than just an investment

Virat Kohli’s decision to reject a significant deal with a well-known international brand like PUMA reflects his desire to be part of something more meaningful and aligned with India's growing interest in homegrown, authentic businesses.

Adding more layers to why Kohli walked out of Puma’s deal and chose Agilitas, Gadiwala said, “Kohli isn’t just betting on a product; he’s betting on Abhishek Ganguly and a proven pedigree of brand-building. Agilitas offers Kohli both purpose and platform. More than anything, it offered him creative and strategic control over the One8 brand, with plans to scale globally through standalone One8 stores. It’s a classic “built-in-India-for-the-world” story, and for an athlete who’s redefining post-career legacy, that’s a compelling play.”

Niyogi believes Kohli's move could become the “Jordan moment” for Indian sports business.

Michael Jordan’s partnership with Nike in co-creating his Air Jordan line turned him into a global business icon, paving the way for athletes to play a significant role in brand creation. Even though Jordan hasn’t played in decades, his shoes continue to sell out globally, showcasing the lasting power of athlete-driven brands.

Niyogi said, “The future is about building legacies. Kohli’s investment ensures instant consumer trust for Agilitas, reshaping the competitive landscape dominated by Nike, Adidas, and Puma.”

Agilitas isn’t any other startup story either. With the acquisition of Mochiko Shoes (India’s largest sports footwear manufacturer) and a ₹600 crore fundraising within a year, it positioned itself as a serious player in India’s sportswear market, expected to cross $20 billion by the decade’s end.

Kohli’s pivot to Agilitas not only reshapes the narrative for homegrown brands but also leaves a noticeable gap for the global giant he walked away from.

Filling the Kohli-sized void

For legacy brands like PUMA, the departure of a brand ambassador like Kohli isn't just a marketing setback but an emotional void.

“Athletes like Kohli don’t just sell gear—they symbolise consistency, performance, and emotional resonance,” said Gadiwala. Building back that emotional capital will take years, he pointed out, especially in a hyper-personalised, storytelling-driven brand landscape.

Similarly, Niyogi noted that consumer perception often shifts when a star exits. “When athletes start their own ventures, they’re seen as genuine and mission-driven. Fans today follow people, not products. The ripple effects go beyond business—they impact consumer trust, perception, and loyalty.”

But Kohli’s exit also raises a bigger question: in a world where athletes are building their own brands and identities, are traditional exclusive partnerships still the best way forward?

Is exclusivity past its prime?

Traditionally, athlete-brand relationships have been built on exclusivity, with brands securing athletes' loyalty through exclusive contracts. However, as athletes become more diverse creators and public figures, this model is being challenged. Changing consumer expectations and athletes’ desire for broader opportunities and authentic connections are driving this shift. So, is exclusivity still a strategic necessity in the world of athlete-brand collaborations, or is it becoming an outdated concept?

Neerav Tomar, Managing Director & CEO of IOS Sports, highlighted that athletes with diverse interests may find exclusivity limiting, potentially hindering their overall brand and influence. 

He said, “It can limit an athlete's ability to express their full range of interests and passions, potentially hindering their growth as creators and their appeal to a broader audience. Brands that rigidly enforce exclusivity risk alienating the next generation of athletes who prioritise purpose, diversity and range, along with exploring personal interest.”

Tomar explained that these athletes often seek partnerships that align with their values and allow them to use their platforms for broader impact. 

Brands that are not flexible may miss out on partnering with these influential figures.

- Neerav Tomar

Conversely, Abhishek Sharma, Managing Partner at ISG, argues that exclusivity remains essential for building long-term brand value and cultural legacy. 

Sharma said, “Iconic partnerships like Air Jordan with Nike, Rafael Nadal with Nike, Messi with Adidas, and Virat Kohli’s One8 with Puma demonstrate that when a brand and athlete commit to an exclusive relationship, it goes beyond endorsements to become a deeprooted, strategic alliance.”

He explained that in many of these cases, the deals are not just endorsements but licensing collaborations, where both parties share ownership and vision. This creates a powerful win-win: the brand gains authenticity and loyalty through consistent storytelling, while the athlete builds a longterm business legacy. 

“In the Indian context where sports, especially cricket, holds immense cultural weight such exclusivity offers clarity, emotional resonance, and commercial impact. Rather than being outdated, exclusivity paired with licensing is the most effective blueprint for creating historic, game changing partnerships in sportswear,” Sharma added.

What’s next for Indian sports marketing?

Sharma believes that athletes are no longer content being mere endorsers. 

The future of sports marketing in India is undeniably heading toward a hybrid model, one where athlete-led startups and legacy brands reinventing their partnership structures will coexist and complement each other.

- Abhishek Sharma

He highlighted the growing trend of athletes seeking equity and entrepreneurial influence and at the same time, legacy giants adjusting by offering performance-based and equity-driven deals to retain top talent.

"The convergence of personal branding, entrepreneurship, and evolving consumer behaviour is reshaping the playbook," Sharma said, adding that signs to watch over the next 12 months include a rise in equity-based partnerships, more VC-backed athlete ventures, and structural shifts in how brands engage talent. However, he cautioned, this is a long-term shift, mirroring global patterns across industries like music and cinema, and success will ultimately depend on authentic alignment between brands and athletes.

On the other hand, Tomar believes that more and more athletes are now turning into entrepreneurs, launching their own brands while continuing their sports careers. As a result, many athletes are moving away from traditional brand endorsements and focusing on building their own businesses.

This shift is challenging for legacy brands, who earlier relied on big-name athletes to boost their sales and credibility. Even though these brands have strong, loyal customer bases, a popular athlete’s endorsement still plays a big role in attracting new customers. And while these established brands have the advantage of trust built over time, it’s not always easy for them to compete with the fresh appeal of athlete-led brands.

Tomar feels that athletes and brands shouldn’t see each other as competitors.

He said, “It is only viable for the brands and athletes to work in collaboration with each other. This can include promotion on a limited scope or even partnering together to launch exclusive and new lines of products. 

As the lines between athlete, entrepreneur, and brand ambassador continue to blur, India’s sports marketing landscape is entering a transformative era. For athletes, it’s about building lasting legacies beyond the playing field; for brands, it’s about adapting to this new reality with flexible, purpose-driven alliances. 

As loyalty shifts towards homegrown brands with authentic stories and as digital platforms amplify direct fan engagement, brands that fail to offer athletes a seat at the table might find themselves on the sidelines.

As India’s sporting and entrepreneurial landscape matures, the age of the athlete as merely an endorser is ending, and the era of the athlete as an empire builder is beginning.

News