India’s two-time Olympic medalist PV Sindhu has set her eyes on the Paris 2024 Olympics and brands are not missing this opportunity to cash in on the marketing opportunity.
While the athlete faced some ups and downs on the field, she has been able to make a comeback in the top 10 BWF World rankings, which is acting as a catalyst for the expansion of her brand portfolio.
"In the light of Sindhu’s upsurge in the rankings we are optimistic about the brands acknowledging her as a valuable ambassador for their products and services. We have a strategic plan in place to finalise several new deals by the end of 2023. Notably, between April and September, we successfully secured three new brand partnerships while renewing an existing partnership," said Jogesh Lulla, Co-founder and COO, Cornerstone Sports and Entertainment, the firm that manages the brand portfolio of PV Sindhu.
He added that the on-field performance is what drives the upward trajectory. "Given her wealth of experience at the highest level and with the Olympics next year (2024), there is an exciting 12 months ahead of us. She is also the only female athlete to win a medal in 2 consecutive Olympics and we are confident she will get a third next year. An athlete of this caliber is not easily forgotten."
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The athlete who endorsed about 10 endorsements at the end of 2020, has seen her brand value increasing from $12 million to $26.5 million in 2022, according to Kroll’s Celebrity Brand Valuation Report 2022.
Uptick in fortunes
"PV Sindhu currently boasts multiple brand endorsements, and our team is actively engaged in negotiating new partnerships. She has 12 brands associated with her currently and a couple more on the verge of closure," Lulla said.
He said that PV Sindhu's journey has been nothing short of extraordinary, especially when we consider her BWF World rankings. "Post her CWG (Common Wealth Games) injury, it's been a privilege to witness her comeback and consistently maintain her position as one of the world's top badminton players. And in the light of Sindhu’s upsurge in the rankings we are quite optimistic about the brands acknowledging her as a valuable ambassador for their products and services."
Spinny, Bank of Baroda, Asian Paints, and Bridgestone India are some of the brands that PV Sindhu endorses.
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In 2022, PV Sindhu was among the top endorsers in the new-age companies category, according to the report cited above.
"The diversity of categories in PV Sindhu's brand endorsements may undergo changes influenced by her personal preferences and the brands that express interest in collaboration. Our approach is keeping PV (Sindhu) at the center and aligning brands that resonate with her values and passions, as well as those with a long-term vision," Lulla said.
Women atheletes gain ground
Brand experts say that the two favorite Olympic athletes for brands continue to be Neeraj Chopra and PV Sindhu due to their stature and global popularity.
Some big jumps that PV Sindhu has seen over the years in her brand value includes a 25 percent to 50 percent jump in her endorsement fees after she bagged a gold at the World Badminton Championship 2019. Her endorsement fees ranged between Rs 1.2 crore and Rs 2.25 crore. Lulla did not disclose Sindhu's current endorsement charges and said that "athletes' endorsement fees fluctuate on multiple parameters that aren't constant, hence giving specifics would be difficult."
While Sindhu is one of the highest paid women athletes in India in terms of brand deals, other women sportspersons are striking the right note with brands.
"The increasing practice of brands appointing female athletes as their ambassadors is a commendable development. Female athletes, like those in the Women's Premier League (WPL), are achieving remarkable success and gaining prominence, prompting businesses to acknowledge the significance of diversity and engage with these accomplished players. This trend not only empowers women in sports but also mirrors the evolving landscape and heightened inclusivity in the sports marketing industry," Lulla said.
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