Javelin hero Neeraj Chopra may have failed to defend gold and settled for a silver at the just concluded Paris Olympics but that hasn’t taken the shine off the 26-year-old athlete’s endorsement portfolio, which is expected to grow around 50 percent this year.
The list, which includes global brands such as American sportswear company Under Armour and Swiss luxury watchmaker Omega, will soon see new additions, probably making him the highest earner among sportspersons outside cricket.
"Neeraj already has a very strong portfolio which comprises 21 brands across 24 categories. Currently, we are talking to about six to eight brands to discuss endorsement," said Divyanshu Singh, Chief Operating Officer (COO) of JSW Sports, the company that manages Chopra’s portfolio.
India found a new sporting hero in Chopra when he won the country its first athletics gold at the Tokyo Olympics in 2020, catapulting him into the big brand league. From the Olympics to world championships, Chopra has smashed records on his way to the top, making him a favourite endorser with a portfolio of 21 brands across categories.
Also read: Manu Bhaker hits the bullseye as brands vie for her after Olympic wins
His endorsement portfolio is estimated to reach 32-34 names by the end of this year, bigger than that of several top cricketers. Former Indian men T20I captain Hardik Pandya has a portfolio of 20 brands, with a deal fee of Rs 2.5 crore a name.
Up, up and away
Until last year, Chopra's brand value stood at $29.6 million and he jumped to rank 21 from 23 on the list of most valuable celebrities, according to an analysis by valuation advisory services, Kroll. He recorded a brand value of $26.5 million in 2022.
JSW Sports' Singh expects Chopra's brand value to increase further by 40 to 50 percent.
"We are seeing a jump in his brand value by close to 40 to 50 percent but he's already got a very, strong foundation, which will only get better from here," Singh said.
The Olympic medallist’s endorsement fee is also expected to increase.
"His endorsement fee has seen a 40 to 50 percent jump. Until about last year, he was doing all his endorsements at about Rs 3 core per year. Now that number would touch about Rs 4 to 4.5 crore per year, and that's the kind of growth we are seeing," Singh said.
Also read: Smitten by success: Record medal haul in Tokyo brings more sponsors for para athletes in Paris
The signings are only long-term deals. "In the case of Neeraj, we don't do any short one-year deals. All his endorsements are done multi-year, from a two-to-three-year perspective, because he's young and only 26 years old. He has two Olympic medals with him. So, the kind of brands that are associating or partnering with him are also reflecting that sentiment."
The track and field athlete's brand mix includes global and luxury brands. "What makes his portfolio more inspiring is some of the international and global brands that he has like Omega, Gillette, Samsung and Visa. So, all these are top international Olympic sponsors. He's already a history maker but I think after winning the silver, he has cemented his place as the most decorated Indian athlete of all time," Singh said.
Also read: Beyond the ring: Vinesh Phogat to remain a brands darling despite Olympic fiasco
Select picks
While his endorsements are growing with more brand sign-ups, Singh and his team are selective about the products he endorses.
"We are very selective in the case of Neeraj Chopra. He must be one of the only few athletes in India who's not doing anything in alcohol, who's not doing anything in betting, who's not doing anything in fantasy (gaming). He doesn't do any unhealthy foods and drinks. And that's something which reflects in his 24-plus brand roster, and we'll continue to do that," the JSW Sports COO said.
Also read: T20 Victory: Bumrah's bowling, Kohli's charisma to make brands fall for Men in Blue again
While cricket has the lion's share in sports endorsements, star athletes like badminton ace PV Sindhu and Chopra are driving the endorsement market for emerging sports.
Endorsements in emerging sports stood at Rs 117 crore ($14 million) in 2023, up seven percent, a report by GroupM ESP, the entertainment and sports division of the WPP subsidiary, has said. Emerging sports contributed 13 percent to the total sports endorsement market of Rs 927 crore in 2023.
The report said Olympic sports could contribute more to the endorsement pie in 2024 and beyond. "In view of all these factors, we will soon be leaving the Rs 1,000-crore mark behind us as our athletes move forward in their onward journeys," the report said.
"We have a long-term partnership with Neeraj and we endeavor to inspire young athletes and fans through Neeraj's story of determination," said Tushar Goculdas, Managing Director, Underdog Athletics, India distributor and licensee for Under Armour.
With Neeraj as their flagship athlete, the brand said that it will continue to engage with budding talent, across sports disciplines.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
