Following India's impressive show at the Tokyo Olympics, brands are chasing the medal-winning athletes for long-term brand endorsement deals. Forbes India has reported that brands are making a beeline for star athletes like Neeraj Chopra, PV Sindhu, Bajrang Punia, Mirabai Chanu, among others, as told to them by a PR agency.
These endorsement deals are also expected to run till the 2024 Paris Olympic Games. Brand-strategy expert Harish Bijoor, told The Forbes
: "The world of brand endorsements is a lot more secular to the sport of every kind today than it was yesterday when the value of an Olympic star would dip three months after. Yesterday it was a besottedness with cricket. Today there is a wee bit of an acceptance of more. Keeping this in mind, brands from every realm, be it FMCG, durables, startups, eCommerce, auto and more will show interest in our Olympic stars."
Mirabai Chanu at Tokyo Olympics
Javelin thrower Neeraj Chopra, who won India's only individual Olympic gold after shooter Abhinav Bindra, has signed deals by Gillette and MuscleBlaze. Whereas wrestler Bajrang Punia, who won the bronze medal, will now be the face of brands like Asics, Optimum Nutrition, Thums Up, among others. Both Chopra and Punia have recorded a 12x spike in their endorsement fees. All their endorsements deals have been negotiated to Rs 2.5 crore and more.
Weightlifter Mirabai Chanu drew the attention of Domino's Pizza after she won the silver medal in Tokyo, when the company promised her free pizza for life. As per the Forbes India report, Chanu has come on board with Amway India, Adidas, Mobil Engine oil and her current endorsement fees are being valued at Rs 1 crore, a spike of 10x.
Ace shuttler PV Sindhu, who became the first Indian woman to bag two Olympic medals, previously worked with brands across various categories such as VISA, Bank of Baroda, Stayfree, and Bridgestone India. Her current endorsement fees ranges between Rs 3 to 5 crore.