Seven, a footwear and apparel brand, partly owned and endorsed by star cricketer MS Dhoni has grossed more than $2.5 million in the first three months of its operations since its inauguration in February.
The company is targeting a turnover of $10 million in the domestic market and $ 3-4 million from international markets by the end of this fiscal, Arun Pandey, Chairman of the Rhiti Group, that partially owns the brand, told the Economic Times.
Pandey is Dhoni's close friend and business partner in this new retail. While, Dhoni owns the footwear side of the brand, Pandey's RS Seven Lifestyle, which is part of the Rhiti group, owns the apparel and accessories business.
Dhoni, however, is the brand ambassador for both the branches. In the first three months between April and June 2016, the footwear business contributed 56.5% to the turnover while the rest was from apparel and accessories.
"Today's generation has begun to embrace a much more active and health-conscious lifestyle. Seven addresses this value gap in the market," said Dhoni.
Pandey said they would be investing in setting up company-owned retail stores across key metro markets by the year-end. The company is now readying to hit international markets over the next two months.
Commenting on the alleged issue of delayed payments to Dhoni by Australian sports goods manufacturer Spartan Sports, Pandey said they were in talks with the company but could seek legal recourse if the matter was not sorted out.
"We are trying to sort out the issue but if it continues like this, we will have to look at legal options," he said
The issue pertains to a three-year sponsorship deal in 2013 under which Dhoni was to sport Spartan's logo on his bat, gloves and pads. For the endorsement, he was to get Rs. 10-12 crore annually uptill 2016. Since 2013, only four installments have been paid to him, and the company has been defaulting time and again, sources requesting anonymity said. (SH)
Fibre2Fashion News Desk – India