Sachin Tendulkar-backed celebrity fashion brand company, Universal Sportsbiz has increased revenue while cutting losses.
Universal Sportsbiz (USPL) has seen a revenue increase by over 75% in the financial year 2016-17 to Rs 107 crore from Rs 60 crore the year before, while keeping losses under control.Losses increased from Rs 22 crore to Rs 27 crore in the same period. It was able to keep its marketing costs at about 15% of total expenses. Some of the biggest expenses for the company came from stock-in-trade inventory and employee benefits.
It expects revenue of Rs 160 crore this year, and aims to touch Rs 1,000 crore by 2021. “Our growth has been controlled while reaching economies of scale,” Chief executive, Anjana Reddy said.
Initially focused on sports memorabilia, USPL is among the few home-grown companies with a significant presence in the multi-billion dollar celebrity fashion lines business. It collaborates with cricketer, Virat Kohli for the brand Wrogn, actor Shraddha Kapoor for Imara and Kriti Sanon for Ms Taken.
The company also sells celebrity fashion accessories and merchandise on online platform Collectabillia.
Earlier in November 2017, US-based venture capital firm, Accel Partners had invested about $15 million (Rs 100 crore). USPL used the funds to expand its product portfolio and retailing capabilities and to enhance its geographical reach.
According to Neelesh Bhatnagar, owner of Dubai-based NB Ventures and a strategic partner in USPL, “USPL has a high brand recall with the youth, establishing a strong base for rapid growth”.