MS Dhoni’s brand value has shot up in the last few years after his Test retirement something that was not really on the cards.
Dhoni giving up captaincy has provided brands with the feeling that he may quietly go away from the sport in the near future and want to cash in on his fandom while he is still wielding that magic willow for India.
Indigo Paints have signed up MS Dhoni as their brand ambassador for the next 3 years.
We are a relatively young company, but are growing at a brisk 40-45% CAGR over the last 10 years. Now, we are looking at further strengthening our brand and Dhoni was the perfect choice,” said Hemant Jalan, managing director at Indigo Paints, as quoted by ET.
Indigo Paints is a new brand in the paint industry and wants to challenge other players in the coming years. The MD feels that their journey is similar to that of Dhoni, who carved a place for himself despite coming from a small town like Ranchi.
“We feel that his persona is an excellent fit for our brand,” Jalan added.
Dhoni echoed the same feelings, saying that he relates with the brand and wants to do something for it to take off in the Indian market.
“Reminds me of my early days, and would be glad to help the brand reach great heights,” Dhoni said
Indigo Paints are planning a Rs 200-24- crore spent with Dhoni and will break that into the next 3 years.
“We have been spending 8-9% of our annual sales on advertising. We plan to spend Rs 200-240 crore over the next three years on the same,”
“We are very small if you see overall market. But, in Kerala, we are the third largest paint company. We have entered Punjab, Maharashtra, Tamil Nadu, Karnataka and Gujarat fairly recently,” Jalan said.