BENGALURU: Fashion portal Yepme has sponsored the West Indies team for the ICC Cricket World Cup in a bid to increase its brand reach and customer base. The campaign, which will cost Yepme, about Rs 30 crore ($5 million), is its second big move in marketing after roping in Bollywood star Shah Rukh Khan as its brand ambassador in December.
“Since we are planning to expand our merchandise internationally, this move massively helps us improve our viewership and branding,” said Sandeep Sharma, co-founder and COO at Yepme.com. “A commercial may be carried only in India but sponsoring a team ensures reach to all geographies.”
According to Yepme investors, after the Shah Rukh Khan tie-up and subsequent launch of a television campaign with him in December, the brand’s sales have doubled.
“In December, Yepme expected about Rs 16 crore in GMV (gross merchandise value), up about 90% from November,” a Yepme investor said. The number of searches have also doubled to about 1 lakh, this investor added.
“Sales through partnership sites have also gone up after the last tie up,” another person said. According to Sharma, the company will record revenue of $6 million for March. Next year, it targets to reach $130 million in annual revenue. Sharma expects the West Indies sponsorship to take the company’s revenues to the next level.
Online retailers are increasingly betting on their private label high margin brands to boost revenue and profitability. Apparel is the fastest growing category in e-commerce. Last year, online fashion portal Myntra roped in Bollywood star Ranveer Singh to be the brand ambassador for its in-house range of casual wear, called Roadster, and Kangana Ranaut for its women’s western wear brand, called Dress-Berry. The year before that, Myntra teamed up with Hrithik Roshan for HRX brand.
Yepme which sells apparel, watches, spectacles and footwear, has so far raised about $40 million of venture funding from Helion Ventures, Capricorn Investment, Eric Semler’s TCS Capital and Jonathan Soros-backed JS Capital. The company has begun its roadshow to raise $100 million in funding. It has spoken to Japan’s Softbank and New York based hedge fund Tiger Global.
SOURCE: THE ECONOMIC TIMES