Bollywood sensation Ranveer Singh has ventured into the world of investments by making a strategic move in the audio wearables industry. The actor, known for his dynamic performances and vibrant personality, has chosen to invest in the popular audio wearable brand boAt. In a dual role, Singh has not only become a key stakeholder in the brand’s future but has also been appointed as the official face of boAt’s audio products.
The exact amount of Singh’s investment has been kept under wraps, adding an element of suspense to the development. However, the impact of this collaboration is expected to reverberate positively in the audio wearables market.
Aman Gupta, Co-founder and CMO of boAt Lifestyle, expressed enthusiasm about having Ranveer Singh on board. Gupta highlighted the alignment of Singh’s infectious energy and passion for music with boAt’s core values. He emphasized that Singh’s investment and strategic involvement serve as a validation of boAt’s mission to revolutionize the audio experience in India. Gupta envisions the collaboration pushing boundaries, redefining sound, and fostering a community thriving on passion and innovation.
As part of this strategic partnership, Ranveer Singh will be featured in an upcoming campaign for ‘Nirvana’—boAt’s sub-brand that offers premium audio products. This move is expected to leverage Singh’s star power to enhance the visibility and appeal of boAt’s premium audio range.
Singh’s multifaceted involvement in boAt extends beyond being a brand ambassador. He assumes a significant role as a key stakeholder, suggesting a deeper commitment to the brand’s long-term success. This level of engagement from a celebrity of Singh’s stature underscores the brand’s influence and the potential for synergies in the collaboration.
boAt Lifestyle, recognized for its stylish and innovative audio products, has experienced substantial success in the market. In the financial year 2022-23, the brand achieved its best-ever revenue, reaching an impressive figure of Rs 3,377 crore. Despite facing challenges, including the impact of the COVID-19 pandemic, boAt’s revenue growth has been commendable.
However, the fiscal year 2022-23 also brought about a change in the company’s financial narrative. Although boAt had maintained profitability for eight consecutive years since its inception, the latest fiscal year saw a reported loss of Rs 129.4 crore. This deviation from the profit trend was attributed to increased business development and advertising costs. The company’s revenue growth in FY23 moderated to around 18% year-on-year, a shift from the remarkable 133% average revenue growth witnessed in the previous three fiscal years.
The decision to bring Ranveer Singh into the fold seems well-timed, injecting new energy and market resonance for boAt. The actor’s popularity, especially among the youth demographic, aligns with boAt’s target audience. By associating with Singh, boAt aims to tap into his mass appeal and connect with a broader consumer base.
In the backdrop of these developments, Imagine Marketing Limited, the parent company of boAt Lifestyle, has recalibrated its plans for an initial public offering (IPO). Initially contemplating a public share sale, the company decided to postpone the IPO due to fluctuations in the stock market. The latest indications suggest that Imagine Marketing Limited is now eyeing the financial years 2025-2026 for the anticipated IPO, aiming for a more stable market environment.
The entry of Ranveer Singh into the boAt family not only adds a star-studded touch to the brand but also opens avenues for new marketing strategies and collaborations. As the actor assumes a pivotal role in shaping the brand’s future, industry observers are keenly watching the trajectory of this partnership and its impact on boAt’s market presence and consumer engagement.
In conclusion, Ranveer Singh’s investment in boAt marks a significant development in the audio wearables sector. The collaboration is poised to bring together the charisma of a Bollywood superstar and the innovation of a dynamic brand, creating ripples in the competitive audio products market.
