Online fashion portal Yepme sponsors West Indies cricket team for Rs 30 crore
Online fashion portal Yepme has reportedly sponsored the West Indies team for the ICC Cricket World Cup 2015 in a bid to increase its brand reach and customer base.
The campaign will reportedly cost Yepme about Rs 30 crore and is the brands second big move in marketing after roping in Bollywood star Shah Rukh Khan as its brand ambassador in December last year, reports the Economic Times.
"Since we are planning to expand our merchandise internationally, this move massively helps us improve our viewership and branding," Sandeep Sharma, Co-Founder and COO at Yepme.com was quoted in the report as saying. "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 undisclosed Yepme investor told the Economic Times. The investor also added that the number of online searches have also doubled to about 1 lakh.
Sales through partnership sites have also reportedly gone up after the last tie up. 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.
Launched in August 2011, Yepme now delivers close to 500,000 units to its customers every month. 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.
According to the report, 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.