1 min read.Updated: 27 Jan 2021, 04:57 PM ISTLata Jha
RIL had formed an equal joint venture with IMG Worldwide, an international sports marketing and management company, in 2010 and last month it agreed to buy out the latter's 50% stake for ₹52.08 crore in cash
New Delhi: Reliance Industries Ltd. on Wednesday announced the rebranding of its sports and lifestyle business IMG Reliance Ltd to RISE Worldwide Ltd. This is in line with Reliance's plan to venture out on its own after buying out its partner IMG Worldwide in December.
RISE Worldwide will continue to drive the full portfolio of brand properties formerly owned and operated under the banner of IMG-Reliance Ltd. RIL had formed an equal joint venture with IMG Worldwide, an international sports marketing and management company, in 2010 to develop, market and manage sports and entertainment in India. Last month, it agreed to buy out IMG Worlwide’s 50% stake for ₹52.08 crore in cash.
The transition to an independent brand identity is aimed at enabling various verticals currently within the sports and lifestyle businesses an autonomy to operate and create industry driving strategies and world class consumer experiences, as it focuses on further investing in the segment, the company said in a statement.
The RISE Worldwide portfolio includes sports and sponsorship consulting, fashion and sustainability platform building, athlete talent management, licensing, broadcast production, lifestyle and entertainment with properties such as Hero Indian Super League, Lakme Fashion Week, Tata Open Maharashtra, Jio Wonderland, The Voice of Fashion, SU.RE Sustainable Resolution and others.
“RISE Worldwide aims to provide a comprehensive solution to the sports, lifestyle and entertainment industries as one inclusive force creating a symbiotic ecosystem that engages in nation building by inspiring the youth through our various initiatives," a RISE Worldwide spokesperson said in a statement.
The company’s athlete talent management division includes cricketers such as Rohit Sharma, Hardik Pandya, Jasprit Bumrah, Shikhar Dhawan, Shreyas Iyer, and Krunal Pandya. The sports sponsorship and consultancy division represents brands like Dream11, boAt, BKT Tires etc in India and abroad.
The company was selected to exclusively market the global virtual inventory of the recently concluded Indian Cricket Team’s tour of Australia. Equipped with a broadcast production setup, it is also looking at engaging in sports production contracts across the world.