Via NESN:
Maria Sharapova has about a bajillion dollars in tennis tournament earnings and endorsement deals, but that hasn’t stopped her from earning even more money in the always lucrative candy business.
Sharapova’s candy line, the aptly named “Sugarpova,” was released in August. She celebrated that release by playing beer pong with Jimmy Fallon, and her next celebration may need to include some champagne.
Bloomberg reports that the Sugarpova line has been wildly successful, despite investing little in advertising and despite a somewhat steep price tag on each bag of candy.
Bloomberg reports that the candy line is expected to sell 1 million bags in a year, with Sharapova earning up to $1.10 per bag, with the candy flying off the shelf at $5.99 per bag.
“We don’t really have a big budget for marketing and advertisement,” Sharapova said, according to Bloomberg. “So it’s pretty incredible that the awareness that it has so far is where it is.”
It’s a savvy business move tapping into the gummy candy market, which is apparently worth $28 billion per year.
Original Story:
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January 11, 2013
