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Friday, Aug 16, 2019

Steve Smith earns around Rs 60cr courtesy 2005 investment

According to a report, Smith has turned an investment of $100,000 in mattress retailer Koala Mattress, into a windfall of $12.1 million

cricket Updated: Aug 15, 2019 16:04 IST
Indo Asian News Service
Indo Asian News Service
Melbourne
Australia's Steve Smith during nets
Australia's Steve Smith during nets (Action Images via Reuters)
         

Former Australia captain Steve Smith has not only made a remarkable comeback to Test cricket scoring twin centuries in the first Ashes Test to lead his side to an emphatic 251-run win over England in Birmingham, but has also had a windfall of sorts off the field.

According to a report in news.com.au, the 30-year-old has turned an investment of $100,000 in mattress retailer Koala Mattress, into a windfall of $12.1 million.

The report quoted The Australian Financial Review (AFR) according to which the company, in which Smith dropped the investment for 10 per cent in July 2015, has build a customer base of 200,000 and is valued at $150 million.

“I remember telling his manager and his parents that could happen when he invested,” Koala co-founder Mitch Taylor said.

Smith, who is also Koala’s brand ambassador, has earned more from his investment in the company than from cricket altogether.

The AFR’s Young Rich List is set to value Smith at about $31 million when the list is released in October.

Smith, who was banned for an year for his involvement in the Sandpaper Gate fiasco, has met with success both on and off the field.

First Published: Aug 15, 2019 16:03 IST

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