Lalithaa Jewellery Mart Ltd, a leading South Indian jewellery retail chain, has disclosed a substantial payout of ₹50.28 crore to its Promoter and Managing Director, M. Kiran Kumar Jain, under a brand ambassador agreement during FY 2023–24, according to its Draft Red Herring Prospectus (DRHP) filed with SEBI on June 6, 2025.
This fee marks a significant increase compared to ₹0.90 crore paid in FY 2021–22 and nil in FY 2022–23. The DRHP attributes the spike to aggressive brand promotion via airport ads, TV commercials, and digital campaigns featuring Mr. Jain.
The brand ambassador contract was terminated on April 1, 2024. Post this, Mr. Jain continues solely in his executive role, earning ₹9 crore in managerial remuneration for 9M FY25, with a fixed payout of ₹12 crore approved for FY 2024–25.
