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Candy, Business, and Tennis
How Maria Sharapova Went From a Russian Immigrant with $700 to an Angel Investor
Ryan Cox
July 20, 2024
Maria Sharapova moved to the US with $700 to her name and a dream.
From a tennis prodigy who stunned the world at 17 to a savvy entrepreneur, Maria Sharapova's journey is nothing short of remarkable.
Known for her powerful groundstrokes and mental toughness on the court, she now dominates the business world with the same tenacity.
Here’s how Maria Sharapova turned that $700 into a 9-figure net worth.
Table of Contents
Who is Maria Sharapova?
Maria Sharapova, born in 1987 in the Soviet Union and a US resident since 1994, began playing tennis at age four.
Recognizing her potential, her father moved the family to the US when Maria was seven, with just $700 to their name.
The two of them settled in Florida, where Maria joined the IMG Academy, a training ground for top athletes.
Her mother joined them two years later, just in time for Maria to turn professional at 14.
Sharapova quickly made her mark, winning the Eddie Herr International Junior Tennis Championship at 16 and ended her first full year as a full-time professional ranked in the top 50 with two wins.
In 2004, Maria achieved a major upset by defeating Serena Williams at the DFS Classic, breaking into the top 20 before capturing the Wimbledon title at just 17 and becoming the world’s number one player.
Her powerful groundstrokes, aggressive style, and mental toughness became her trademarks.
She held the number one ranking on five separate occasions, totaling 21 weeks at the top.
Sharapova won the US Open in 2006 and Australian Open in 2008, increasing her Grand Slam tally to three.
Her celebrity status soared with numerous endorsements and magazine features, including the Sports Illustrated Swimsuit Issue.
But her career faced setbacks with a shoulder surgery in 2008, dropping her ranking to 126.
“Success is not the absence of failure; it’s the persistence through failure.”
Finally returning in the 2009 season, she rebounded to finish the year ranked at 14.
As she was beginning to get her groove back, a severe ankle injury in 2011 further tested her.
But Sharapova’s determination shone through as she won the French Open in 2012 and 2014, completing her career Grand Slam.
Named Forbes’ highest-paid female athlete for 11 consecutive years (2004 - 2015), Sharapova earned $30 million in 2015 even after a career marred by injuries.
A doping suspension in 2016 for meldonium, a substance she allegedly took on her doctor’s advice, impacted her public image significantly.
After a 15-month suspension, she returned in 2017 but was never the same.
“I always try to find the positive in any situation, even in defeat. Because that's how you grow as a person and as an athlete.”
Maria retired in 2020 after her 800th match, with five Grand Slam titles to her name.
In July 2022, Sharapova welcomed her first child with husband Alexander Gilkes, a British businessman, cementing the start of her new chapter beyond tennis.
What is Maria Sharapova’s Net Worth?
Since turning pro in 2001, Maria Sharapova has grossed over $285 million during her career.
As of 2024, her net worth is approximately $180 million, with $39 million of that coming from prize money—making her the fourth-highest earner in women's tennis history.
The majority of her earnings came from endorsement deals, totaling an estimated $250 million over her 20-year career.
Her most lucrative deal was with Nike, secured in 2008, where she signed a nine-year contract worth $70 million before launching her signature clothing line.
Between 2007 and 2009, she partnered with Gatorade for an undisclosed amount, and in 2013, she became the face of Porsche, signing a three-year affiliation deal.
Throughout her career, Sharapova had numerous other sponsorships, including Tiffany, Tag Heuer, Pepsi, and Land Rover.
However, during her doping scandal in 2016, all her endorsement deals were either dropped or not renewed.
Upon retiring, Sharapova ventured into real estate, purchasing an $8.6 million, five-acre estate in Summerland, California, and an $11 million, three-acre property in Montecito, California.
Beyond real estate, Maria Sharapova has built a diverse business portfolio, continuing to thrive in the business world post-retirement.
Maria Sharapova’s Business Ventures
Maria Sharapova was introduced to the business world at just 17, shortly after winning her first Grand Slam.
Reflecting on this early exposure, she shared, "It can be a very intimidating environment and one that I had to learn to navigate as just a teenager."
Her turning point came in 2008, following an injury and surgery, which made her realize that her tennis career wouldn’t last forever. This spurred her to think about life beyond the court.
Spoiler alert: She built something special. Sharapova even studied management and leadership at Harvard Business School to gain an edge.
Here’s how she went from a Russian immigrant with nothing to her name to a thriving businesswoman.
Sugarpova
Maria Sharapova's fondness for sweets began in childhood when her father would reward her with candy after rigorous practice sessions.
This sweet tooth was further nurtured by watching her grandmother bake.
So, in 2012, Sharapova launched her candy brand, Sugarpova.
As an athlete, Sharapova was transparent about giving up sweets to pursue tennis, which drew some criticism when she promoted the brand during the 2014 Wimbledon.
"I don't know that it's fair, but I understand the criticism. Being healthy is one of the biggest priorities as a professional athlete. But, on the other hand, I also know that everyone loves sweets including myself.”
Sugarpova started with gummies and gumballs, expanding to chocolates and truffles in 2016 after a 15-month search for the right chocolate maker.
The brand uses natural, gluten-free, non-GMO ingredients and positions itself as a premium product.
However, while candy aligns with parts of her personal brand and childhood, it doesn't in other aspects.
Rapid Growth
Sharapova initially invested $500,000 into Sugarpova.
In the first three months of 2012, she reportedly sold $250,000 worth of bags, priced at $5 each.
Come 2016, she reportedly sold five million bags in one year, generating approximately $25 million in revenue.
Sharapova secured exclusive deals with various big chains and collaborated with Evian to include Sugarpova treats with each bottle, boosting sales.
In 2018, she expanded into travel retail with the Hudson Group and teamed up with Candylicious in 2019 for a pop-up in the Dubai Mall.
Business reportedly thrived, with some reports claiming she made $20 million a year and The Sun, a British newspaper, valuing the company at $187 million.
The Numbers Don’t Add Up
Despite its reported success, a quick search for Sugarpova reveals an inactive website and dormant social media accounts since 2021.
The brand's products are no longer in stock at retailers.
What happened?
For a company reportedly pulling in $20 million a year with a valuation of $187 million to disappear without a trace is puzzling.
Reports suggest Sharapova either sold or closed Sugarpova, but with such high valuation and revenue, something seems off.
Perhaps the company wasn't profitable—were customer acquisition costs too high? Were margins too low?
The exact answer remains unclear, but one thing is certain: something wasn’t right with the business model for it to disappear off the face of the earth with no announcement.
Angel Investor
Being introduced to business at a young age has given Maria Sharapova two decades of business experience at just 37 years old.
She has always seen entrepreneurship as a natural evolution from her athletic career, recognizing the parallels in decision-making and teamwork.
However, transitioning fully into the business world, she realized she was a beginner again and that it would take years to master, much like her journey in tennis.
Face of the Brand
Maria knows the value of her name and likeness, leveraging it strategically with brands like Supergoop and Bala Bangles.
Supergoop, a skincare brand dedicated to UV protection, was launched in 2007.
Maria joined founder Holly Thaggard in 2014 as a co-owner, but her approach toward Supergoop was slow.
“A friend of mine had skin cancer and with my background in teaching, I wanted to build a brand that was more of a lifestyle to encourage people to make healthy choices about their daily regimen.”
Maria didn’t rush into it and took her time to get to know the brand and how the team worked.
She also actively participated in advertisements and events for Supergoop.
This approach paid off, with Supergoop reaching $40 million in sales before being acquired by Blackstone in 2022 for $750 million.
Similarly, as a guest Shark on Shark Tank in 2020, Maria teamed up with Mark Cuban to invest $900,000 for a 30% stake in Bala Bangles, a company specializing in wearable wrist and ankle weights.
Founded in 2018 by Natalie Holloway and Maximilian Kislevitz, the company skyrocketed from $2.5 million to $7.5 million in sales within six months after the Shark Tank episode aired.
Maria’s involvement in promotions and as a spokesperson has been a driving force behind this success, and the partners say they have plans for the future.
“Having [the wrist weights] on your body, it just feels like part of your body. And having just had a baby, I’m with the stroller and I have [the weights] on my hands and I feel like I’m just getting myself back into working out and I don’t want to start too intensively. So I put these on my wrists and I’m already getting a workout in; I’m already getting toned”
Branding Alignment
Unlike Sugarpova, Maria has made strategic investments that align with her status as an athlete.
She has invested in Therabody, a leader in percussive massage therapy technology, and Tonal, a full at-home gym.
Joining a group of athlete investors, including Paul George and Colin Morikawa for Therabody, and LeBron James and Serena Williams for Tonal, Maria plays a role beyond investment–she advises on strategic initiatives for both brands, demonstrating her active involvement in business growth.
“I think my biggest strength as an investor is that I’m able to bring a 360-degree outlook to the table — as an athlete, an entrepreneur, and a consumer.”
These investments align more closely with her athletic image and have gained significant traction in recent years.
Diversify
Maria has diversified her portfolio into different sectors, ensuring growth from multiple industries.
Public
Public is an investing platform with over one million users that is focused on helping women, people of color, and first-time investors become financially literate.
Maria invested in 2021 and serves as a partner and advisor for the NCAA Student Athlete programming, promoting financial literacy for students.
Public has raised $310 million from notable investors like Will Smith, JJ Watt, and Tony Hawk.
“After winning my first Grand Slam at 17 years old, I was introduced to the business world at a young age with new brand deals and business opportunities. It can be a very intimidating environment and one that I had to learn to navigate as just a teenager. I really appreciate how Public helps break down the category into simple, educational, user-friendly steps to make investing less intimidating and help users take control of their finances more confidently.”
UFC
In 2022, Maria invested $35 million in the UFC, joining 23 other celebrities in a $4 billion deal to support the sport’s rapid expansion.
The roster includes Ben Affleck, Tom Brady, and Serena Williams amongst other big names.
MoonPay
In April 2022, Maria joined investors like Justin Bieber and Snoop Dogg in an $87 million Series A round for MoonPay, a crypto and NFT payment infrastructure application valued at $3.4 billion in 2021.
Clio Snacks
Maria, along with Alliance Consumer Growth and Jayson Tatum, participated in a $17.8 million funding round for Clio Snacks to expand distribution.
The company aimed for profitability in 2023, although it has not yet publicly confirmed whether or not they achieved this goal.
Business Advisor
With two decades of experience as an entrepreneur, partner, and investor, Maria Sharapova has gained invaluable business insights.
She currently serves as an advisor for three distinct brands.
Moncler Board of Directors - Independent Director
In April 2022, Moncler announced Maria Sharapova as the latest addition to its Board of Directors for the 2022-2024 term.
As an independent director, she brings her strategic vision and leadership to the luxury fashion brand.
Naked Retail - Advisor
Naked bridges the gap between online and traditional retail experiences.
Maria serves as an advisor to the brand, contributing her expertise to enhance its retail model.
Bright Creator Business Company - Advisor
Bright, a live video platform co-founded by Madonna, U2 talent manager Guy Oseary, and YouTube product manager Michael Powers, leverages Zoom technology to help people learn from top creators.
Maria joins Jessica Alba and Kane Brown as an advisor, supporting the company in its mission to empower creators and learners.
The Success Strategies of Maria Sharapova
Trust the Process: Maria is vocal about the importance of patience and commitment to the everyday process. She believes that good things take time.
Leverage Your Likeness: As a household name, Maria Sharapova understands the power of her brand. She skillfully uses her name to elevate the various business ventures she is a part of.
Diversify as You Build: Sharapova methodically diversifies her portfolio. She focused entirely on tennis during the beginning of her career, ventured into entrepreneurship once she established herself, and then transitioned into active investing and business partnerships after retirement.
Get Involved in What You Know: Maria enters industries where she has expertise and passion, reflecting her own personal interests and knowledge.
Continuous Learning: Whether through studying management and leadership at Harvard Business School or learning from her experiences and peers, Maria is committed to ongoing education and growth.
The Bottom Line
Maria Sharapova has demonstrated resilience both on and off the court.
Her journey is a masterclass in leveraging name, image, and likeness to their fullest potential, without compromising values and reputation.
Maria takes losses as lessons, using them as tools for future wins.
She proves that following your passions is truly the key to achieving success.
You have to believe in yourself when no one else does. That's what makes you a winner.
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