SKS signs Jack Trout for rebranding

SKS Microfinance Ltd, the only listed microfinance institution (MFI) in the country, has signed marketing strategist Jack Trout for its rebranding and repositioning work. Trout is the president of the US-based Trout & Partners Ltd, an international marketing consultancy.

“We are back at the threshold of steady growth, post our recent turnaround, and require expert counsel in ending the dichotomies/ambiguities related to branding and positioning,” SKS Chief Financial Officer S Dilli Raj said on Monday.

Trout said he was “delighted to help SKS, as its turnaround is commendable”.

According to SKS Managing Director and Chief Executive M R Rao, the SKS brand has become stronger during the recent challenging times on account of the steps implemented by the company. Despite this, it is imperative on the part of the MFI to revisit brand propositions to further strengthen its brand equity among its key stakeholders.

SKS, which plunged into a crisis three years back after the Andhra Pradesh government came out with a legislation regulating MFI activities in the state. It had posted a profit of Rs 5 crore in this year’s first quarter, ended June 30. The MFI had incurred a Rs 39-crore loss in the corresponding quarter of the previous financial year.

The SKS stock closed at Rs 133.55 on BSE on Monday, down 1.87 per cent over the previous close, while the benchmark Sensex lost 1.79 per cent to close at 19,900.96.