Maria Sharapova's hugely controversial $200m business empire

Maria Sharapova is known as a former tennis great, world No 1 and winner of five Grand Slams.

However, she announced her retirement from tennis in February 2020, when she was 32 years old and ranked No. 373 in the WTA rankings at the time, her lowest position since 2002.

The Russian tennis player did not leave empty-handed. In her nearly two-decade career, she has earned nearly $38.8 million US, according to the WTA.

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Remarkably, since her retirement, Sharapova managed to increase these earnings to $220 million, which the former tennis player had accumulated by 2022, according to Forbes. How did she do it?

Firstly, despite her retirement, Sharapova remains an attractive brand ambassador, especially to luxury brands.

The former tennis player has contracts with companies such as Nike, Evian, Ralph Lauren, Vera Wang, Porsche and TAG Heuer.

One look at her Instagram profile, which has more than 4.6 million followers, is enough to guarantee a lot of sponsorship interest.

Even though advertising generates a more than healthy income for Sharapova, it is a curious and controversial venture that has taken her to another level: Sugarpova.

In 2012, when she was still active and the year she won Roland Garros, Sharapova founded her company Sugarpova.

As the name suggests, the company is dedicated to the production and trading of chocolates, candies and gummy bears and cost $465,000 to set up.

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More than a decade later, Sugarpova has grown into a successful company, exporting its products to more than 20 countries and earning $18 million a year, according to The Sun.

The newspaper estimates the company's value at around $170 million, a considerable sum considering that Maria Sharapova owns 100% of the shares.

So what's the issue? Basically, many people criticized the fact that a professional tennis player would enter an industry that is as harmful to health as sugary sweets and chocolates.

Entrepreneurs, journalists and health experts warned of the harm Sugarpova products could cause to children. But despite their criticism, the company has continued to grow exponentially.

In fact, the link between Sharapova's former profession and her current venture is very clear when you look at the products, which includes gummy tennis rackets and tennis ball gum.

Sharapova's WTA No. 1 ranking may have been short-lived, but it's clear that the former tennis player has made an impressive transition from professional athlete to businesswoman.

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