In the 2017 report titled 'Rise of the Millennials: India's Most Valuable Celebrity Brands', Duff & Phelps said that Kohli topped the list with brand value of $144 million, followed by actors Shah Rukh ($106 million), Deepika Padukone ($93 million), Akshay Kumar ($47 million) and Ranveer Singh ($42 million).
Duff & Phelps, a global valuation and corporate finance advisor, published the third edition of its annual study of celebrity brand values in India.
"For the first time since we began publishing our rankings, Shah Rukh Khan has slipped from the top ranking and been replaced by Virat Kohli. Kohli is now the first choice of brands to engage and attract consumers, fueled by his extraordinary on-field performances and off-field charisma," Varun Gupta, Duff & Phelps Managing Director and Region Leader -- India, Japan and Southeast Asia, said in a statement.
"In addition to Kohli, other young celebrities such as actress Alia Bhatt, actor Varun Dhawan and badminton champion P.V. Sindhu have either risen in the rankings or entered our top 15 list, backed by note-worthy performances in their respective fields and strong endorsement signings over the last year," Gupta added.
Aviral Jain, Duff & Phelps Director, said: "While Bollywood celebrities continue to dominate the top 15, sportspersons are providing tough competition as Kohli, Mahendra Singh Dhoni and Sindhu, collectively valued at $180 million, account for almost a quarter of the total celebrity brand value of the top 15."
The report also highlights evolving trends in the brand endorsements space, including celebrities endorsing tourism campaigns, backing various sports tournaments/franchises, and launching their own line of merchandise.