From cricket to commerce: Steve Waugh bets on India's $5 bn premium market with Australia Essence launch

Cricketing legend Steve Waugh is no stranger to pressure; he’s led Australia through some of its fiercest innings, faced down the roar of Eden Gardens, and carried the weight of cricket’s biggest rivalries. Now, he’s channelling that same grit into investing, co-founding Australia Essence, a house-of-brands platform entering India’s $5 billion premium market.

In conversation with CNBC-TV18's Zenia Baria, Waugh opened up on why he’s backing India as the “next frontier” for Australian brands, the scale of opportunity he sees in wellness, food, and lifestyle, and why this venture feels like more than just commerce - it’s about building cultural bridges.

Co-founded with entrepreneur Tim Thomas, the launch of Australia Essence, a house-of-brands platform bringing nine premium Australian labels to India.

The venture signals a growing effort to deepen economic ties between India and Australia by tapping into India’s fast-expanding premium consumer market. The initial portfolio spans diverse sectors, from gourmet olive oils and therapeutic honey to performance apparel, sunglasses, alkaline water, and plant-based dairy alternatives.

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“India is one of the most dynamic consumer markets globally, with the premiumisation economy as a key growth engine. With Australia Essence, we are bringing more than distribution; we are building a cultural pathway for Australian brands to thrive here,” said Tim Thomas, Founding CEO. He added that the platform’s focus would be on “authenticity, storytelling, and execution excellence” to ensure long-term scalability.

For Waugh, who has long-standing ties with India, the initiative goes beyond commerce. Australia and India share a deep connection built on mutual respect, culture, and, of course, cricket. With Australia Essence, we aim to go beyond commerce and build meaningful bridges between our two nations,” he said.

He added, “I’m excited to showcase Australian brands that represent quality, integrity, and authenticity to India’s new generation of aspirational consumers. The potential of our relationship with India is extraordinary, opening up one of the world’s fastest-growing markets.”

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Australia Essence estimates a serviceable opportunity of AUD 500 million annually in India across food, beverage, wellness, and lifestyle categories, within a larger AUD 5 billion premium consumer segment. The rollout strategy includes retail partnerships, hospitality tie-ups, and curated consumer experiences such as an “Australia Essence Pavilion” and the “Steve Waugh Gift Hamper.”

The entry comes at a time when India’s urban middle class is increasingly gravitating toward premium, ethically sourced and international offerings - a trend global brands are keen to capitalise on.