Coco-Cola And Chinese Dairy Company To Sponsor Olympics Until 2032 – Market News Updates
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Coco-Cola And Chinese Dairy Company To Sponsor Olympics Until 2032

Coca-Cola is now teaming up with one China-based dairy company for sponsoring Olympics games until 2032. Announced by the IOC, this mega partnership is between China’s Mengniu Dairy and Coca Cola. The deal was announced on Monday. This advertising deal stretches all the way to 2032 for the next 12 years. It includes 2 Winter Olympics and 4 Summer Olympics. Youth Olympics and Paralympic Games are also included in the package.

Coca-Cola and IOC have declined questions about the deal’s total value. However, Financial Times stated that it could be worth over $3 bn. Mengniu had no immediate response when requested for comment. Coca Cola and the Olympics have been associated for a long time, all the way back to 1928. The current deal for sponsorship is valid until 2020.

Panasonic, Alibaba, Toyota, Visa, Samsung, and Intel are also among the Olympics’ corporate sponsors. Mengniu is supposed to be the biggest dairy in China. It has over 40 plants in Indonesia, China, and New Zealand, which produce a whopping 9 million tons of dairy products per year. Customers across Canada, Asia, and Australia are catered to by the company. However, it now intends to use this endorsement deal to help expand its game in international business. Jeffrey Lu, the CEO of Mengniu stated that this deal would be like a catalyst as Mengniu continues to expand throughout the world. This was an important part of their international strategy.

Mengniu partnering up with a well-known and widely loved American brand comes while the US and China are in a deadlock in their economic relationship. The 2 countries are waging a fierce trade war against each other. Both of them have imposed tariffs upon tariffs over the past few months. Thomas Bach, the President of IOC stated that this deal represented Olympic spirit at its finest and its unifying power. The 2020 Summer Olympics are scheduled to be in Tokyo while the 2022 Winter Games will be hosted by Beijing. The Winter Olympics host for 2026 is set to be announced soon.

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