Brands are gearing up for the Paris Olympics 2024, which is slated to kickstart from July 26. A slew of brands, including Reliance Foundation, JSW, Yes Bank, Ebco, Puma, and Adani Sportsline, have inked deals with the Indian Olympic Association. These brands are expected to, in turn, leverage the partnerships through significant marketing spends.
Neerav Tomar, MD of IOS Sports & Entertainment, the official commercial agency of the Indian Olympic Association, told businessline, “About 12-13 brands have inked agreements with the Indian Olympic Association. Some of these are long-term deals, while some of these are fresh deals inked just for the Paris Olympics.”
Brand Collaborations
For instance, Aditya Birla Capital Ltd., which announced its partnership with the Indian Olympic Association as Official Sponsor of Team India at the Paris Olympics 2024. Meanwhile, Aditya Birla Fashion & Retail said that its Indian menswear brand, Tasva and designer Tarun Tahiliani have partnered with IOA as the “Official Ceremonial Dress Partner” for Team India.
“Overall, the brands have inked licencing deals worth about ₹50 crore for the Paris Olympics with the IOA. Further, these brands are expected to make substantial marketing spends on campaigns and activations to leverage these partnerships. So the marketing spends by these brands could be in the vicinity of over ₹150 crore,“ Tomar added.
While there has been interest from larger established players, some emerging brands are also expected to announce partnerships with IOA. “There were challenges during the Tokyo Olympics as it was in the midst of the pandemic. So, the response for the Paris Olympics from brands has been very encouraging. This is just the start. We expect the number of brands and ticket size in terms of deals to keep growing from here on,” Tomar added.
So far, 94 Indian athletes have qualified for the Paris Olympics, and the count is likely to increase in the run-up to the Games. India’s medal haul stood at seven medals in the Tokyo Olympics, including a Gold medal win by Neeraj Chopra. Experts are hopeful of a higher medal tally, which could end up being a double-digit medal haul in Paris.