by Christopher Freeburn | June 18, 2013 12:13 pm
Sports apparel makers are gearing up for next year’s World Cup, which will be held in Brazil.
The event, which is held every four years, is expected to spur a substantial jump in global sales of soccer equipment. Both Adidas (ADDDF) and Nike (NKE) are hoping to cash in on worldwide soccer mania surrounding the tournament, Bloomberg notes.
Sales of Adidas’ soccer products rose to $2.3 billion last year in the wake of soccer championships in Europe. The company anticipates its soccer product revenue to hit $2.7 billion next year.
Nike has also seen soccer-related product sales rise from $1.8 billion in 2011, to $2 billion last year.
Both companies have moved to attach their names to the World Cup. Nike is sponsoring Brazil’s team, while Adidas is sponsoring the Spanish, German and Argentine teams. Adidas is also providing the official soccer balls used during World Cup matches.
Along with the sports-gear makers, other brands are trying to get a piece of the World Cup action, with Sony (SNE) and Coca-Cola (KO) signing on as global marketing partners for the games.
Source URL: https://investorplace.com/2013/06/the-big-sporting-event-adidas-and-nike-are-counting-on/
Short URL: http://invstplc.com/1fv7KRW
Copyright ©2017 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.