Enterprise Television- French World Cup Victory Costs China Firm $9 Million
A Chinese kitchen appliance maker on Monday said it has so far made refunds worth $9 million dollars, fulfilling a costly pledge to compensate customers if France won the World Cup.
Vatti, one of the French team’s sponsors, is coughing up after Didier Deschamps’ side beat Croatia 4-2 in the final in Moscow a fortnight ago.
According to Vatti’s latest figures, the Chinese firm has made refunds — either in cash or gift cards — of more than 62 million yuan.
And the cost to Vatti of the success of “Les Bleus” does not stop there, with a portion of refunds still outstanding.
The total payout over the marketing stunt will amount to nearly $12 million.
Vatti which was founded in 1992, promised before the World Cup to refund customers who bought their “Championship Package” of selected products if France lifted the trophy.
Vatti stock dived as France made their way through the tournament, but the firm is publicly sanguine.
A Vatti representative, Wang Zhaozhao, previously told the China Securities Journal “The amount to repay could be very significant, but it was included in our annual budget. It will not have huge consequences on the company.”
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