Every four years, the Summer Olympic Games come around, as people gather to cheer their respective countries across various sports, from gymnastics, diving, boxing to track and field, tennis, basketful and asundry Olympic sports. Many major cities across the globe put in their bid to become the host city for the games, with Paris winning the bid for 2024. One of the reasons cities are eager to become the host city for the Olympic Games is because of how much money it generates.
An independent study published on the Olympics website revealed Paris stands to generate between 6.7 billion and 11.1 billion euros, with an intermediate scenario projecting 8.9 billion euros in net economic impact. MarketWatch reported that the Paris Olympics cost Paris 8.2 billion dollars to host.
Between the infrastructure cost for building the Olympic venues and the tourists descending upon the city for the Olympics, the event is a cash cow. For fashion companies, the Olympics are also a time to make a cash grab by hooking themselves to the globally watched event. From the companies behind certain teams’ uniforms to activations and pop-ups centered around the Olympics, any brand able to cash in on the Olympics will boost their brand revenues. Fashion Reverie looks at the brands and companies profiting from the 2024 Paris Olympics.
Omega
Omega is the official timekeeper of the Olympics, a distinction the company has had since 1932. In honor of the event, the Swiss luxury watch company is releasing a collection of watches. Two of the timepieces include a special edition of the Speedmaster Chronoscope bearing the Olympic symbol only available at their Paris boutique, and the Speedmaster Chronoscope in four models featuring the “Paris 2024” logo.
LVMH
Moët Hennessy Louis Vuitton LVMH (LVMH), the owner of luxury brands, including their namesake Louis Vuitton, and Dior, Givenchy, and Celine, is an official sponsor of this year’s Olympic games. The luxury conglomerate played a major role in the opening of the Louis Vuitton torch trunk for the start of the Paris 2024 Olympic Torch Relay on the Champs Élysées. Sephora, also owned by LVMH, hosted an experiential pop-up at the Hotel de Ville’s Paris 2024 celebration zone, marking their finale stage after Bordeaux, Nice, and Lille.
Mene
Luxury jewelry brand Mene debuted the Olympia collection in honor of the 2024 Olympic Games. The special collection is a nod to the Olympic games of ancient Greece, which honored Zeus. Mene’s special Olympia collection includes a wild olive leaf crown, tiny temples, and a two-handled antique vase. Designs are available in 24-karat gold or platinum.
Asics
Asics provides Australian athletes with shoes for the Olympic Games. In honor of this year’s ceremony, the brand has released a limited-edition Olympic supporter range replicating some of the team’s uniforms. Asics said they saw the Olympics as an opportunity to build as an innovative performance brand rather than chase short-term sales. The Olympics will spell big brand awareness for their European business.
Fenty Beauty
Beauty mogul and pop star Rihanna took to Instagram to announce that her Fenty Beauty brand is a premium partner for both the Olympics and the Paralympic Games. The current trending hashtag following her announcement is #FentyxParis2024.
Rihanna proved the power of how her brand benefits from sporting events when she stopped mid-performance at the 2023 Super Bowl to reapply her Fenty makeup, generating $5 million in media impact value for her brand according to Launchmetrics. With the Olympics on a bigger scale, Rihanna is looking at a solid quarter for the fiscal year.
Nike
Few names in fashion are more synonymous with sports and athletes than Nike. As Nike is looking to rebound after declining sales, this year they are spending more on the Olympics than any other previous Olympic year in the company’s history. The goal of all their marketing spending is to compete with other sportswear rivals, and they revealed the new Nike Air sneakers for athletes in Paris ahead of the Paris Olympics.
Levi Strauss
Although Levi’s isn’t releasing any Paris Olympics-specific merchandise, they are taking advantage of the incoming tourist dollars. The denim maker is reopening its flagship store on the Champs-Élysées, one of the world’s most highly trafficked shopping destinations. Olympic spectators and shop at Levi’s for a quick pair of everyday denim if they forget to pack their favorite jeans.
Ralph Lauren
Storied American brand Ralph Lauren returned for a remarkable ninth time to dress Team USA for the opening and closing ceremonies. The brand has released the Olympic-themed merchandise on its website and at retail stores, with the closing ceremony jacket priced at $998. A quick search on Ralph Lauren’s website shows that some sizes are already in low stock, making the Olympic merchandise a money maker.
Chanel
Chanel is one of the most recognized names in fashion but it’s not the first brand most people think of when it comes to the Olympics. To celebrate the 2024 ceremony, Chanel has released an haute joaillerie, or high jewelry, collection, titled “Sport.” The signature piece in the collection is a diamond, ruby, and sapphire necklace emulating the colors of the French flag.
With the amount of construction and detail that goes into high-end jewelry pieces, these have been in the works for years. Chanel had sufficient time since Paris was announced as the Olympic host city in 2017.
Lacoste
Lacoste has released its sixth Olympic heritage collection, featuring an eight-piece “Paris 1924” line. Pieces in the collection include polo shirts, shorts, caps, and a waterproof jacket. The collection is available on Lacoste’s website, at their stores, and on the official Olympic merchandise website. Lacoste even created a special Olympic Heritage label tag for the collection featuring the iconic Lacoste crocodile.
Kristopher Fraser