MAM
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MUMBAI: FIFA and Adidas today formally announced an extension of their long-term partnership agreement granting Adidas the official partnership, suppliership and licensing rights for the FIFA World Cup in 2010 and 2014.
FIFA and Adidas have been partners since 1970, making their partnership one of the longest and most successful in modern sports marketing history.
This long-term strategic commitment to the FIFA World Cup ensures extensive Adidas presence at the world’s most watched sports event in 2010 and 2014.
The contract offers Adidas extensive licensing and event rights around the FIFA World Cup, including joint marketing programmes, innovative Internet co-operations, priority access to TV advertising and premium stadium signage for all games of the tournament.
Adidas will also supply the official match ball of the FIFA World Cup and match officials’ equipment for every game. In addition, an extensive Adidas/FIFA World Cup license product range will be on sale worldwide.
Adidas also secured similar rights to all other major FIFA tournaments during this time period, including the FIFA Women’s World Cup and the FIFA World Youth Championship. The contract was reached with FIFA in Zurich, Switzerland, the terms of which were not disclosed.
“In football you say: Never change a winning team. Over the last 35 years Adidas and FIFA have proven to be a winning team. We share a history and we share a passion: the passion for football. Therefore, we are very proud and happy to extend this unique partnership until 2014,” said Adidas-Salomon AG CEO Herbert Hainer. “
FIFA president Joseph S Blatter said, “Over time, the business partnership between Adidas and FIFA has blossomed into a true friendship. Football and Adidas have become one. FIFA is very happy to further extend and deepen this relationship after having gone through an open and extensive tender.”
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Flipkart completes reverse flip to India ahead of IPO
Walmart-owned e-commerce giant shifts domicile from Singapore to Bengaluru
MUMBAI: Flipkart has completed its restructuring to move its parent company from Singapore back to India, marking a key milestone as the Walmart-owned marketplace prepares for a potential initial public offering on Indian stock exchanges, ET reported, citing people aware of the matter.
The move, often referred to as a “reverse flip”, relocates the company’s legal home to India and aligns its corporate structure more closely with its largest market. It also clears an important regulatory step for Flipkart as it explores listing plans.
As part of the restructuring, several Singapore-based entities have been merged into Flipkart Internet Private Limited, which will now serve as the main holding company for the entire group.
The consolidation brings a number of major businesses directly under the Indian parent company. These include fashion platform Myntra, logistics arm Ekart, travel booking platform Cleartrip, healthcare marketplace Flipkart Health, and fintech venture Super.money.
Under the new structure, global investors including Walmart, Microsoft, SoftBank, and the Canada Pension Plan Investment Board will hold their stakes directly in the Indian entity rather than through an overseas holding company.
The redomiciliation required approval from the Indian government because Chinese technology company Tencent owns around a 5 to 6 per cent stake in Flipkart. Under Press Note 3, investments from countries sharing a land border with India require prior government clearance.
Flipkart had already secured approval from the National Company Law Tribunal in December. With the latest clearance from the central government, the company has now obtained all the regulatory approvals needed to complete the relocation, ET reported earlier.
Flipkart had originally shifted its holding structure to Singapore in 2011 to tap global capital more easily. However, as India’s capital markets have matured, several start-ups have begun returning their domiciles to the country ahead of public listings. Companies such as Razorpay, Groww, and Meesho have taken similar steps.
The company is now expected to move ahead with its IPO preparations and has begun early discussions with merchant bankers. According to people familiar with the matter, Flipkart could file its draft prospectus later this year, setting the stage for what may become one of the most closely watched listings in India’s e-commerce sector.
Flipkart has been majority-owned by Walmart since 2018, when the US retail giant acquired a 77 per cent stake in the company for $16 billion in one of the largest e-commerce deals globally.
