Home Football Chinese Firm Cough Out $9m To Fund France World Cup Pledge

Chinese Firm Cough Out $9m To Fund France World Cup Pledge

A Chinese kitchen appliance maker said Monday it has so far made refunds worth nine million dollars, fulfilling a costly pledge to reimburse customers according to a French media.

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The company vowed last month that it would make refunds if France won the football World Cup competition.

Vatti Corp Ltd, based in China’s south-eastern province of Guangdong is one of the official sponsors of the French national team.

Vatti, made the refund 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, 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 confident.

“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,” Wang Zhaozhao, a Vatti representative, previously told the China Securities Journal.

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