In the latest example of how well run it is, Fifa’s venture into the world of fashion has ended in disaster. The business that was given exclusive rights to create a Fifa clothing brand has collapsed.
Singapore-based Global Brands Group won a seven-year exclusive deal in 2007 and permission to operate Fifa’s stores. It has now gone bankrupt with debts estimated at not far short of £100m. It is thought that Fifa is owed tens of millions of euros.
In the latest example of how well run it is, Fifa’s venture into the world of fashion has ended in disaster. The business that was given exclusive rights to create a Fifa clothing brand has collapsed.
Singapore-based Global Brands Group won a seven-year exclusive deal in 2007 and permission to operate Fifa’s stores. It has now gone bankrupt with debts estimated at not far short of £100m. It is thought that Fifa is owed tens of millions of euros.
I must say that I always thought of Sepp Blatter as more of a fashion victim than a fashion icon and now he is in more ways than one. No doubt they will hire a new company who can create a ‘desert’ range for Qatar in 2022: something that is cooling without being revealing. Black could well be the colour of choice, but with a discreet Fifa logo.
Nine years ago Fifa took a hit when International Sports Media and Marketing went bust. The links between that company and Fifa led to a number of unproven allegations being made against Fifa officials. This looks like a straightforward commercial collapse, complicated by the fact that Global Brands Group was involved in 19 licensing agreements related to the Fifa clothing brand.