361 Degrees Appointed As Rio 2016 Olympic Games Official Supporter
HONG KONG, Oct. 23, 2014 /PRNewswire/ -- 361 Degrees International Limited ("361 Degrees" or the "Company", together with its subsidiaries, the "Group"; HKSE stock code: 1361), one of the leading sports brand enterprises in China, is proud to announce that 361 Degrees has signed a sponsorship agreement ("Sponsorship Agreement") with the Rio 2016 Organizing Committee to be an Official Supporter for the 2016 Summer Olympic and Paralympic Games to be held in Rio De Janeiro, Brazil in 2016. Under this Agreement, 361 Degrees will supply apparel, footwear, and accessories to torchbearers, volunteers, technical and other officials, and has been granted certain marketing rights in connection therewith.
The costs of the sponsorship under the Sponsorship Agreement will be apportioned throughout the accounting periods from October 2014 to December 2016 in accordance with the established accounting policies of the Group.
Through the auspices of the Olympic Council of Asia, 361 Degrees has been an official sponsor of the 16th Asian Games in Guangzhou 2010, the Shenzhen Summer Universiade 2011, the 2nd Youth Olympic Summer Games in Nanjing 2014, and the recently concluded 17th Asian Games in Incheon.
Through such sponsorships, 361 Degrees has won strong international recognition of its brand, and its products well-noted for their quality and design. The sponsorship of the 2016 Rio Games will add a further dimension to this recognition and forms part of a broader promotional campaign for the brand as it expands into Latin America and the United States.
361 Degrees has established a toehold in Brazil, with the setup of its headquarters in Novo Hamburgo, a product showroom in Sao Paulo, and eight representative offices across the country.
In addition, 361 Degrees has recently incorporated a subsidiary in Irvine, California, U.S., and recruited seasoned industry experts to form a core team to spearhead the overseas expansion of the 361 Degrees brand.
The Group firmly believes its continuing investment in brand equity will enhance its appeal and help drive longer-term profitability.
Mr. Carlos Arthur Nuzman, President of the Rio 2016 Organizing Committee, said, "We are excited to embark on this partnership together with 361 Degrees. Its extensive track record in sponsoring some of the world's largest sporting events and elite athletes show its product quality and logistics system are able to meet the most stringent standards of the Rio 2016 Olympic Games. 361 Degrees' philosophy -- 'One Extra Degree of Passion' resonates perfectly with the warmth of the Brazilian culture and the Olympic motto 'Faster, Higher, Stronger'."
Mr. Ding Wuhao, President and Executive Director of 361 Degrees, said, "We are delighted to sponsor one of the most significant and highly-anticipated sporting events in the world at the Rio Games in 2016. This marks an important milestone and a continuation of our efforts to increase our overseas exposure. We are excited to share our passion for sports through our brand and products with sports enthusiasts in Brazil and around the world."
About 361 Degrees International Limited
361 Degrees International Limited is one of the leading sports brand enterprises in China, possessing brand marketing, research and development, design, manufacturing, distribution and retail capabilities. The Group's products include footwear, apparel, accessories and equipment for sport and leisure uses. The Group has established an extensive supply chain management system through proprietary and sub-contracted manufacturing operations; and an exclusive distribution and retail network in China through distribution via authorized distributors.
For more details, please refer to its website: www.361sport.com
Source: 361 Degrees International Limited
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