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Tiffany & Co. Backs 2023 Shanghai Marathon
Luxury jewellery brand Tiffany & Co. is right out of the blocks with its latest sponsorship deal; backing the upcoming Shanghai Marathon.
Under the deal, the LVMH owned American luxury jewellery brand Tiffany’s is poised to design official trophies and medals for the major marathon in Asia’s sporting calendar. The event, which will feature over 38,000 runners, will take place in Shanghai on November 26.
According to ASN data, Tiffany’s is the 6th largest spender (3.9%, slightly over US$4.7m) for the luxury category since Q121. Much of the brand’s budget is focused on China (74.1%) with South Korea (24.5%) and Singapore (1.4%).
While it tends to focus on celebrity endorsements from entertainment idols in these markets, it has recently withdrawn from deals with Gong Jun and Tony Yao in China. It is viewed by numerous industry observers that athletes offer access to a different fanbase luxury brands are keen to convert. Furthermore, the spate of recent scandals from China’s entertainment world have pushed brands to avoid dealing with higher risk idols and pivot to homegrown sport stars, who tend to be renowned for their restraint and self-discipline in the public sphere.
Emulating the likes of other luxury mainstays like Prada and Louis Vuitton, which have started making more ambitious moves in the sporting endorsement landscape, Tiffany’s had started the ball rolling with a coveted collaboration with 2021 US Open winner Emma Raducanu after she clinched her maiden Grand Slam.
