Formula 1 and Fanatics Renew PartnershipFormula 1 and Fanatics Renew Partnership
Formula one has renewed the partnership with licensed sports merchandise retainer Fanatic, the 2017 partnership was responsible for the sale of Formula One cars to increase by 200 percent. Fanatic is the global leader in licensed sports merchandise and the multi-year extension deal with Formula 1 would be profitable for both of them. This extension was considered only after the breakthrough performance in the year 2020. Estimates suggest that F1 stores grew by more than 40 percent globally. Today official F1 merchandise is available across the globe.
The stupendous growth continues in the year 2021, with sales on the official online F1 Store increasing by triple digits compared to the same period in 2020, while the sport’s increased turn up in the US is evident, as the region has become the most notable market (most sales) for the F1 site.
Fanatic has worked with over 300 sports clubs and organizations and is responsible to grow Formula 1 sales by almost 200 percent since 2017. It has changed the way fans perceive their merchandise online. They have an innovative, tech-infused approach to making and selling fan gear in today’s on-demand, mobile-first culture.
The official F1 online store utilizes Fanatics’ vertical commerce model, which combines on-demand manufacturing with an agile supply chain to produce the timeliest assortments of merchandise for Formula 1 fans. A key driver of sales on the official F1 online store in 2020 was the store’s move to Fanatics’ industry-leading Cloud Commerce technology, which provides rapid navigation for fans across online and mobile sites. It meant faster website performance, larger hi-resolution product displays, local languages and currencies, and frictionless checkout, transforming the online shopping experience for F1 fans.
Ben Pincus, Director of Commercial Partnerships at Formula 1, said, “We are pleased to extend our e-commerce and licensing partnership with Fanatics on the back of an exceptional 2020 performance, which follows the remarkable growth we have seen over the last few years. Our ambition is to serve all our fans no matter where in the world they are located, and our focus in the years to come will be to access new markets and grow strategic territories like China.”
Zohar Ravid, General Manager for Fanatics’ International Business, stated, “We have worked in partnership with Formula 1 for a number of years now and grown its global merchandise business significantly in that time. The recent transfer of the site onto our innovative cloud commerce platform has delivered some incredible results in recent months; we are committed to building on that growth in the coming years and I am delighted that we will now be able to continue to deliver results and incredible service to its global fanbase.”
