CWG merchandising partner Premier Brands pulls out
August 14th, 2010 - 12:21 am ICT by IANSNew Delhi, Aug 13 (IANS) The Commonwealth Games Organising Committee (CGOC) received a serious set back Friday with merchandising company Premier Brands pulling out of the Oct 3-14 Games citing heavy losses.
Premier Brands, which was the official merchandising and licensing partner of the Games, said they suffered heavy losses due to the delay in the project.
Chairman of Premier Brands Suresh Kumar said that the company has decided to withdraw from the Commonwealth Games as the project has got delayed too much.
“The contract to produce the merchandise was signed on May 19 with a minimum profit guarantee of 15-20 percent, which could have been around Rs.7 crores. But it got delayed by around three months, and if I consider the 15-20 percent profit margin, it will come down to around Rs.3 crores whereas I am investing Rs.13 crores. I can’t afford to incur such huge loss,” he said.
The merchandise were supposed to be launched June 24 when the Queen’s Baton Relay entered India through the Wagah Border.
The project included a website for merchandising products, outlets across the Games venue and stores in shopping malls, metro stations and the airport in the capital.
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Tags: cgoc, commonwealth games, crores, heavy losses, India, june 24, merchandising company, merchandising products, metro stations, minimum profit, New Delhi, organising committee, profit margin, project chairman, queen, shopping malls, suresh kumar, three months, venue, wagah border
