MK sports2024 Olympics mascot Phryge are on display for sale at a licensed merchandise store in Shanghai. Photo: IC" src="https://www.globaltimes.cn/Portals/0/attachment/2024/2024-07-29/0349c4e2-d2e0-43a4-8b22-95f72dfeaeae.jpg" />

Plush toys of Paris 2024 Olympics mascot Phryge are on display for sale at a licensed merchandise store in Shanghai. Photo: IC

Chinese and foreign businesses are actively leveraging various strategies to enhance their brand identities amid the fervent competition of athletes at the ongoing Paris 2024 Olympic Games, aiming to expand their influence in target countries and beyond.

From naming brand ambassadors to providing technology products and services, this "brand globalization" process has gradually become a consensus as Chinese enterprises seek high-quality development and new growth points in the international market, experts said.

A growing number of foreign companies are also taking the opportunity to entrench their brand awareness in the vast Chinese market, the Global Times learned.

This proactive approach toward sponsorship stems from the increasing recognition and popularity of the Chinese athletes for their exceptional performances at global events as well as the growing economic influence of their country on the world stage, experts said.

At the Paris Games, the Chinese Olympic delegation consists of 405 athletes, with an average age of 25. They have secured participation in 30 main events, 42 sub-events, and 236 individual competitions. Many of them are hotly sought after by brands competing for partnerships.

Table tennis stars Wang Chuqin and Sun Yingsha, who pair have already secured the gold medal in mixed doubles, have partnerships with multiple brands, including Coca-Cola, Yili and Procter & Gamble, according to media reports. Additionally, China's Olympic diving champion Quan Hongchan has signed contracts with Blue Moon and skincare brand CHANDO.

Moreover, Coca-Cola is seeking to leverage the popularity of breakdancing at this year's Olympics, especially Chinese athlete Liu Qingyi, the Global Times learned from the US company. Liu draws inspiration from traditional Chinese martial arts, and she has garnered global attention with her distinctive performances, the company said.

Many Chinese enterprises are accelerating their international expansion to enhance their brand influence and global reputation at the Games.

For example, China's Winter Olympic champion Gu Ailing, also known as Eileen Gu, a brand ambassador for Mengniu, as well as several domestic movie stars including actress Tang Wei, participated as torchbearers in the Paris Olympics torch relay, according to a statement that China Mengniu Dairy Co (Mengniu) sent to the Global Times on Wednesday. The Olympic ski champion will tackle Paris 2024 public marathon, adding another challenge to her athletic feats.

The International Olympic Committee, the Coca-Cola Co and Mengniu signed the first-ever Joint TOP Partnership Agreement in 2019. The partnership combines the non-alcoholic beverage and dairy categories into a new joint category.

This move also makes Mengniu the first Chinese fast-moving consumer goods company to become a Worldwide Olympic Partner.

Many other Chinese companies have taken part in the Games in different ways. Bus manufacturer Yutong has provided all-round transport services to ensure smooth traffic and convenient travel for athletes and spectators, with 148 of the company's electric buses operating at the event, Yutong said. 

Artificial intelligence applications developed by Chinese tech companies such as Alibaba, SenseTime, Baidu and Lenovo have brought benefits to the athletes, coaches, referees and spectators participating in the Games, as businesses are accelerating their international expansion to enhance their brand influence and global reputation.

The economic landscape for Olympic athletes and events is primarily shaped by brand value recognition, industry analysts said.

"The Olympics have evolved into a platform for creating global stars recognized universally for their achievements... Winning a championship not only garners international acclaim and endorsement but also generates positive societal impacts as well as substantial advertising value worldwide," He Wenyi, executive director of the China Institute for Sports Value at Peking University, told the Global Times.

As of press time on Thursday, the Chinese delegation had secured 21 medals, including 11 golds, across disciplines such as table tennis, shooting and diving, placing them among the top ranks of the highest number of gold medals won at the Games.

The value of an Olympic champion is also rooted in their athletic achievements, He said, noting that this underscores the broad recognition by domestic and international businesses of China's prowess in securing gold medals.

As 2024 is a "grand year for sports," with events like the Paris Olympics, Copa America, and Euro Cup drawing global attention, businesses are going all out to build up their brand awareness.

Leveraging international sports events can swiftly enhance a company's brand visibility and reputation, offering exclusive marketing opportunities and creating an ideal moment for Chinese brands to expand globally, experts said. According to He, "brand globalization" has gradually become a market consensus as Chinese enterprises seek high-quality development and new growth points strategically.

At the same time, more and more foreign brands are keen to sponsor Chinese Olympians, as the China market is becoming increasingly important for these companies' global business expansion, the expert said.