Paris 2024 to the rescue of Le Coq Sportif. The equipment manufacturer, which is to equip the French delegation at the Paris Olympics, obtained a loan of 2.9 million euros in May from the Olympic Games Organizing Committee for “the supply of sports equipment”, its parent company Airesis indicates in a financial report.
This information, which further fuels concerns about the delivery of equipment to French athletes, was published on Friday in the annual report of Airesis’ accounts and revealed by the daily newspaper L’Équipe on Saturday.
In mid-May, Le Parisien had already learned of delivery delays on certain outfits. “Certain dates have slipped, yes, but nothing that jeopardizes deliveries,” insisted Patrick Ouyi, the brand director at Le Coq Sportif. “We have meetings with the federations when there is a delay so that we can understand the problem and anticipate as much as possible. The schedule is tight and we are vigilant,” added François-Xavier Bonnaillie, director of partnerships at Paris 2024.
In the section of measures taken or being taken “in order to ensure a sufficient level of cash flow” we can read: “Obtaining in May 2024 from the Paris 2024 Committee, a loan of 2, €9 million to finance the working capital requirement for this exceptional event, specifically for the supply of outfits for the competition.” When questioned, COJOP and Le Coq Sportif did not immediately respond.
A turnover down by 20 million euros in 2023
Last year, Le Coq Sportif saw its turnover drop from 20 million euros to 121.442 million euros for a loss of more than 28.25 million euros. A drop in sales that can be explained according to the parent company by a repositioning in shoes. The parent company Airesis posted a loss of 36 million Swiss francs (37 million euros) in 2023.
The French brand was chosen in 2020 by the organizing committee to equip almost all French athletes on the podiums and in competition as well as to walk around the Olympic village, but also the officials and referees. A handful of federations, such as football or athletics, are not included in the agreement.
Le Coq Sportif, which has 363 employees including 147 in its factory in Romilly-sur-Seine (Aube), had assured again at the beginning of June that all federations would be delivered before the games. The economic difficulties of Le Coq sportif are not recent.
The brand almost disappeared in the 1990s, before being bought in 2005 by Airesis and relaunched from Romilly, becoming the equipment supplier to the French XV again in 2018.
