Last year saw sales on the official online F1 Store grow by more than 40% globally.
With the 2021 FIA Formula One World Championship in full swing, Formula 1 and Fanatics have confirmed a multi-year extension to their e-commerce and manufacturing deal.
The extension – agreed following an outstanding 2020 performance – will see Fanatics retain global e-commerce and manufacturing rights and is announced following a year in which sales on the official online F1 Store grew by more than 40% globally, with official F1 merchandise being delivered to fans in 143 different countries across the world.
The strong performance has accelerated in the first six months of 2021, with sales on the official online F1 Store growing by triple digits compared to the same period in 2020, while the sport’s increased presence in the US is evident, as the region has become the most significant market (most sales) for the F1 site.
Fanatics gas worked with Formula 1 to grow sales by almost 200% since 2017.
The F1 online store utilises Fanatics’ vertical commerce model, which combines on-demand manufacturing with an agile supply chain to produce timely assortments of merchandise for fans.
“We are pleased to extend our ecommerce 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,” commented Ben Pincus, director of commercial partnerships at Formula 1. “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, added: “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 an incredible service to its global fanbase.”
Want to read more news like this? Simply sign up to our daily digest by clicking here. You can also follow @LicensingSource on Twitter and @licensing_source on Instagram.
