Chinese firm to refund $12 million after France’s World Cup triumph
A kitchen appliance maker in China is paying out 79 million yuan ($ 11.81 million) as a refund to its customers after promising to do so last month, if France won the World Cup.
Vatti Corp Ltd, on Monday posted on its official Weibo microblog account that it would honour the vow it had made and issued instructions on how customers could claim their refund.
Based in China’s south-eastern province of Guangdong, Vatti is an official sponsor of the French national football team.
In the month of June, It had offered a deal to customers purchasing its “championship package” – which is valued up to 16,100 yuan and includes gas stoves, water heaters and dish washers.
Also Read: France beat Croatia 4-2 to win World Cup
The offer was from June 1-July 3 as a part of the company’s marketing campaign.
“Fees incurred are within our annual budget and will not have significant impact on our distribution system and profit,” said Vatti in a statement on July 4 ahead of France’s quarter-final match against Uruguay, as quoted by Reuters.
It (the offer) was made avail after there was huge decline in the firm’s stock when the World Cup had started. More than 20% decline in sale was seen after June 14, but it jumped to 10 percent off daily limit on Monday.
The unknown company received big publicity on Weibo after announcing the refund.
“This is the most successful marketing campaign. Almost all media outlets were giving them free exposure after France won,” said one Weibo user.
France beat Croatia 4-2 on Sunday to win the World Cup for the second time in their history.