Global licensing partner stichd has signed a long-term agreement with the Aston Martin Aramco Cognizant Formula One® Team (AMF1 Team), which gives it the exclusive rights to design, produce and distribute the group’s fanwear products starting in 2024. stichd, part of the PUMA Group, will gain global distribution rights to sell AMF1 Team’s branded apparel and accessories for men, women and kids across several online and offline channels.
What does the partnership entail?
It will become the official e-commerce partner of the team. stichd, a company for licensed fanwear and lifestyle apparel, legwear, bodywear and swimwear, will make AMF1 Team’s official merchandise available on amf1.com, the Fuel for Fans online store and other stores.
Starting in 2024, stichd will also have the exclusive rights to operate the fan retail stores during every Formula One® race weekend as per the partnership. At these stores, stichd will sell Formula One® products as well as team replica, fanwear, and special-edition collections – including AMF1 fanwear, teamwear, drivers’ specials and replica versions of the team kit.
stichd’s parent company PUMA is the leading provider of race gear for drivers, teamwear and merchandise products in Formula One® and other motorsport series. The first products will be available at the start of the 2024 FIA Formula One World Championship season.
What does the partnership mean for stichd and AMF1?
Commenting on the partnership, Nina Nix, Chief Executive Officer of stichd, said, “We are beyond excited to join forces with AMF1 Team. As F1® and Aston Martin continue to grow its momentum, we are ready to translate this passion into fashion-forward apparel and accessories. And we really look forward to doing this with the AMF1 team.”
“We really feel the passion and intensity of our fans. This year, we’ve witnessed huge growth in our audience – particularly as the team’s on-track performances have improved,” commented Jefferson Slack, AMF1 Team Managing Director, Commercial & Marketing.
“A lot of what we do as a team is directed towards surprising and delighting our fanbase. Partnering with stichd to make official fanwear available to everyone is a great opportunity, and we look forward to working closely with them on next year’s first collection.”
What is the wider industry context of this partnership?
Formula 1 is one of the most popular sports in the world, and its merchandise market is booming. In 2022, Fanatics, the official F1 merchandise retailer, reported that sales had increased by 101% over the previous year. This growth is being driven by a number of factors, including the increasing popularity of Formula 1 around the world, the growing number of fans who are willing to spend money on merchandise, and the increasing availability of F1 merchandise online.
The United States is the largest market for F1 merchandise, accounting for over a third of all sales. This is due in part to the growing popularity of Formula 1 in the United States, as well as the fact that the United States is home to some of the most successful F1 teams, such as Ferrari, Mercedes, and Red Bull. Other major markets for F1 merchandise include the United Kingdom, Australia, and Mexico.
The most popular type of F1 merchandise is clothing, which accounts for over half of all sales. Other popular items include hats, caps, flags, and toys. There is also a growing demand for luxury F1 merchandise, such as watches, jewelry, and clothing made from high-quality materials.
The F1 merchandise market is expected to continue to grow in the coming years. This is due to the continued growth of Formula 1’s popularity around the world, as well as the increasing availability of F1 merchandise online.
In addition to the factors mentioned above, there are a number of other factors that are contributing to the growth of the F1 merchandise market. These include:
- The increasing number of races on the F1 calendar, which gives fans more opportunities to buy merchandise.
- The growing popularity of Formula 1 among women and children, who are increasingly buying merchandise.
- The increasing use of social media by F1 teams and drivers, which helps to promote merchandise sales.
The F1 merchandise market is a dynamic and growing market. As Formula 1 continues to grow in popularity, the demand for F1 merchandise is likely to continue to grow as well. This is an exciting time for the F1 merchandise market, and there are many opportunities for businesses to get involved.
Here are some additional thoughts on the state of the F1 merchandise market:
- The market is becoming increasingly globalized, with fans all over the world buying merchandise.
- The market is becoming increasingly segmented, with different types of merchandise appealing to different demographics.
- The market is becoming increasingly digital, with more and more fans buying merchandise online.
The F1 merchandise market is a complex and ever-changing market. However, it is also a market with a lot of potential for growth. Businesses that are able to understand the market and adapt to its changing dynamics are likely to be successful.
Gerald Ainomugisha is a business news reporter and freelance B2B marketer with over 10 years of experience in writing high-converting copy and content for businesses of all kinds, especially SaaS providers in the niches of HR, IT, fintech, eCommerce and web3. Since joining Upwork in 2012 (back when it was still eLance), Gerald A. has delivered great results for hundreds of clients, maintaining a 98% Job Success rate as well as 5+ years of Top Rated Plus rating (and Premium Writers Talent Cloud membership). Book a meeting with Gerald A. today to get the powerful SEO content you need!
