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Formula One products available in the market Car racing fans are now able to buy Formula One related products for the first time in China as products carrying the prestigious logo become available through various outlets this month. The first product lines available include t-shirts, sports jackets, caps, stationery and various souvenirs. The price of these products range from 30 yuan (US$3.60) to 700 yuan (US$84.50). All the items, including some designed by Chinese, have been authorized by Formula One Administration Ltd (FOA), the company which markets the rights for Formula One racing. The products were first launched through Internet and mobile phone short messages in August. So far, 10 million yuan (US$1.20 million) worth of products have been sold or ordered. "We received an overwhelming response from the market, which is much better than we expected," said Qiu Ping, general manager of the Shanghai Racing Commercial Co Ltd, the sole company authorized to sell F1 products in China. His company received authorization to sell the F1 brand products in China three months ago. The franchise area includes Hong Kong and Taiwan. In addition to Internet and mobile phone sales, F1 products are now being sold at five airports, some star hotels in Shanghai and the ongoing National Games for University Students. Mobile shopping outlets will also be an important distribution channel for F1 products. During the three-day Grand Prix in Shanghai from September 24 to 27, Shanghai Racing Commercial will dispatch 50 mobile outlets around the racing course. "We expect to sell at least 5 million yuan (US$604,000) of products during the grand prix," Qiu said on Friday. Shanghai Racing Commercial is licensed to sell 20 kinds of F1 products. However, due to the short preparation period and the authorization process of FOA, only seven kinds of products will be available to race fans at the first F1 grand prix in Shanghai. Qiu said after the race, his company will open franchises in Shanghai, Beijing, Taipei and Guangdong Province by the end of the year with more products for consumers. "Looking ahead, we plan to open outlets in major cities around China," he said. However, he said that the most challenging issue was cultural communication with FOA, which resulted in a limited choice for customers. "We gave them some designs with a China touch, but they were all denied by the FOA. On the other hand, we don't think some of the FOA's designs will be sellable in China either," Qiu said. |
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