The International Olympic Committee (IOC), Coca-Cola, and China Mengniu Dairy Company announced in Lausanne that they have signed the first-ever joint TOP Partnership Agreement.
This partnership elevates the two companies into a new joint category and brings the Chinese dairy giant into the family of worldwide TOP Partners.
The 12-year deal will be running through to the Olympic Games 2032, and includes an unprecedented investment in traditional and digital media to promote the Olympic values globally.
"This long-term agreement is another demonstration of the relevance and stability of the Olympic Games in these times of uncertainty," said IOC President Thomas Bach on Monday (24th June 2019).
"This partnership will give another dimension to the promotion of the Olympic values around the world."
Bach also stressed the uniqueness of the new collaboration.
"This partnership is unique. We are not actively seeking other joint partnerships. If another one arises we would positively look into it. We are not seeking it."
No financial details
No financial details were disclosed for the deal which will span six Olympic Games.
"It is a substantial arrangement. It is a profound partnership," said James Quincey, Coca-Cola Company CEO and chairman.
The new agreement makes Coca-Cola the longest Olympic sponsor. Its partnership with the IOC began at the Games back in 1928.
Mengniu is China's top milk products manufacturer.
"This historic joint partnership deal, together with our global expansion plans, will help us promote our long-held values around quality and safety," said Jeffrey Lu, CEO and Executive Director of Mengniu.