From Fortune:

Sanofi, the French pharmaceutical company, is investing €150 million into the 2024 Paris Olympics and sponsoring 14 athletes and coaches across different sports. Sanofi is hoping to revamp its image and attract younger talent in a bid to bolster its brand perception.

The 2022 Beijing Olympics drew more than 2 billion viewers and a majority of the audience consisted of those between the ages of 13 and 19 years old. With the expectation of 15 million visitors to the 2024 Paris Olympics, Sanofi’s partnership opportunity could have a considerable impact.

Sanofi’s revamping of its brand comes at a time when the company faces investor scrutiny. After announcing large spending on drug research and development in October, $25 billion was wiped off its market value. However, industry analysts are unsure if sponsoring an event as large as the Olympics is enough to change the company’s image.

Not the only notable tie to the Paris Olympics, Sanofi is in the company of other leading sponsors of the event like LVMH, Air France-KLM, and Carrefour. Luxury mogul Bernard Arnault’s fashion group is also spending significant money on the Paris Olympics.



Read more: Sanofi aims to show Gen Z it is cool during Paris Olympics