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Chinese Appliance Maker Vatti To Pay $11.8M In Refunds

A Chinese kitchen appliance maker is paying out up to 79M yuan ($11.8M) in refunds to its customers "after vowing last month that it would do so" if France won the World Cup, according to REUTERS. Vatti, based in China’s southeastern province of Guangdong, said early on Monday on its official Weibo account that it would honor its pledge and "issued instructions on how customers could claim their refund." The company is an official sponsor of the French national football team. It offered the deal to buyers of its "championship package" -- which is valued at up to 16,100 yuan ($2,400) and includes gas stoves, water heaters and dishwashers -- from June 1-July 3 as part of a marketing campaign. Vatti said, "Fees incurred are within our annual budget and will not have significant impact on our distribution system and profit." The firm’s stock, which has declined more than 20% since the start of the World Cup on June 14 as the company "coped with other issues such as asset seizures," jumped by close to its 10% daily limit on Monday (REUTERS, 7/16).

'EQUAL LOVE': SPORT INDUSTRY reported Russia’s performance at the World Cup raised £170,000 ($225,000) for LBGT+ rights, bookmaker Paddy Power revealed. The final, which France won, "also brought the curtain down" on Paddy Power’s "From Russia with Equal Love" campaign, which "sought to throw a spotlight on the host nation’s poor record on LBGT+ rights." The Synergy-crafted campaign, delivered in partnership with Attitude Magazine, involved Paddy Power "pledging a charity donation of £10,000 for every Russian goal in the tournament." The players' exploits "ultimately delivered" a £170,000 ($225,050), which will now be "invested in causes helping to fight LBGT+ prejudice in Russia," including educational programs and support for players in coming out (SPORT INDUSTRY, 7/16).

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