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Roland Garros Is Giving Us Hope – Shall We Dare to Dream?

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Roland Garros Is Giving Us Hope – Shall We Dare to Dream?

Considering that the Olympics Games in Tokyo have been postponed until 2021, it was to be expected that most other major sporting events around the globe would soon follow.

However, France has always had a mind of its own when it comes to its annual tennis Major the French Open. Unlike the prudent Wimbledon which is officially canceled for 2020, Roland Garros is postponed but tentatively scheduled to start September 20th.

Desperate Move

This announcement made some tennis players angry, as not only does the new timeframe clash with other events but it makes the physical demand quite challenging. Even for the king of red clay, Rafael Nadal, who probably stands to gain the most from this announcement, the quick turnaround time between the U.S. Open in August and the rescheduled French Open will likely be tremendously difficult.

Unlike Wimbledon, which can apparently bear the brunt of financial losses, French Open bosses admitted their tournament could face losses of $284 million if the tournament was not played this year. And unlike Wimbledon which simply cannot be played after late-summer, September in Paris is even warmer than in May.

How The Major French Open Sponsors Are Coping With COVID-19

BNP Paribas (OTC: BNPQY), one of the world's largest banking groups with operations in over 70 countries, is the latest among the big banks to announce the suspension of its dividend.

On the other hand, Mastercard Incorporated (NYSE: MA) is expecting short-term headwinds that will be followed by long-term tailwinds. The company is confident in amortizing the COVID-19 blows due to the trend of consumers shifting away from cash to cashless payments. So despite a negative hit to its top and bottom lines due to the global shutdowns, Mastercard is expected to grow as we head into an economic recovery, especially as consumers pay for "stay at home" goods and services using credit cards. If anything, COVID-19 will only speed-up the use of cashless payments in the long term.

On the other hand, retailers such as Lacoste have their hands tied, but they are doing what they can to help the community. Besides maintaining 100 percent of the salaries of its employees worldwide during March and April, it has reopened one factory to produce face masks. High-end retailers are surely better off to withstand the economic standstill in comparison to its lower-end counterparts.

And there's Peugeot SA (OTC: PUGOY) which announced on April 2 it is postponing its annual shareholder meeting. Analysts believe that it might rethink the conditions of its merger with Fiat Chrysler (NYSE: FCAU) due to the recession that is upon the economy.

Luxury watchmaker Rolex has shut down its plants, as has Omega, owned by Swatch Group AG (OTC:SWAGY), and Cartier, owned by Swiss Richemont Group (OTC: CFRUY). The later two companies have both lost about a third of their value this year. 

Swatch's Tissot brand unveiled its first smartwatch during a webcast in March, which the company is hoping can compete Apple Inc.'s (NASDAQ: AAPL) Apple Watch. 

Outlook: We're All Desperate To Return To Normal

As the crisis drags on, there will likely be many more closures and event cancellations we never could have imagined a few months ago. We may not even get a French Open, despite what organizers say. No one can be certain about anything these days.

But at least the French have given us hope that the world will be back to normal again by fall. And if tennis Gods make that happen, sponsors and viewers will thank them. So just ignore what the songs about Paris say- it is perhaps even more beautiful in the fall, as long as it's coronavirus-free.

This article is not a press release and is contributed by Ivana Popovic who is a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. Ivana Popovic does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: contributors@iamnewswire.com. Questions about this release can be sent to ivana@iamnewswire.com

The post Roland Garros Is Giving Us Hope – Shall We Dare to Dream? appeared first on IAM Newswire.

Image: Marco Verch, flickr

 

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