The Swiss parent said Le Coq Sportif, which will outfit the French teams with around 370,000 items of apparel and equipment at the Paris Olympics, lost about CHF 36 million ($40.1 mm) in 2023 and will once again postpone publishing its full annual earnings.

S&P Global raised the Italian luxury sneaker maker’s company rating and the rating on its €480 million senior secured notes to B+ from B, citing revenue growth driven by all regions and strong performance in its direct-to-consumer channel, which were 73.5% of sales in 2023.