Navyboot parts ways with Schumacher
Former Formula 1 driver Michael Schumacher, who is struggling with the aftermath of his serious skiing accident, is no longer under contract with Philippe Gaydoul's fashion companies Navyboot and Jet Set.
This was reported by the Aargauer Zeitung on Saturday. It highlights the uncertain, challenging situation for Schumacher's sponsors: They pay several million francs a year, but have received nothing in return since the fatal accident. However, those who part with the racing legend risk damaging their public image. Nevertheless, the first sponsor has now "bailed out": Swiss fashion brands Navyboot and Jet Set are no longer contractually bound to Schumacher, as Gaydoul's spokeswoman confirmed to the newspaper.
No details are disclosed. AZ interprets this secrecy as a possible indication that the contract may not have expired properly, but could have been terminated prematurely. This is because it is reasonable to assume that the former case would have been specifically communicated for image reasons.
The reasons for the separation are likely to be of a purely commercial nature, as Gaydoul and Schumacher had acted as friends in public in the past. According to Gaydoul's statements at the time, Schumacher's involvement before the accident and after the end of his career as a racing driver was mainly due to his enormous network and less due to his function as a classic advertising medium. As these advantages have been lost since the accident, the five million francs per year estimated by Bilanz magazine are likely to have become unsustainable for the two Swiss fashion companies, which are under economic pressure. (hae/AZ)
