The agreement also makes Bosco Sport the exclusive outfitter of Russian Olympic teams for the upcoming Winter Games in Vancouver through the Summer Games in Rio de Janeiro in 2016, including London 2012.

The deal was signed today at a special ceremony in Red Square, Moscow, featuring Dmitry Chernyshenko, the President and chief executive of Sochi 2014, and Mikhail Kusnirovich, the head of Bosco Sport's parent company Bosco di Ciliegi.

Bosco Sport also signed a deal to produce licensed apparel with the Olympic symbols through 2016, the Sochi organising committee said.

Kusnirovich said: "The Olympic Games are one of the most striking examples of world’s progress and humanism.

"The Olympic Games in Sochi give Russia an excellent opportunity to reveal to the world our best qualities and perspectives.

"We, in Bosco di Ciliegi, are extremely proud of our connection with the Olympic Family and our involvement in Olympic Movement.  

"Being armed with our previous experience, we will do our best to make our activity in outfitting sportsmen, volunteers, participants and guests of Winter Olympic and Paralympic Games in Sochi a success, to add up a part of our proud to the entire Olympic Movement."  

Chernyshenko said: "We are delighted that a Russian company has won this race.

"Bosco Sport has become a revered brand all over the world due to the unique design of its sportswear.

"Bosco Sport has great credentials that will ensure it meets and exceeds the expectations of both Russian athletes' and Russian fans' in their design of all apparel connected with forthcoming Olympic and Paralympic Games."

Sochi organisers said they have raised more than $850 million (£517 million) in domestic sponsorship revenues so far and are edging closer to their public target of $1 billion (£608 million).

Along with Bosco Sport, other top-tier sponsors with deals worth more than $100 million are Aeroflot, Volkswagen's Russian branch, telecommunication firms Rostelecom and Megafon, state oil and gas company Rosneft and state bank Sberbank. 

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