Japanese internet job agency Dip Corporation rose the most since April 2022 on markets Friday after the firm named star baseball player Shohei Ohtani as its brand ambassador.
Shares gained as much as 8.9% in Tokyo. The company also released a video of CEO Hideki Tomita sitting down with Ohtani and asking about the athlete’s future aspirations.
"The fact that the company was able to hire someone in the spotlight is a good branding strategy” when the job advertisement industry is slowing, said Takeshi Irisawa, an analyst at Tachibana Securities. Companies have been less willing to advertise on concerns they won’t attract talent, he said.
The jump in value marks a rebound for Tokyo-based Dip’s shares, which are down about 15% this year compared with a 23% advance in the Topix index. "Dip" stands for dream, idea and passion, according to the company's website.
Ohtani, 29, who’s compared to Babe Ruth for his ability to hit and pitch at an all-star level, helped drive some of his sponsor shares higher after he secured a record $700 million 10-year contract with the Los Angeles Dodgers.