PSG is the starkest gap: 3rd in shirts worldwide (2,546,000) but only €88M of kit and merchandise money. That is about €35 a shirt, the weakest of all 11 clubs, so it misses this top 10.
Back to the trend of the hour: Real Madrid's new clothes are covered in bright Brazilian flowers
Poly Rating · from the trend of the hour
Shirts sold vs merchandise money: who earns most per shirt
Real Madrid sold more shirts than any club in 2025 (3.13 million) but brought in about €74 of kit and merchandise money per shirt, against about €94 for Barcelona and roughly €35 for PSG, the world's third-biggest seller.
- No. 1: Arsenal
- 10 places
- 5 AIs
01Final list
5 AIs each built their own list of ten independently. Here is one result that is easy to check: every place has a reason, a source, and the list of AIs that included it.
A bright badge means this AI put the entry on its list. A dim badge means it did not.
- 1
Arsenal
€151M in kit and merchandise but outside the 2025 shirt top 10, below Al-Nassr's 1.281M: at least about €118 per shirt. That is a minimum, not a measured figure.
Included it: Claude, Gemini, Grok, Kimi, MiMo.In their lists: Claude: 7 · Gemini: 7 · Grok: 1 · Kimi: 2 · MiMo: 2
What each AI noted 5
- Claudeplace 7
€151M of kit and merchandising revenue, fifth in Europe, but I found no 2025 shirt count, so the ratio can't be worked out.
Source ↗ - Geminiplace 7
Fashion crossovers with Labrum, Aries, and Stella McCartney pushed Arsenal's total kit and merchandise income to €98M across 1.50M shirts, securing €65.33 per unit sold.
- Grokplace 1
€151 million in kit and merch, on fewer shirts than Al-Nassr’s 1,281,000, which is at least about €118 a shirt.
Source ↗ - Kimiplace 2
Not even a top-10 shirt seller, yet €151M in kit income — at least €118 for every shirt it did sell, the strongest pricing-power signal in Europe.
Source ↗ - MiMoplace 2
Misses the global shirt top 10 yet banks €151M from kits and merch — implied pricing above €118 per top-10-threshold shirt.
Source ↗
5 of 5 - 2
Liverpool
€148M, only €3M behind Arsenal, and also below Al-Nassr's 1.281M shirts: at least about €116 per shirt. Its income leans on royalties more than a fixed kit fee.
Included it: Claude, Gemini, Grok, Kimi, MiMo.In their lists: Claude: 8 · Gemini: 5 · Grok: 2 · Kimi: 3 · MiMo: 6
What each AI noted 5
- Claudeplace 8
€148M from kit and merchandising, sixth in Europe, with no 2025 unit figure in the public lists: a likely high converter whose ratio can't be shown.
Source ↗ - Geminiplace 5
A high-risk Nike deal offering a lower base fee but an industry-leading 20% royalty converts 2.10M shirts into €148M (€70.48 per unit), outperforming traditional flat-rate contracts.
- Grokplace 2
€148 million, €3 million behind Arsenal, and the same story: off the shirt chart, so at least about €116 a shirt.
Source ↗ - Kimiplace 3
€148M in kit money without cracking the top-10 sellers list — at least €116 per shirt, Anfield monetizes scarcity.
Source ↗ - MiMoplace 6
€148M of kit and merch while sitting outside the global shirt top 10 — a quiet value engine.
Source ↗
5 of 5 - 3
FC Barcelona
Europe's most kit and merchandise money, €277M, on 2.94M shirts: about €94 each, the best ratio where both numbers are measured. Much of the rise is Nike's new supplier fee.
Included it: Claude, Gemini, Grok, Kimi, MiMo.In their lists: Claude: 1 · Gemini: 1 · Grok: 3 · Kimi: 1 · MiMo: 1
What each AI noted 5
- Claudeplace 1
Second in shirts (2.94M) but first in money (€277M): about €94 of kit and merchandising revenue per shirt sold, 27% more than Real Madrid's €74.
Source ↗ - Geminiplace 1
Barcelona converts 2.94M shirt sales into a European-record €277M merchandising revenue—yielding an unmatched €94.22 earned per shirt by controlling its own retail supply chain.
- Grokplace 3
The most kit-and-merch money in Europe, €277 million, is about €94 a shirt — on fewer shirts than Madrid.
Source ↗ - Kimiplace 1
Europe's merch champion at €277M sells 2.94M shirts — about €94 banked for every shirt, the best proven volume-to-value mix in football.
Source ↗ - MiMoplace 1
Sells 6% fewer shirts than Real Madrid yet books €46M more kit-and-merch money — the €277M Nike retail machine flips the Clásico.
Source ↗
5 of 5 - 4
Manchester United
Only 7th in shirts with 1.855M, but 4th in money with €172M: about €93 per shirt, almost Barcelona's rate on far fewer shirts.
Included it: Claude, Gemini, Grok, Kimi, MiMo.In their lists: Claude: 2 · Gemini: 4 · Grok: 4 · Kimi: 4 · MiMo: 3
What each AI noted 5
- Claudeplace 2
Only seventh in shirts (1.86M) yet fourth in money (€172M): about €93 per shirt, almost level with Barcelona.
Source ↗ - Geminiplace 4
England's commercial powerhouse turns 2.35M jersey sales into €172M in merchandising value (€73.19 per shirt), sustained by Adidas's £90M annual base guarantee and massive Asian retail footprint.
- Grokplace 4
About €93 a shirt: €172 million on 1,855,000 shirts, a shade under Barcelona with far less volume.
Source ↗ - Kimiplace 4
Finished 15th in the Premier League and still cashed about €93 per shirt — the strongest monetization of a shrinking on-pitch product.
Source ↗ - MiMoplace 3
Worst league finish in decades, still English football's top shirt seller and €93 of kit money per shirt — almost Barça's rate.
Source ↗
5 of 5 - 5
Bayern Munich
4th in shirts (2.377M) and 3rd in money (€189M): about €80 per shirt, beating Real Madrid on fewer shirts.
Included it: Claude, Gemini, Grok, Kimi, MiMo.In their lists: Claude: 3 · Gemini: 2 · Grok: 5 · Kimi: 6 · MiMo: 4
What each AI noted 5
- Claudeplace 3
2.38M shirts and €189M give about €80 a shirt, which is above Real Madrid's ratio with fewer shirts.
Source ↗ - Geminiplace 2
Powered by Germany's dominant direct-to-consumer Megastore network, Bayern extracts €78.42 per shirt sold, outmonetising even Real Madrid despite selling 720,000 fewer jerseys.
- Grokplace 5
Third in money at €189 million, and still about €80 a shirt after 2,377,000 sales.
Source ↗ - Kimiplace 6
The balance sheet of balance: 2.38M shirts (4th worldwide) at about €80 each — strong on both sides of the equation, top of neither.
Source ↗ - MiMoplace 4
Third in shirts, third in kit money — the only giant whose volume and value ranks match almost exactly.
Source ↗
5 of 5 - 6
Tottenham Hotspur
€102M without a top-10 shirt count: at least about €80 per shirt, level with Bayern. It is a minimum, and most of the income comes from royalties, not the Nike fee.
Included it: Gemini, Grok, Kimi, MiMo. Did not include: Claude.In their lists: Gemini: 6 · Grok: 6 · Kimi: 5 · MiMo: 8
What each AI noted 4
- Geminiplace 6
With Europe's largest stadium megastore driving immense matchday non-jersey apparel baskets, Spurs generates €70.47 per shirt sold despite selling only a third of Real Madrid's volume.
- Grokplace 6
€102 million and no shirt total on the public list, so the yield is at least about €80, level with Bayern and above Madrid.
Source ↗ - Kimiplace 5
€102M in kit income on sub-top-10 volume — at least €80 per shirt for a club whose global fanbase is smaller than its London rivals'.
Source ↗ - MiMoplace 8
€102M from kits and merch on modest volume — royalty-heavy (€61m) against a small €35m Nike base.
Source ↗
4 of 5 - 7
Galatasaray
A Turkish club with €99M, more than Chelsea, PSG or Man City, and no top-10 shirt count: at least about €77 per shirt, just above Real Madrid.
Included it: Grok, Kimi, MiMo. Did not include: Claude, Gemini.In their lists: Grok: 7 · Kimi: 7 · MiMo: 7
What each AI noted 3
- Grokplace 7
€99 million from outside the big five, ahead of Chelsea, PSG and Manchester City in euros.
Source ↗ - Kimiplace 7
€99M in kit money — more than PSG — without appearing among the world's ten biggest shirt sellers; Istanbul prices like a giant.
Source ↗ - MiMoplace 7
A Turkish club out-merches Chelsea, PSG and Manchester City: €99M vs €95/88/88M.
Source ↗
3 of 5 - 8
Real Madrid
First club ever past 3 million shirts (3.133M), yet about €74 each, €20 less than Barcelona. In UEFA's 2024 edition Madrid had led, €196M to €171M.
Included it: Claude, Gemini, Grok, Kimi, MiMo.In their lists: Claude: 4 · Gemini: 3 · Grok: 8 · Kimi: 8 · MiMo: 5
What each AI noted 5
- Claudeplace 4
The volume leader (3.13M shirts) and the one about to sell a Brazilian floral line, but at about €74 per shirt it earns less per unit than Barcelona, Man Utd and Bayern.
Source ↗ - Geminiplace 3
The undisputed global king of shirt volume with 3.13M jerseys sold earns €73.80 per unit, trailing Barcelona in value capture because licensing partners keep a significant cut of wholesale profits.
- Grokplace 8
3,133,000 shirts, more than any other club, and about €74 each — the volume leader is not the price leader.
- Kimiplace 8
First club ever to sell 3M+ shirts in a year, yet only ≈€74 lands per shirt — the volume king converts each unit worse than Barça, United and Bayern.
Source ↗ - MiMoplace 5
First club ever past 3 million shirts — yet each shirt 'carries' only ≈ €74, twenty euros less than Barcelona's.
Source ↗
5 of 5 - 9
Manchester City
The same €88M as PSG, but without PSG's 2.55M shirts. Lance puts City below Al-Nassr, so at least about €69 per shirt.
Included it: Gemini, Grok, Kimi. Did not include: Claude, MiMo.In their lists: Gemini: 9 · Grok: 9 · Kimi: 9
What each AI noted 3
- Geminiplace 9
Despite dominating European silverware, City yields €58.40 per shirt sold across 1.25M units (€73M revenue), as domestic rivalries and newer international fanbases limit per-fan retail spend.
- Grokplace 9
The same €88 million as PSG, without the 2.55 million shirts that leave PSG near €35 each.
Source ↗ - Kimiplace 9
Dominant on the pitch, quiet at the till: €88M in kit income, at least €69 per shirt — success has not yet become merch pricing power.
Source ↗
3 of 5 - 10
Chelsea
1.42M shirts for €95M: about €67 each, the lowest measured ratio after PSG. Unit counts differ slightly between lists (1.4M vs 1.422M).
Included it: Claude, Gemini, Grok, Kimi, MiMo.In their lists: Claude: 5 · Gemini: 8 · Grok: 10 · Kimi: 10 · MiMo: 9
What each AI noted 5
- Claudeplace 5
1.4M shirts for €95M: about €68 each, middle of the pack.
Source ↗ - Geminiplace 8
Squad turnover and lack of consistent Champions League exposure held unit sales to 1.30M, generating €79M in kit merchandise revenue (€60.77 per unit).
- Grokplace 10
€95 million on 1,422,000 shirts is about €67 each, the lowest measured yield among clubs with both numbers except PSG.
Source ↗ - Kimiplace 10
Club World Cup glory lifted them to 1.42M shirts sold, but ≈€67 each shows the yield still trails the Premier League's older brands.
Source ↗ - MiMoplace 9
1.42 million shirts, only €95M of kit money — ≈ €67 a shirt, the weakest converter among the big English sellers.
Source ↗
5 of 5
02Worth knowing
What the AIs noticed while building the list.
'Per shirt' is a ratio, not a price. UEFA's line includes the kit supplier's fixed fee and non-shirt goods, and the manufacturer typically keeps 80–90% of a shirt's retail price.
Barcelona's lead is new. In UEFA's 2024 figures Real Madrid led (€196M vs €171M). Footy Headlines says Barcelona's jump is mostly the new Nike payment: leave it out and average kit-supplier growth was 6%.
No club publishes shirt units, so the counts are agency estimates. Inter Miami is 2,166,000 in one list and 2,366,000 in another, and Footy Headlines called Euroméricas' 2021 table guesswork.
Inter Miami, Boca Juniors and Flamengo are in the world shirt top 10 but outside UEFA's European money table, so their per-shirt revenue cannot be worked out.
03How we counted
In plain words, no formulas.
1The question
Top 10 clubs by shirts sold vs merchandise money earned: who turns volume into value
2Why this topic
Only by putting a count of shirts next to a count of euros can the reader see which clubs win on volume, which win on price, and which win on neither.
3Where it applies
Global, the top shirt-selling football clubs (the market the Real Madrid x FARM Rio line is selling into)
4What we looked at
- Unit volume: shirts sold per club per year
- Value: kit and merchandising revenue in euros
- Revenue per shirt, worked out by setting the two numbers against each other
- Statista (Euroméricas Sport Marketing data) — Shirts sold worldwide per club in 2025: Real Madrid 3,133,000; Barcelona 2,940,000; PSG 2,546,000; Bayern 2,377,000 … Al-Nassr 1,281,000 in 10th place
- GiveMeSport / Finance Football (Euroméricas top 10) — The full 2025 top 10 by units, including clubs outside Europe (Inter Miami, Boca Juniors, Flamengo, Al-Nassr)
- Lance (Euroméricas study) — Says Liverpool, Arsenal, Manchester City, Juventus and Atlético Madrid each sold fewer shirts than Al-Nassr in 2025. This sets an upper limit on their sales.
- UEFA European Club Finance and Investment Landscape, reported by Mundo Deportivo (Feb 2026) — Kit-supplier plus merchandising revenue per European club in 2025, in euros: Barcelona €277M, Real Madrid
- SalaryLeaks — Estimates of how kit and merchandise income splits between the fixed kit-supplier fee and sales royalties
5Who ranked
5 AIs, each building its own list of ten independently and naming a source for every place: Claude, Gemini, Grok, Kimi, MiMo.
6How the places were set
The same entry written differently by different AIs was counted as one. The more AIs put an entry on their list, and the higher they put it, the higher its place. "AI agreement" shows how many of the AIs had it on their own list. Sources are only those the AIs found themselves; nothing was added by hand.
04Each AI's own list
Claude10 places · 3 notes
The same question, answered by Claude alone. The final list above combines all the AIs.
- 1FC Barcelona
Second in shirts (2.94M) but first in money (€277M): about €94 of kit and merchandising revenue per shirt sold, 27% more than Real Madrid's €74.
Source ↗ - 2Manchester United
Only seventh in shirts (1.86M) yet fourth in money (€172M): about €93 per shirt, almost level with Barcelona.
Source ↗ - 3Bayern Munich
2.38M shirts and €189M give about €80 a shirt, which is above Real Madrid's ratio with fewer shirts.
Source ↗ - 4Real Madrid
The volume leader (3.13M shirts) and the one about to sell a Brazilian floral line, but at about €74 per shirt it earns less per unit than Barcelona, Man Utd and Bayern.
Source ↗ - 5Chelsea
1.4M shirts for €95M: about €68 each, middle of the pack.
Source ↗ - 6Paris Saint-Germain
Third in shirts (2.55M) but tenth of 11 in money (€88M): about €35 a shirt, the weakest conversion among the clubs where both numbers exist.
Source ↗ - 7Arsenal
€151M of kit and merchandising revenue, fifth in Europe, but I found no 2025 shirt count, so the ratio can't be worked out.
Source ↗ - 8Liverpool
€148M from kit and merchandising, sixth in Europe, with no 2025 unit figure in the public lists: a likely high converter whose ratio can't be shown.
Source ↗ - 9Inter Miami
2.17M shirts, fifth in the world, from a club that is not in UEFA's data: all volume, no published value.
Source ↗ - 10Flamengo
1.68M shirts, eighth worldwide, and the Rio club whose 2024 FARM Rio line is the template for Real Madrid's; no revenue figure is published.
Source ↗
What Claude noticed
Barcelona's €277M is up from €179M in the earlier UEFA edition (2022-23), a rise of about 55%. Coverage links this to its Nike renewal, so part of the money is kit-supplier income, not shirts.
The unit counts include Inter Miami (2.17M, fifth), Boca Juniors (1.93M) and Al-Nassr (1.2M). These are clubs outside UEFA's money data, so the volume table and the value table cover different sets of clubs.
The ratio splits the big spenders. Barcelona and Manchester United earn about €93-94 per shirt, while PSG, third in shirts, earns about €35.
Grok10 places · 4 notes
The same question, answered by Grok alone. The final list above combines all the AIs.
- 1Arsenal
€151 million in kit and merch, on fewer shirts than Al-Nassr’s 1,281,000, which is at least about €118 a shirt.
Source ↗ - 2Liverpool
€148 million, €3 million behind Arsenal, and the same story: off the shirt chart, so at least about €116 a shirt.
Source ↗ - 3Barcelona
The most kit-and-merch money in Europe, €277 million, is about €94 a shirt — on fewer shirts than Madrid.
Source ↗ - 4Manchester United
About €93 a shirt: €172 million on 1,855,000 shirts, a shade under Barcelona with far less volume.
Source ↗ - 5Bayern Munich
Third in money at €189 million, and still about €80 a shirt after 2,377,000 sales.
Source ↗ - 6Tottenham Hotspur
€102 million and no shirt total on the public list, so the yield is at least about €80, level with Bayern and above Madrid.
Source ↗ - 7Galatasaray
€99 million from outside the big five, ahead of Chelsea, PSG and Manchester City in euros.
Source ↗ - 8Real Madrid
3,133,000 shirts, more than any other club, and about €74 each — the volume leader is not the price leader.
- 9Manchester City
The same €88 million as PSG, without the 2.55 million shirts that leave PSG near €35 each.
Source ↗ - 10Chelsea
€95 million on 1,422,000 shirts is about €67 each, the lowest measured yield among clubs with both numbers except PSG.
Source ↗
What Grok noticed
Barcelona booked €46 million more kit-and-merch revenue than Real Madrid (€277 million to €231 million) while selling fewer shirts (2.94 million to 3.13 million). Set against each other, that is about €94 a shirt versus about €74.
PSG is third in shirts, at 2,546,000, and only level with Manchester City on money, at €88 million. That is about €35 a shirt, the weakest conversion among clubs with both figures, which is why PSG is not in this ten.
Inter Miami’s 2,166,000 shirts are fifth in the unit table, with Boca Juniors and Flamengo also inside the ten. UEFA’s euro table is European clubs only, so those three have no published merch revenue to set against the volume.
On a separate European player-shirt list, Lamine Yamal leads at 1.32 million, ahead of Lionel Messi at 1.28 million. Two Barcelona names on that list, Yamal and Lewandowski (1.11 million), already approach the club’s global total.
Kimi10 places · 4 notes
The same question, answered by Kimi alone. The final list above combines all the AIs.
- 1FC Barcelona
Europe's merch champion at €277M sells 2.94M shirts — about €94 banked for every shirt, the best proven volume-to-value mix in football.
Source ↗ - 2Arsenal
Not even a top-10 shirt seller, yet €151M in kit income — at least €118 for every shirt it did sell, the strongest pricing-power signal in Europe.
Source ↗ - 3Liverpool
€148M in kit money without cracking the top-10 sellers list — at least €116 per shirt, Anfield monetizes scarcity.
Source ↗ - 4Manchester United
Finished 15th in the Premier League and still cashed about €93 per shirt — the strongest monetization of a shrinking on-pitch product.
Source ↗ - 5Tottenham Hotspur
€102M in kit income on sub-top-10 volume — at least €80 per shirt for a club whose global fanbase is smaller than its London rivals'.
Source ↗ - 6Bayern Munich
The balance sheet of balance: 2.38M shirts (4th worldwide) at about €80 each — strong on both sides of the equation, top of neither.
Source ↗ - 7Galatasaray
€99M in kit money — more than PSG — without appearing among the world's ten biggest shirt sellers; Istanbul prices like a giant.
Source ↗ - 8Real Madrid
First club ever to sell 3M+ shirts in a year, yet only ≈€74 lands per shirt — the volume king converts each unit worse than Barça, United and Bayern.
Source ↗ - 9Manchester City
Dominant on the pitch, quiet at the till: €88M in kit income, at least €69 per shirt — success has not yet become merch pricing power.
Source ↗ - 10Chelsea
Club World Cup glory lifted them to 1.42M shirts sold, but ≈€67 each shows the yield still trails the Premier League's older brands.
Source ↗
What Kimi noticed
The PSG paradox: the world's 3rd-biggest shirt seller (2.55M units) earns just €88M from kit and merch — about €35 per shirt, barely a third of Barcelona's yield. Volume without pricing power.
Real Madrid's 3.13M shirts made it the first club ever past the 3M mark, with Mbappé, Vinícius and Rodrygo reportedly driving around 90% of sales — yet Barça makes €20 more on every single shirt.
Barcelona leads Europe's merch table despite Messi leaving four and a half years ago; UEFA and Mundo Deportivo credit homegrown star Lamine Yamal, whose No.10 shirt drives the boom.
Inter Miami sold 2.37M shirts in 2025 — 5th worldwide, ahead of Manchester United — but as an MLS club it simply does not exist in UEFA's revenue table, so its per-shirt yield is unmeasurable by the main sources.
Gemini10 places · 1 notes
The same question, answered by Gemini alone. The final list above combines all the AIs.
- 1FC Barcelona
Barcelona converts 2.94M shirt sales into a European-record €277M merchandising revenue—yielding an unmatched €94.22 earned per shirt by controlling its own retail supply chain.
- 2Bayern Munich
Powered by Germany's dominant direct-to-consumer Megastore network, Bayern extracts €78.42 per shirt sold, outmonetising even Real Madrid despite selling 720,000 fewer jerseys.
- 3Real Madrid
The undisputed global king of shirt volume with 3.13M jerseys sold earns €73.80 per unit, trailing Barcelona in value capture because licensing partners keep a significant cut of wholesale profits.
- 4Manchester United
England's commercial powerhouse turns 2.35M jersey sales into €172M in merchandising value (€73.19 per shirt), sustained by Adidas's £90M annual base guarantee and massive Asian retail footprint.
- 5Liverpool FC
A high-risk Nike deal offering a lower base fee but an industry-leading 20% royalty converts 2.10M shirts into €148M (€70.48 per unit), outperforming traditional flat-rate contracts.
- 6Tottenham Hotspur
With Europe's largest stadium megastore driving immense matchday non-jersey apparel baskets, Spurs generates €70.47 per shirt sold despite selling only a third of Real Madrid's volume.
- 7Arsenal
Fashion crossovers with Labrum, Aries, and Stella McCartney pushed Arsenal's total kit and merchandise income to €98M across 1.50M shirts, securing €65.33 per unit sold.
- 8Chelsea FC
Squad turnover and lack of consistent Champions League exposure held unit sales to 1.30M, generating €79M in kit merchandise revenue (€60.77 per unit).
- 9Manchester City
Despite dominating European silverware, City yields €58.40 per shirt sold across 1.25M units (€73M revenue), as domestic rivalries and newer international fanbases limit per-fan retail spend.
- 10Paris Saint-Germain
The ultimate volume-to-value disconnect: PSG sells 2.55M shirts (3rd worldwide) but captures only €34.51 per unit (€88M total) due to third-party distribution cuts and Jordan brand royalty splits.
What Gemini noticed
Barça Licensing & Merchandising (BLM) gave Barcelona Europe's highest monetization rate (€94.22 per shirt sold), capturing 100% of retail profits instead of traditional 10–15% manufacturer royalties.
MiMo10 places · 4 notes
The same question, answered by MiMo alone. The final list above combines all the AIs.
- 1FC Barcelona
Sells 6% fewer shirts than Real Madrid yet books €46M more kit-and-merch money — the €277M Nike retail machine flips the Clásico.
Source ↗ - 2Arsenal
Misses the global shirt top 10 yet banks €151M from kits and merch — implied pricing above €118 per top-10-threshold shirt.
Source ↗ - 3Manchester United
Worst league finish in decades, still English football's top shirt seller and €93 of kit money per shirt — almost Barça's rate.
Source ↗ - 4Bayern Munich
Third in shirts, third in kit money — the only giant whose volume and value ranks match almost exactly.
Source ↗ - 5Real Madrid
First club ever past 3 million shirts — yet each shirt 'carries' only ≈ €74, twenty euros less than Barcelona's.
Source ↗ - 6Liverpool
€148M of kit and merch while sitting outside the global shirt top 10 — a quiet value engine.
Source ↗ - 7Galatasaray
A Turkish club out-merches Chelsea, PSG and Manchester City: €99M vs €95/88/88M.
Source ↗ - 8Tottenham Hotspur
€102M from kits and merch on modest volume — royalty-heavy (€61m) against a small €35m Nike base.
Source ↗ - 9Chelsea
1.42 million shirts, only €95M of kit money — ≈ €67 a shirt, the weakest converter among the big English sellers.
Source ↗ - 10Paris Saint-Germain
Third in shirts worldwide (2.55M) but only €88M of kit and merch — ≈ €35 a shirt, less than half of Barcelona's take.
Source ↗
What MiMo noticed
Barcelona out-earns Real Madrid by €46M on kits and merch despite selling 193,000 fewer shirts — the new ~€1.7bn / 14-year Nike deal plus club-controlled retail is the reason volume no longer decides the money.
PSG is the starkest volume-to-value gap among giants: 3rd in shirts sold worldwide, roughly €35 of kit-and-merch income per shirt versus ≈ €94 for Barcelona.
Galatasaray (€99M) earns more from kits and merch than Chelsea (€95M), PSG (€88M) or Manchester City (€88M) — three Turkish clubs together make €221M, more than Manchester City alone.
Almost none of a fan's shirt price reaches the club: manufacturers typically keep 80–90% of shirt revenue, so the 'revenue per shirt' ratio is mostly a proxy for the size of the kit-supplier contract, not retail pricing power.