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Nike Inc (NYSE:NKE, ETR:NKE) signed a 12-year global agreement to remain the exclusive provider of on-court kits for the teams of the National Basketball Association (NBA) and the Women's National Basketball Association (WNBA). The renewal follows the eight-year global outfitting, merchandising, marketing and content partnership struck in 2015 that was estimated to have cost the sportswear group around $1 billion in return for having its logo on an NBA or WNBA jersey for the first time.
Nike is a great business going through a temporary rough patch.
NEW YORK--(BUSINESS WIRE)--NIKE, Inc. (NYSE: NKE), the National Basketball Association (NBA) and the Women's National Basketball Association (WNBA) today announced a 12-year extension of their global outfitting, merchandising, marketing and content partnership that solidifies NIKE, Inc. as the leader in global basketball and as the exclusive on-court uniform and apparel provider for the NBA, WNBA and NBA G League. NIKE, Inc. will extend its rights over 12 additional seasons to design and manufa.
Nike will be the exclusive uniform provider for the NBA and WNBA for another 12 years. The sneaker giant, which also designs uniforms for the MLB and NFL, has shored up its relationship with one of its most important allies as it struggles with falling sales and looks to hang on to its contract with the NFL.
NIKE, Inc. NKE is in a turnaround mode as revenue has fallen. This Zacks Rank #5 (Strong Sell) is expected to see earnings fall, as well, by the double digits in fiscal 2025.
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