IU Athletics has extended its apparel partnership with Adidas for eight years through 2024 which is worth $53.6 million and also nearly doubles the annual commitment.
“Adidas has committed to pay $6.7 million annually under the new agreement as against $3.7 million in the previous deal, up a massive 81 per cent,” an IU Athletics press release stated.
"We are thrilled to continue our longstanding relationship with Adidas," Indiana University vice president and director of Intercollegiate Athletics Fred Glass said.
"Having one of the nation's largest equipment and apparel deals will have an enormous impact on IU, our teams, coaches, and student-athletes,” Glass added.
“IU Athletics and Adidas have enjoyed a tremendous history together, and we are excited to carry that tradition into the future," he noted
“In addition to outfitting the Hoosiers, Adidas will provide IU Athletics with a full branding audit to ensure a uniform and consistent look across all 24 varsity sports,” IU Athletics also added.
The agreement provides for an annual alternative football uniform, including helmets, as well as an optional alternative uniform each year for men's basketball.
The agreement also includes a marketing commitment where the footwear and apparel marketer will co-brand with IU Athletics in marketing campaigns, social media efforts, and in-store promotions.
"Since 2004, we have worked closely with the Hoosiers to bring our best and most innovative footwear, apparel and accessories to all sports," said Chris McGuire, senior director of Sports Marketing Adidas.
"We've enjoyed a successful partnership with Indiana and look forward to continuing to collaborate to help their athletes perform at the highest level," McGuire observed.
"This agreement is the fifth largest known agreement in college athletics," said AJ Maestas, founder of Navigate Research, which was engaged by IU Athletics for a valuation study during its preparation for this agreement.
Glass further added, "Navigate was great to work with and gave us great confidence that this new agreement helps us to realize our maximum value in the marketplace.”
Indiana University Athletics represents one of the strongest athletic traditions in the nation, having won 25 national team championships, 171 Big Ten Conference team titles, 1,036 individual Big Ten titles and 145 individual NCAA titles.
In its journey, it has also produced 205 Olympians, 50 gold medal winners and 96 overall medal winners.
Adidas is the official uniform, footwear and apparel provider for more than 100 collegiate programs including Indiana, Arizona State, Kansas, Louisville, Miami, Michigan, Mississippi State, Nebraska, etc.
The company also has marketing agreements with the National Basketball Association, National Football League, Major League Baseball and Major League Soccer. (AR)
Fibre2Fashion News Desk – India