Sports Lakers land $100-million jersey patch deal with Korean foodmaker Bibigo

Lakers land $100-million jersey patch deal with Korean foodmaker Bibigo

Lakers land $100-million jersey patch deal with Korean foodmaker Bibigo

The Lakers unveiled a brand new sponsor for their jersey patches Monday: Bibigo, a South Korean line of dumplings, sauces and frozen meals.

The five-twelve months agreement is price extra than $100 million, constant with people familiar with the deal but no longer licensed to mumble its phrases publicly. NBA jersey patch deals have equipped for an moderate vary of $7 million to $10 million per twelve months, constant with The Athletic.

“The Lakers are the No. 1 team in sports,” stated Wookho Kyeong, chief marketing officer of CJ CheilJedang, the father or mother company of Bibigo. “The Lakers are extra than beautiful a basketball team. The Lakers, globally, are a cultural icon, especially for formative years.”

That the Lakers are the team of Kobe Bryant, Magic Johnson and LeBron James helps. Tim Harris, the Lakers’ president of change operations, stated the Bibigo deal became amplified by a most licensed alternate in NBA principles that allow groups to incorporate their logos in in a single other country change deals. Earlier than the alternate, Harris stated, an English Premier League team could perhaps perhaps sell the rights to exercise its brand in a gymnasium in Los Angeles, but an NBA team could perhaps perhaps no longer sell the rights to exercise its brand in a gymnasium in London.

“Now that you simply can exercise Lakers logos worldwide to toughen and conceal and promote your association,” Harris stated.

Kyeong stated his company has sponsored a PGA tour match and several national groups competing in the Olympics, but this deal marks its first with a North American sports team.

The Lakers have about 60 million followers on social media — thru Fb, Instagram, Twitter, Snapchat, youtube and the Chinese language express Weibo — essentially the most of any NBA team, and additional than the population of South Korea. Kyeong stated that social media excessive became serious to the corporate’s plans to develop the Bibigo brand beyond Asia and North America.

“Our vision,” he stated, “is to quilt your entire globe.”

This tale first and basic appeared in Los Angeles Cases.

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