The Los Angeles Lakers made headlines this week when they announced a new global marketing partnership with Bibigo, a Korean food company.
Bibigo will replace Wish as the patch on Lakers jerseys this season and the company will also be involved with L.A. in other marketing campaigns and local community work.
A change like that for a global brand like the Lakers couldn’t have come cheap, and Bill Shaikin of the L.A. Times is reporting that Bibigo will be paying the organization $100 million over five years, which is the richest jersey patch deal in the NBA:
The five-year agreement is worth more than $100 million, according to people familiar with the deal but not authorized to disclose its terms publicly. NBA jersey patch deals have sold for an average range of $7 million to $10 million per year, according to The Athletic.
Wookho Kyeong, the CMO of CJ CheilJedan, which is the parent company of Bibigo, explained why it made sense for them to pay such a large fortune to partner with the Lakers:
“The Lakers are the No. 1 team in sports,” said Wookho Kyeong, chief marketing officer of CJ CheilJedang, the parent company of Bibigo. “The Lakers are more than just a basketball team. The Lakers, globally, are a cultural icon, especially for young people.”
The Lakers are not only one of the biggest brands in the NBA, but in sports in general, so it makes sense for a global company like Bibigo to want to partner with them.
L.A. is expected to debut the new uniforms with the Bibigo logo on it when the team takes the court for its preseason opener against the Brooklyn Nets on Oct. 3 at Staples Center.
LeBron James No. 6 jerseys now on sale
The Lakers’ biggest star, LeBron James, decided to make a change to No. 6 this season, which is the number he wore while with the Miami Heat and Team USA.
James No. 6 jerseys are now officially on sale, presumably with the Bibigo logo replacing Wish for all future purchases.
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