Apparel giant signs longest contract with an institution.
BY JACOB PALMER | DIGITAL NEWS EDITOR
Nike signed its longest contract to date with the University of Texas.
The apparel deal lasts 15 years and is expected to include more money than the $200 million deal Nike struck with University of Michigan earlier this year. Terns of the Texas deal have not been disclosed.
As the industry leader, Nike historically hasn’t paid as much as competitorsAdidas and Under Armour for university deals, but it has shown a willingness recently to write giant checks to the most elite programs, such as Texas and Michigan.
University deals are coveted by sportswear companies because of the access to loyal and upwardly mobile students who can become lifelong consumers and buy numerous types of products such as shoes, T-shirts, hoodies and hats.
(SOURCE: Portland Business Journal)
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