Nike has extended its partnership with the NBA and WNBA for an additional 12 years, solidifying its role as the exclusive uniform and apparel provider for both leagues until 2037.
The renewed contract is valued at a higher amount than the previous one, reflecting Nike's commitment to basketball. Despite facing challenges in the athletic apparel market, Nike has the NBA's unwavering confidence and the league did not consider other bidders during the renewal process.
Nike's stock has seen a decline this year, underperforming against its competitors. The renewed partnership with the NBA and WNBA is a crucial step for Nike as it seeks to regain its competitive edge and respond to consumer demands in the evolving athletic apparel industry.