Under Armour has re-signed a deal with Notre Dame, extending its position as the university’s apparel partner for another 10 years.
Under the deal, Under Armour will create customized uniforms, footwear and apparel for Notre Dame’s 26 varsity teams. The deal was worth about $10 million a year in cash and gear, according to Yahoo Sports.
“At Under Armour, we love athletes, and partnering with Notre Dame is a tremendous point of pride for our brand,” said Under Armour executive chair and brand chief Kevin Plank. “As an original innovator in performance apparel, it’s an incredible honor to watch our gear support these athletes in every phase of their journey, from the field to the classroom to national championships and beyond.”
Both entities originally inked a 10-year deal in 2014, under which Under Armour became the apparel provider for all 26 Notre Dame varsity teams. The deal, which was believed to be worth $90 million, replaced the university’s prior contract with Adidas.
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According to a May report in Sports Illustrated, Under Armour’s sponsorship deal had recently expired, which left the university open to potential new opportunities for other deals with brands such as Nike and Adidas.
According to a release, this new chapter of Under Armour’s partnership with Notre Dame will focus on engaging student athletes and involving them in the innovation and design process at Under Armour “to create personalized product solutions and grow brand love while exposing students to various business functions within the apparel, footwear and accessories industry.”
“We look forward to the next decade of success working alongside our teammates at Under Armour, while also opening up new opportunities to help our student-athletes perform at the top of their game both on and off the field,” said Jack Swarbrick, Notre Dame’s director of athletics.
The news of the lucrative deal marks a major win for Under Armour and Stephanie Linnartz, its new CEO who joined earlier this year.
Last year, Under Armour paid a more than $67 million settlement to UCLA for not honoring the terms of their $280 million contract. The company has also retreated from other athletic sponsorship deals with the University of California, Berkeley; and the universities of Hawaii and Cincinnati.
Under Armour in May reported adjusted earnings per share of 18 cents during the fiscal fourth quarter, 3 cents ahead of the 15 cents analysts projected on average, according to FactSet. Revenues rose 7.5 percent to $1.4 billion from $1.3 billion. However, the company gave lackluster guidance for this year as Linnartz works to reposition the brand for long-term success.
Under Armour reports earnings for fiscal Q1 on Aug. 8.
