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

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

9/21/2021 11:04:00 AM

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

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

of dumplings, sauces and frozen meals.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 anaverage range of $7 million to $10 million per year

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, according to The Athletic.“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.”

That the Lakers are the team of Kobe Bryant, Magic Johnson and LeBron James helps. Tim Harris, the Lakers’ president of business operations, said the Bibigo deal was amplified by a recent change in NBA rules that allow teams to include their logos in overseas business deals. Before the change, Harris said, an English Premier League team could sell the rights to use its logo in a gym in Los Angeles, but an NBA team could not sell the rights to use its logo in a gym in London. headtopics.com

Advertisement“Now you can use Lakers logos worldwide to enhance and explain and promote your association,” Harris said.Kyeong said his company has sponsoreda PGA tour eventand several national teams 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 — via Facebook, Instagram, Twitter, Snapchat, YouTube and the Chinese site Weibo — the most of any NBA team, and more than the population of South Korea. Kyeong said that social media base was critical to the company’s plans to expand the

beyond Asia and North America. Read more: Los Angeles Times »

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