By Darril Fosty,
BOX SCORE | SAN FRANCISCO (April 8, 2022) In 2021, GQ Magazine named PJ Tucker, 36 and current Miami Heat player, the best dressed player in the NBA.
Sports fashion has long been big business, whether it’s a company trying to sell its apparel to players like Tucker or players running their own clothing line.
To have someone like Kuminga wearing a full fitted outfit by Neiman Marcus is a win for the fashion company trying to compete in the growing competitive sports fashion market.
According to a January report published by Global Industry Analysts Inc., (GIA), a market research firm, titled “Licensed Sports Merchandise – Global Market Trajectory & Analytics”, it is estimated that the global market for licensed sports merchandise will reach $27.2 billion. by 2026.
To be clear, “Licensed Sports Merchandise” includes various products endorsed by a sports club or athlete, and products such as sportswear, equipment, games, accessories, and footwear.
Current and former NBA players have their own clothing lines, with Michael Jordan and LeBron James having their own signature lines, with Nike being the most prominent and well-known lines. But others like Russell Westbrook’s “Honor The Gift” and “Westbrook XO” and Stephen Curry’s athletic lines with Under Armor and Active Faith Sports, as well as Curry’s casual clothing line with Express, are generating incredible success. millions in annual revenue.
Other notable lines include former NBA MVP and current Brooklyn Nets coach Steve Nash, who has a line of men’s suits with the Indochino brand in which all proceeds go to the Steve Nash Foundation.
Then there is Dwyane Wade who became the leader in high fashion style with Chinese sportswear and equipment company Li-Ning Company Limited, a company founded by former Olympic gymnast Li Ning.
The licensed sporting goods market in the United States is estimated to be worth $5.4 billion in 2021, according to Global Industry Analysts Inc. As impressive as that figure is, it only represents 23.7% of the global market. China is expected to reach an estimated market size of US$4.1 billion in 2026.
Global Industry Analysts Inc. growth estimates to 2026 include:
* Japan and Canada each forecast growth of 2.6% and 3% respectively.
* Germany is expected to grow at around 2.9% compound annual growth rate (CAGR) while the rest of the European market will grow to $1.4 billion by the end of 2026.
* The Accessories & Gifts segment is expected to reach $5 billion by 2026, with the United States, Canada, Japan, China and Europe growing at a CAGR of 3.3%.
* Asia-Pacific market led by Australia, India and South Korea is expected to reach US$810.4 million by 2026
*Latin America is expected to show a CAGR of 3.7% over the analysis period.
Whatever its cut, the sports fashion industry is as competitive as the players and teams competing.