Ahead of the 2021-22 season, the Los Angeles Lakers have announced a new partnership with Korean grocery line Bibigo, apparently worth over $ 100 million.
The five-year contract is worth more than $ 100 million. According to The Athletic, NBA jersey patch deals have sold for an average of $ 7 million to $ 10 million a year.
Over the past few years, the Lakers have had a deal with Wish, whose jersey patch was pretty notorious across the league.
Now Bibigo will take her place. NBA.com shed a little more light on the company.
Bibigo is a global company founded by CJ, Korea’s No. 1 lifestyle company. The brand takes 5,000 years of delicious cuisine and reworks the recipes to suit today’s modern, uninterrupted lifestyle.
Her name Bibigo combines the Korean word “bibim” from a long cultural tradition of “mixed” flavors with the English word “go”. The brand offer includes a full range of snacks and appetizers, including mandu, the brand’s signature dish.
Inspired by authentic recipes, Bibigo makes the coveted tastes of Korean cuisine easily accessible with popular dishes found at most major grocery chains.
As the most lucrative brand in sport, it’s no surprise that the Lakers were charging such a high price for their patch, and no surprise that at least one company was willing to pay.
The Lakers also seem very excited about the partnership.
“I’ve said this before, and I’m saying it now, it takes a special brand to stand by the Lakers and put their name on our uniform. Bibigo is that. We are both brands with tradition. We both regard the family with the utmost respect. And we both know that it is the intricate details that create an incomparable product. “
There has been a lot of excitement about what’s to come for the Lakers, and there should be. With LeBron James, Anthony Davis and Russell Westbrook they have the chance for another title.
Needless to say, it’s a brand new chapter for the franchise.