With back-to-back sporting events around the world such as the Wimbledon tennis tournament in London where Spain's Carlos Alcaraz maintained his winning streak in 2024 after a face-off with Serbia's 24-time grand slam winner Novak Djokovic or the UEFA European Championship in Germany where England went head-to-head with Spain in an edgy final last night or the upcoming Summer Olympics in Paris, fashion brands are capitalising on the opportunity to make their mark in the sporting world to bump up visibility and drive sales.
Global sporting events allow fashion brands to dress the athlete in style and at the same time capture the huge fan base who want to get their hands on the latest merchandise or don the same shoes and outfits as their favourite sporting icons. Collaborations with sports teams and players provide the brands with an opportunity to leverage this loyal fan base and influence purchasing decisions, inevitably expanding their consumer base.
Athletes are seen as fashion's major influencers. For instance, the American athletic footwear and apparel brand Nike is the official kit provider for Spain's tennis prodigy Alcaraz. It is safe to say that Nike already acknowledged the young player's prominence by offering him a sponsorship deal, reportedly of around $1m, typically reserved for the sport's legends, such as Roger Federer and Rafael Nadal.
If the whispers are to be believed, according to sports media Essentially Sports, Nike is currently weighing Alcaraz's very own special apparel line.
We've also witnessed luxury fashion tapping into collaboration opportunities with sports brands; take Nike x Jacquemus, Adidas x Prada and The North Face x Gucci, for example.
And it's not just established names in fashion delving into the space. Recently On Running, considered a fairly recent brand in comparison to industry veterans like Nike and Adidas, became a major sponsor of athletes in the running world and is representing the Australian runner Olli Hoare and Kenyan track star, Hellen Obiri among others.
According to GlobalData's recent report, sportswear will regain its outperformance of total apparel in 2024, as inflation continues to stabilise. In 2023, after two years of tremendous growth, attributed to the casualisation trend and consumers' heightened interest in their health and wellbeing since the pandemic, the UK sportswear market rose by merely 1.3% to £15.5bn.
GlobalData noted that established players like Nike and Adidas have experienced a particular slowdown in sales while new athleisure brands such as Alo Yoga, Lululemon and Tala have remained in demand, as shoppers are attracted to their versatility and durability, as well as the style of their products for wearing day-to-day.
It expects demand to pick up from 2024 onwards, with consumers regaining an appetite for spending and forecasts the sportswear market to rise 15.9% in the next four years to reach £17.9bn.
For fashion brands mulling a sports brand collab, it's safe to say the pros far outweigh the cons. Ultimately, participation in sports events and sponsorships can build a sense of community and loyalty among consumers who share a passion for both fashion and sports.
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