Ahead of the 2021-22 season, the Los Angeles Lakers have announced a new partnership with the Korean food line, Bibigo, apparently worth over $100 million.
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 an average range of $7 million to $10 million per year, according to The Athletic.
For the past few years, the Lakers had a partnership with "Wish," whose jersey patch had become rather notorious throughout the league.
Now, Bibigo will take their place. NBA.com shed some more light on the company and what they're all abouot.
Bibigo is a global company created by CJ, Korea’s #1 lifestyle company. The brand takes 5,000 years of delicious cuisine and revamps the recipes to fit today’s modern, non-stop lifestyles.
Their name, Bibigo, combines the Korean word “bibim,” from a long cultural tradition of “mixed” flavors, with the English word “go.” Brand offerings include a full assortment of snacks and appetizers, including Mandu, the brand’s signature dish.
Inspired by authentic recipes, Bibigo makes the sought-after tastes of Korean cuisine easily accessible with popular dishes that can be found in most major grocery chains.
As the most lucrative brand in sports, it's no surprise that the Lakers charge such a high price for their cooperation and it's no surprise that at least one company was willing to pay.
It might take some getting used to for some fans, but the Lakers seem very excited about the new arrangement.
“I’ve said this before, and I’ll say it now, it takes a special brand to stand with the Lakers and put their name on our uniform. Bibigo is that. We are both brands rooted in tradition. We both regard family with the utmost esteem. And we both understand that it’s the intricate details that deliver an unparalleled product.”
There has been a lot of excitement about what is to come for the Lakers, and for good reason. With LeBron James, Anthony Davis, and Russell Westbrook, they have a great chance to win another title.
And, despite the rise of some of their biggest competitors, it's clear the Purple and Gold are still basketball's marquee franchise.