Nike (NKE) - Get NIKE, Inc. (NKE) Report has paid a lot of money to advertise its apparel on the world’s biggest stage, the 2020 Tokyo Olympics, and Wednesday, the company unveiled the uniforms its sponsored athletes will wear in front of hundreds of millions of viewers.
Nike is featuring its Dri-FIT technology at the games, which “supports the body’s natural cooling system by wicking away sweat and dispersing it evenly throughout the surface of the garment.”
The items that debuted Wednesday cover the U.S. basketball, skateboarding, track and field, and soccer kits.
In 2019, Nike signed on to remain the U.S. Olympic Committee (USOC) sponsor through the Los Angeles 2028 Games in an all-encompassing deal that has an option for another extension through 2032. The previous deal Nike and the USOC signed in 2014 that expires after this year’s games was reported to be worth $4 million annually.
Meanwhile, the Sports Business Journal reported that the new deal could be worth as much as $200 million. The uniforms unveiled on Wednesday also include the countries Brazil, Nigeria, Jamaica, and South Korea among others. Diana Taurasi and Sue Bird can be seen sporting the new uniforms in the release.
Sports Illustrated reported on U.S. Soccer releasing the new kits for the Tokyo Olympics. The men and women's soccer teams still need to qualify for the 2020 Olympics. While the defending World Cup champion U.S. women's team should have no problem qualifying, the men's team is not guaranteed to qualify after missing the last World Cup. The participating teams for the Olympics is a smaller field than the World Cup.