Nike

USC and Nike agree to extend apparel deal for 10 years

The Swoosh is staying at USC for the foreseeable future.

USC and Nike agreed this week to a 10-year extension of their all-sports apparel deal through 2036, the school announced on Tuesday.

Their partnership was already among the longest-running apparel deals in college athletics. Now it’s ensured to carry into its fifth decade.

“USC and Nike have grown together for more than 30 years,” athletic director Jennifer Cohen said in a statement, “and we are thrilled to continue one of the great partnerships in college athletics.”

At the time that USC first signed exclusively with Nike, such corporate sponsorships were a relatively new revenue stream for the school. Now, in the revenue-sharing era, they’ve become a ubiquitous — and essential — part of operating an athletic department.

This new deal should look a bit different than the last few times that USC extended their apparel deal with Nike. For one, it includes an NIL component, with select top-tier Trojan athletes slated to score their own NIL deals with Nike.

As part of the extension, USC’s new Bloom Football Performance Center will become the first facility in the nation fully outfitted with Nike strength equipment. Nike also agreed to design “custom uniform collections” for the USC men’s and women’s basketball programs and to renovate the USC Bookstore.

The financial terms of the deal were not disclosed. Other Big Ten schools signed with Nike signed during a stretch between 2015 and 2016 that became an apparel arms race around college football. Ohio State signed a 15-year, $252-million deal with Nike in 2016, while Michigan inked an 11-year, $174-million deal with Nike and Jordan Brand.

Source link

Nike Names David Denton CFO to Guide Stumbling Turnaround Global Finance Magazine

Former Pfizer executive David Denton steps into the CFO role amid a bruising stock decline.

Nike Inc. said Tuesday it has hired David Denton as its next chief financial officer, tapping the former Pfizer Inc. finance chief to help stabilize a company navigating one of the most difficult stretches in its history.

Denton will join the Beaverton, Oregon-based sportswear giant as Executive Vice President and CFO effective Aug. 17. Matthew Friend, who has held the role since April 2020, will step down on that date and remain in the role through Sept. 4.

Nike Dogged by Rivals, Slumping Share Price

The announcement did little to reassure investors. Nike shares fell 4.5% to close at $42.38 Tuesday, leaving the stock down 33% year to date. The company has been grappling with slowing sales and eroding market share to nimbler rivals such as On Running and Hoka.

CEO Elliott Hill, who took the helm in late 2024, has been working to arrest the slide, but a full recovery has proven elusive.

Whether Denton’s expertise can generate a turnaround remains to be seen. He previously served as CFO and Executive Vice President at Pfizer since May 2022. Before that, he held the same title at Lowe’s Cos. from 2018 to 2022. He also spent two decades at CVS Health Corp., including as CFO during the company’s evolution into a diversified health. In all, he brings more than 30 years of finance and operating leadership across large, complex public companies.

Denton, in a prepared statement, called Nike “one of the world’s great brands.”

“I’m excited to partner with Elliott and the leadership team to support the company’s priorities, invest with discipline, and help deliver sustainable long-term value,” he said.

Hill framed the transition as a strategic inflection point. “This is a natural moment for a leadership transition as we move from foundational actions to sustained growth through our Sport Offense operating model,” he said.

Friend joined Nike in 2009 and rose through roles including CFO of the Nike Brand and VP of Investor Relations before assuming the top finance post. Nike expanded his responsibilities in late 2025 to include Global Sales and Direct-to-Consumer functions.

Prior to Nike, he worked in investment banking at Goldman Sachs and Morgan Stanley.

What’s Next

Nike expects to report fourth-quarter and fiscal year 2026 results on June 30. Analysts anticipate earnings of $0.12 per share on revenue of $10.85 billion, compared with 14 cents per share and $11.1 billion in the prior-year period — a stark illustration of how far the company still has to go. Results will include a one-time benefit from tariff refunds that were not previously factored into the guidance.

Contact the author: anoto@gfmag.com

Source link

Serena Williams pivots quickly to new playing partner for Berlin Open

Serena Williams opted to let Nike break the news about her pro tennis comeback at age 44 in two slick commercials. The abrupt end to her doubles foray at the HSBC Queen’s Club Championships was more muted.

Williams’ playing partner Victoria Mboko injured her left knee in a fall during a singles match Wednesday. The turn of events restricted Williams’ return to tennis to one match, a 7-6(2), 6-2 victory with the Canadian teenager over No. 3 seeds Erin Routliffe and Nicole Melichar-Martinez.

Shed no tears for Williams. She pivoted quickly and will partner with Czech tennis star Karolína Muchová in doubles at the grass-court WTA 500 Berlin Open next week.

“Every tournament I add to my schedule right now feels special, and Berlin is no exception,” Williams said in a statement. “I’m excited to compete in front of the German fans and continue building momentum throughout the grass-court season.”

Another commercial by Nike, her collaborator and business partner of more than two decades, probably isn’t necessary. Williams’ announcement that she would play for the first time since the 2022 U.S. Open came via a pair of clips from the athletic footwear and apparel conglomerate.

One was captioned “good news travels fast.” Talk about buzzy. Her phone makes all sorts of sounds while she’s working out on the court, ending with the text: “Guess everybody heard the news,” and her saying, “I gotta change my number.”

The second is even zanier, a bit with LeBron James and Nike executives pitching a film called “The GOAT’s Goodbye” to Williams, who wants none of it because she still wants to play. James says to the suits, “You’re gonna have to find someone else,” and Williams walks onto the court with racket in hand.

Tagline: “The GOAT’s back.”

For now, her comeback is open-ended. Wimbledon begins June 29 and Williams has not indicated whether she will play. She has 14 titles in the prestigious tournament, six in doubles, one mixed doubles and seven in singles.

Asked shortly after her lone doubles victory at the Queen’s Club why she returned to the tour after a hiatus punctuated by the birth in 2023 of her second child, Adira River Ohanian, Williams shrugged.

“I don’t know, I had nothing better to do,” she said with a smile. “I got tired of sitting at home. My kids are out of school for the summer, so why not?”

Source link