Fanatics Inc. will replace Adidas AG as the official uniform supplier for the National Hockey League starting with the 2024-2025 season, the league said.
The 10-year deal will see Fanatics supply on-ice uniforms for players and jerseys for retail sale, the NHL said Tuesday.
The move represents a deepening partnership between the sports-merchandising company and the NHL, which over the past two decades has evolved to include e-commerce and retail operations, fan apparel, replica jerseys and licensed memorabilia.
Financial terms of the agreement weren’t disclosed.
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Fanatics has been expanding beyond its core apparel business in recent years. In January 2022 it acquired Topps trading-cards business for $500 million. The company is also pushing into the sports-betting business.
Fanatics’ valuation reached $31 billion in December after a $700 million fundraising round led by private-equity firm Clearlake Capital Group LP. It was a rare private company that raised money at a higher valuation last year even amid broader market turmoil.
Adidas has provided NHL jerseys since 2015 in a deal that expired last year. The German sportswear maker is facing a slump in China and $6 billion of unsold inventory, adding to its woes after a bruising 2022 in which it dumped its chief executive and terminated its partnership with rapper Kanye West.
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The company’s revenue increased 6% last year to 22.5 billion euros, equivalent to $23.7 billion, while its net profit fell 83% to €254 million. In the fourth quarter, revenue growth almost ground to a halt and the company posted a €482 million loss. Adidas also slashed its dividend by almost 80%.
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Adidas said revenue would decline by a single-digit-percentage amount in 2023 as it aims for a reset under CEO Bjørn Gulden, who took charge at the start of this year.
Adidas supplies official jerseys for Major League Soccer, while Nike has deals with the National Basketball Association, the National Football League and Major League Baseball.
