Nike has signed a lifetime endorsement deal with basketball star LeBron James.
James, a four-time MVP of the National Basketball Association, first signed a deal with Nike when he was still a high school basketball star in 2003.
“We have already built a strong LeBron business over the past 12 years, and we see the potential for this to continue to grow throughout his playing career and beyond,” Nike said of the 30-year-old Cleveland Cavaliers MVP.
James’ signature shoes have been a bestseller for Nike, fetching more than $340 million in sales last year.
Before entering the NBA James signed a $90 million contract with Nike. In 2010, James re-signed with Nike and reportedly earned as much as $30 million annually.
According to Rovell, LeBron’s new deal “easily surpasses” the 10-year, $300 million deal Kevin Durant signed with Nike in 2014.
While his shoe has remained a strong seller, some retailers have noticed a slowdown in LeBron James sponsored footwear while shoes from younger players included Kyrie Irving and Stephen Curry have picked up traction.
“LeBron’s shoes have always been bigger and bulkier than the others, so it’s hard for a young kid to want to wear that big shoe, and convince his mother to spend $200, when he can get Steph’s shoe for $60 less,” said Josh Luber, founder of the secondary-market sneaker tracker Campless.