Kobe Bryant will go down as one of the best players in NBA history. Most know his resume by now ñ 5 NBA championships, 17 All Star selections, 2 Olympic gold medals, and a league MVP award are among the main highlights. These are just some of the accolades heís accomplished during the 20-year career heís spent with the Los Angeles Lakers. Along with the awards, Bryant has also raked in millions in salary and endorsements.
Once he officially walks away from the sport, Bryant will not be forgotten. Fans will remember his style of play and competitiveness for years to come. While fans might remember the Black Mamba, can the same be said about his corporate sponsors? It will be interesting to see how Kobeís endorsement deals play out once he no longer is an active player. Will the likes of Nike, Turkish Air, and Lenovo continue partnering with Bryant once he officially retires?
Luckily for Bryant, more and more companies are partnering with retired athletes and are discovering that they are as every bit as profitable ñ and in some instances more ñ than current athletes. Older players connect with a wider range of potential consumers. Perhaps more importantly however retired athletes donít run the risk of their legacy being tarnished by injuries that prevent them from playing to their potential. Brands also see older players as less risky when it comes to off the field drama. Companies want to enter into endorsement deals with athletes that exhibit good behavior off the field (Peyton Manning) as opposed to those that face legal woes (Ray Rice).
When predicting how Bryantís endorsement deals will play out, an interesting case study might be Michael Jordan. Although Jordan retired from the NBA well over a decade ago, he still pulls in millions from endorsement deals. In 2014 Jordan made more money selling sneakers ($100 million) than he did during the entirety of his playing career ($94 million). This along with endorsement deals Jordan has with Hanes and Gatorade ñ among others ñ has contributed to making him the highest paid retired athlete for several years now. Taking into account the ownership stake he has with the Charlotte Hornets, as well as his endorsement deals, Jordan became a billionaire for the first time last year. Jordan is simply one example of a retired athlete who has not only stayed relevant but has also been a business success after retiring.
Its plausible Bryant will follow in Jordanís footsteps to some extent. Similarly to Jordan, Bryant transcends the sport. Bryant has also spent time and resources cultivating his brand on and off the court. Another thing that Bryant has in his favor is that he sells well in global markets. Kobeís popularity in China for instance is immense. For years now Bryant has been a big seller in China. His jersey and shoe sales are the highest ranking in that county. Bryantís jersey and shoe sales have even surpassed those of LeBron James even after the latter is now considered to be the best player in the sport. Building upon his business ventures in China may be the key to following Jordanís lead and potentially becoming the next athlete to become a billionaire. Bryant has partnered with ecommerce site Alibaba to create an even stronger foothold in the country.
Bryant will enjoy a lucrative post-playing career. That much is certain. However will he match Jordanís business success outside of the hardwood? It will be a difficult endeavor but itíd be foolish to put it past him. He does have his work cut out for him. While he has been a great brand ambassador and endorser; he doesnít have the same moxie Jordan has nor has he established his brand to the level of that of Jordanís. Thatís no knock on him though. That being said there is no question he will continue to earn money once he retires and weíll continue to see him on ads for years to come.
