Today, Klutch Athletics by New Balance signed Chase Young as its first athlete ambassador. Under the deal, the Washington Commanders defensive end will help design the brand’s first-ever American football cleat, set to release in 2024. Terms of the deal were not disclosed.
Young’s signing comes ahead of the launch of Klutch Athletics by New Balance. The new sportswear brand releases on April 27 and was founded by sports agent, Rich Paul, the founder of Klutch Sports.
The signing marks New Balance’s first endorsement deal with an American professional football athlete.
Privately held, in 2022 New Balance’s sales surpassed $5 billion. With the global sneaker market valued at $83 billion, the company has expanded its operations, opening a new manufacturing facility in Massachusetts and investing $65 million to expand an existing facility in Maine. Chris Davis, New Balance’s chief marketing officer, wants the company to become “the undisputed third-largest athletic brand in the world.”
This is where the company’s partnership with Paul and wider signing of athlete endorsements becomes interesting. The leading athletic brands by market cap, Nike and adidas, have relied heavily on athlete endorsements to grow their market share. Through its partnership with Paul to launch Klutch Athletics, New Balance has the opportunity to tap into the impressive client roster represented by Klutch Sports. Case in point #1: Klutch Athletics by New Balance signing Chase Young, who was previously affiliated with Under Armour.
The partnership shows the depth of Paul’s strategic vision in scaling Klutch Sports. Many agents help athletes negotiate apparel sponsorship deals. No other agent can direct clients to sign with their own sport apparel brand. In an increasingly competitive agency landscape, agents must think beyond the box and work to create 360-degree opportunities for clients that not only span playing contract negotiation, but in-house media and branding opportunities.
Beyond Klutch Athletics by New Balance, Young’s other sponsors include FedEx, Chipotle, Beats by Dre, per SponsorUnited.
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