Under the deal, Peak will receive licensing and merchandising rights to develop a co-branded WTA-PEAK line of apparel, become partner of the Tour’s successful China tennis festivals and develop a player apparel programme.
“The growth of women’s tennis in China and Asia-Pacific is of the highest priority for the Tour, and we are thrilled that a great brand like PEAK will be our partner in growing the WTA brand,” said WTA Tour president David Shoemaker. “The Tour has had a strong belief that the full potential of women’s tennis in China can only be reached by working together with committed and visionary partners.”
Peak - currently known primarily for its basketball trainers - is the latest Chinese company to form a partnership with well-known foreign athlete, team or league – looking to boost brand image within China and target the burgeoning Chinese middle class.
Products from companies such as Peak, Li Ning, Anta and Xtep can seldom be found for sale outside the country but Chinese consumers think favourably about domestic brands and their international status when they see established foreign stars wearing the products.
“Right now we're learning from Nike,” added Peak CEO Jim Xu. “We hope one day we can catch up and surpass Nike, of course that is our goal. But we're different because we know China better than Nike, we have products that are better suited to the Chinese market ... We can give consumers another choice.”
The Chinese sporting goods market is worth $6 billion and expected to grow 14 per cent a year, according to the China Sporting Goods Federation.
