Nike appears to be seeking to reconnect with Formula 1. Reportedly, the American clothing giant is holding talks with FOM about a collaboration behind the scenes. Due to the growing popularity of the premier class and the associated financial interests, several clothing brands have massively connected themselves to the sport in recent years. Nike may follow the example of major competitors like Adidas, Puma, and Castore.
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The ties between Nike and Formula 1 are not new. In 1996, the company signed a sponsorship agreement with Michael Schumacher, which lasted until 2002. This year, there were again signs that Nike has Formula 1 firmly in its sights. According to sources from the American Sports Business Journal, Cadillac is particularly in talks with Nike, although no formal deal has yet emerged. Tommy Hilfiger is currently the official clothing partner of the American team.
During the Miami GP, some Nike prominents reportedly also held talks with FOM about a possible collaboration with Formula 1 itself, the platform reports. This could involve both sponsorship and licensing, although the exact terms are still unknown. Formula 1 currently has a similar commercial partnership with Puma, which has long been an important sponsor within the premier class.
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F1 clothing on the rise
A return to Formula 1 would fit within the broader strategy of Nike CEO Elliott Hill, who is trying to get the American sports brand back on track. The financial performance stands in stark contrast to that of Liberty Media, the parent company of Formula 1. While Liberty’s shares have risen by 111 percent over the past five years, Nike lost 76 percent of its market value in the same period.
Sportswear brands have increasingly become involved in Formula 1 in recent years. For example, the British Castore has had sponsorship agreements with Red Bull, Haas, and Alpine for several seasons. Puma has traditionally been Ferrari’s clothing partner but also sponsors McLaren and Aston Martin. New Era is associated with Williams and Hugo Boss with Racing Bulls. Nike’s biggest competitor, the German Adidas, has had a mega deal with Mercedes since last year and also sponsors the new Audi team.
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