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Phelps Signs Extension With Speedo That Includes London Games
Published September 9, 2009
|Phelps Will Continue To Consult Speedo On New
Product Development Under New Contract
WORKING ON NEW SUITS: BLOOMBERG NEWS' Christopher Elser reports Speedo plans to "release new swim suits in the next few months that conform to the new regulations instituted by FINA" (BLOOMBERG NEWS, 9/9). Warnaco Group President & CEO Joe Gromek said the company stopped production on the suits that were part of the ban and added Speedo will "try and make the distributors whole in this situation." Gromek: "There's opportunity here because the lead swimmers will need new uniforms and we will be able to provide new uniforms. We're working on innovative technology today that will be launched over the next couple of months and it will be the most extensive line of Speedo that we've seen today." He added the swimsuits worn by Phelps and other endorsers are a "very small part of the business; it's probably a couple of percentage points." However, Gromek noted it creates a "halo effect for the brand and it's very important. That's why it's so important to have Michael as our lead spokesperson for the brand as well" ("Squawk Box," CNBC, 9/9).