Phelps Has Endless Endorsement Options As Focus Turns To Post-Swimming Career

Retired Gold Medal-winning U.S. swimmer Michael Phelps now has the "time, and the freedom, to pursue anything he likes," and what comes next in his career, from his "efforts to grow the sport of swimming; his endorsement deals; and his own burgeoning MP brand -- is entirely up to him," according to a cover story by Tim Nudd of ADWEEK. Phelps' "unique value as an endorser is twofold: His accomplishments are unmatched, in any sport, and were achieved on a global stage." That "combination of excellence and reach is tempting to any number of advertisers, particularly U.S. brands expanding overseas." Many Olympians "have a short shelf life." But Phelps has "excelled at so many Olympics ... that his value has become a constant." Phelps and his agent, Octagon's Peter Carlisle, have been "deluged by offers from brands" since the Rio Games, "sometimes half a dozen a day." But Phelps is "selective, and applies a basic rule to partners." He said, "Every partner I've ever worked with is something that is already a part of my life. Omega (watches). A swimsuit company (first Speedo, now Aqua Sphere). Under Armour -- even before I was with them, I wore them. A good endorsement could be a lot of money, but if it's not something I'm comfortable with, I'm not going to do it." Carlisle said that Phelps' time at the '08 Beijing Games are what "really opened" Beats by Dre's "eyes to Phelps' potential." Phelps has recently appeared in two new Beats spots. In China, Phelps was "welcomed like a rock star." Carlisle: "It's difficult to take an American athlete to China and create this effect. ... Once brands use him, and they get that visibility, that's when the magic happens." 

MAN WITH A PLAN: Mistakes away from the pool earlier in Phelps' career "eventually forced a reckoning," and that, "more than anything, is what makes him more sellable, particularly long term, as he builds out a lifelong business plan." Phelps in '12 "started work with his longtime coach Bob Bowman on a high-performance swimwear brand of his own, under the name MP." When he "decided to make a run for Rio, MP became even more of a passion project," as it "meant he would swim at his final Olympics in his very own suit." Phelps: "I never had that opportunity when I was working with past sponsors. It's something I've always dreamed of. Being able to make the goggles, make the cap, make a suit -- for people learning to swim, all the way up to the highest competitive swimmer you can possibly get." The notion of modeling MP "after something like Nike's Jordan Brand is tempting for obvious reasons." But that is "impractical at present and also not necessarily what Phelps would want." Phelps: "The brand is something that will be built over a lifetime. Our suits are getting out to more and more people every day." Nudd notes MP "might have a bigger future within UA, which is already selling a line of MP T-shirts." Phelps also recently said that he "might like to invest in a few Silicon Valley startups." Those close to Phelps say that he is "drawn to the idea of entrepreneurship, in particular after spending so much time" with UA Founder, Chair & CEO Kevin Plank, whom he "admires enormously" (ADWEEK, 12/12 issue).