With the "backing and blessing" of Nike CEO Phil
Knight, Michael Jordan will announce today that he'll become
the "head of his own athletic sportswear enterprise at Nike"
called Jordan, according to Bill Meyers in the "Cover Story"
in USA TODAY. It is the "first time a team sports player
has turned himself into a brand on such a sweeping scale."
Jordan won't invest money in the new division, but he does
stand to make "prodigious profits," and when Jordan retires
from the NBA, the Jordan brand "will serve as his lucrative
ticket out of basketball" (USA TODAY, 9/9).
THE LINE: The Jordan brand will include Air Jordan
products, including new sneaker and clothing items. The
brand "is expected to generate more than" $250M in gross
revenue for FY '98 and industry execs say that by FY '98,
the Jordan line could move into third place in sales behind
Nike and Reebok, and ahead of Fila (USA TODAY, 9/9). All of
the products will feature the Jordan "Jumpman" logo and will
be available starting November 1. The most expensive shoe
in the line will be the new Air Jordan which retails for
$150. The Jumpman Pro Quick will retail for $100 and be
available in May; the Jumpman Pro Strong will retail for
$110 and also be available in May; the Jordan Team retails
for $110 and will be available in mid-December; and the Air
Jordan trainer will retail for $90, and also be available in
mid-December (Oscar Dixon, USA TODAY, 9/9).