When the Nike deal hits?
The Nike deal that began as a $2 billion deal to sell a collection of sneakers to brands like Adidas and Under Armour has ballooned to $3.3 billion.
The deal includes Nike, Under Armour, Reebok, NikeLab, Reverb, Rebuild, Rexy, Rexx, Reelz, Reppy, and Rezz.
The company says the deal also includes a licensing agreement for apparel and footwear, and a commitment to make the NikeLab collection a global brand.
Nike says it expects to have $1.5 billion in cash and short-term investments, and will use those funds to expand into apparel, footwear, technology and other emerging businesses.
Nike is also buying Reverb and a minority stake in Rexx.
The Nike deal comes as Nike has struggled to build on its success in recent years, but the shoes and apparel deals have generated a lot of excitement.
Nike has been expanding its business in the footwear and apparel space in recent times.
NikeLab and Rexx are owned by Nike and Reverb.
Rezz is owned by Rexx parent Rexx Group.
Under Armour recently announced it would be selling its footwear and athletic apparel business to a company called The North Face.
Underwear maker Nike, which also made its first shoe in 2014, has also seen some changes in recent months.
Its apparel business, Nike, has seen a resurgence of interest in the shoes business.
“We are extremely pleased to be the first to announce this new partnership with Rexx,” said Nike CEO Phil Knight.
“NikeLab, a leading designer, has been a strong partner in our efforts to deliver the Nike Brand to athletes, consumers and retailers.
This is a great step forward for NikeLab as we continue to create a brand for the 21st century and beyond.”
Rezz was previously known as Reverb Group.
Rezzy has long been the go-to shoe brand for athletes, and it has expanded into more consumer-focused products, like socks and hoodies, and into apparel.
Rezzy has a long history of being a leading provider of athletic footwear.
In fact, it was one of the first shoe brands to offer its signature athletic sneakers to athletes.
Nike’s Rexx deal comes in the wake of a recent surge in interest in NikeLab’s Rezz and Reknit collections.
Earlier this year, Nike sold a minority share of Rexx and ReXL, two of its footwear businesses, and has also been selling its apparel business in recent weeks.