The WTA Tour has a new sponsor – a Chinese company called Peak that is not really known outside of the country. Peak will have a five-year deal with the Tour, worth seven figures annually. As of this summer, they will be the Tour’s official shoe and apparel partner in Asia-Pacific.
Under the deal, Peak will receive licensing and merchandising rights to develop a co-branded WTA-Peak line of apparel; will become the official shoe and apparel partner of a series of Tour events in the Asia-Pacific region; will become a partner of the Tour’s China tennis festivals; and will develop a player apparel program.
The aim of the brand is to boost its image at home and attract the Chinese middle class which has a growing interest in leisure activities and plenty of pocket money, while the Tour aims to increase its exposure in the region. Peak wants to show Chinese people that national brands are just as cool as the foreign ones.
”Right now we’re learning from Nike. We hope one day we can catch up and surpass Nike, of course that is our goal,” said 33-year-old Peak CEO Jim Xu. ”But we’re different because we know China better than Nike, we have products that are better suited to the Chinese market … We can give consumers another choice.”
PEAK stands for Passion, Evolution, Achievement and Knowledge.