Giannis’ business: How the Nike Zoom Freak 1 signature shoe elevates the ‘Greek Freak’ to elite NBA firm

Giannis Antetokounmpo of the Milwaukee Bucks had 50 points, 14 rebounds, six assists, a handful of steals, and no turnovers in last week’s 122-118 victory over the Utah Jazz.

He delivered the incredible feat while wearing a pair of low-top size 16 blue Nike Zoom Freak 1 sneakers, the Greek-born superstar’s first trademark shoe and a symbol of his rise to NBA royalty.

The business of Giannis: How the Nike Zoom Freak 1 signature shoe puts the  'Greek Freak' in elite NBA company - The Athletic 

The seventh-year player and reigning league MVP’s signature kick with the world’s largest shoe brand – he’s one of only 25 people to have such a deal in Nike history – is also a significant instrument for leveraging more of what he’s attempting to do with his increasing portfolio of endorsement deals.
Giannis Antetokounmpo Photostream | The grove, Basquete, Carros desportivos  de luxo
His basketball abilities have put him on a pair of Sports Illustrated covers and the box cover of the NBA 2K19 video game, but the shoe and clothing agreement may be even more significant.

When Will Giannis Antetokounmpo Hit His Prime? 

In addition to Nike, Antetokounmpo has endorsement deals with Metro by T-Mobile, Hulu, JBL Audio, NBA 2K, BMO Harris Bank, Aegean Airlines, men’s fragrance line STR8, Swedish milk producer Milko, Chinese television manufacturer TCL, Swiss luxury watchmaker Tissot, and Chicago-based Mediterranean food manufacturer Kronos Foods.

That list demonstrates his international crossover appeal as a foreign-born NBA superstar and the first non-American to wear Nike shoes.

Alex Saratsis, senior director of global operations-basketball at strong sports agency Octagon, represents Antetokounmpo as an agent and business manager. He turns 25 this week.

Do Greeks consider Giannis Antetokoumpo Greek? - Quora 

“He’s in really rarefied air. “He’s the only foreign-born Nike signature athlete,” Saratsis explained. “When a company like Nike is willing to invest that kind of time and money into an athlete, it shows other brands that he stands for all the right things, that he can move product and raise awareness.”

Saratsis, who compared his job as the Corleone family’s consigliere, or chief advisor, to that of actor Robert Duvall in the “Godfather” flicks, said further endorsements would be announced in the coming months.

“He chose things specifically that serve a purpose and can impact people,” she said. “It’s products he believes in, companies that he can growth with.”

Some of the transactions include an ownership share in the company for Antetokounmpo in addition to financial payments. While not identifying names, Saratsis stated that they had rejected a number of bids and plan to continue doing so as Antetokounmpo’s prominence rises.

“We turn away far more than we accept,” Saratsis explained. “We were turning away things before the MVP award.”

The business of Giannis: How the Nike Zoom Freak 1 signature shoe puts the  'Greek Freak' in elite NBA company - The Athletic 

According to one sports marketing insider, a significant shoe deal allows athletes like Antetokounmpo to capitalize on more off-court chances.

 

“Anytime an athlete is one of the marquee players of one of the major shoe and apparel companies, it helps in everything they do, especially if there is some sort of marketing commitment that comes along with it,” said Steve Rosner, co-founder of Rutherford, New Jersey-based 16W Marketing LLC, a sports marketing agency that represents a number of pro athletes.

“Nike’s advertising and media dollars will give him instant legitimacy. When asking other firms about working with an athlete like Giannis, the campaign that a brand like Nike will run for him has already created his name recognition.

Antetokounmpo joins a Nike shoe lineup that includes stars like LeBron James, Kyrie Irving, Kevin Durant, Paul George, and Kobe Bryant, as well as Nike-produced Jordan Brand superstars Chris Paul, Russell Westbrook, and Carmelo Anthony.

Of course, Michael Jordan is the godfather of the trademark shoe.

Antetokounmpo’s shoe tale is well-documented: as the kids of impoverished Nigerian immigrants in Greece, he and his brothers would occasionally exchange basketball sneakers.

Even when he joined the NBA, he would frequently strive to make his shoes survive as long as possible, despite having a collection of several thousand in his apartment and storage units.

Now, he wears a new pair of Zoom Freak 1s to every Bucks game. Antetokounmpo previously worn Nike’s Kobe signature shoes.

He introduced the shoe line in his native Greece in June during a basketball event he supports, with his brothers Thanasis (now a Bucks teammate) and Kostas joining him. The Greek Freak collection also includes T-shirts, sweatshirts, track trousers and jackets, shorts, and socks.

The Zoom Freak 1 was released in three versions: a basic black and white version, an orange and blue “All Bros” edition, and a “Roses” model in red, white, and gold. Antetokounmpo’s mother and brothers’ names are written on the shoes. The design contains a variety of aspects to celebrate his family, as well as his Greek and Nigerian background. The rubber sole features the slogan “I Am My Father’s Legacy.”

Nike releases new Zoom Freak 1 colorways on a regular basis.

The low-top shoe is distinguished by its massive reverse swoosh that forms the sole and heel, behind which is a “double stack” of Nike “Zoom Air” cushioning units. Work was done to create tongue foam cushioning, traction, a sock liner, lace pressure, and other technical and aesthetic aspects that would appeal to Antetokounmpo, according to Ross Klein, senior creative director for Nike Basketball Footwear and one of the lead designers of the Zoom Freak 1.

Three prototypes were created, and many hours were spent discussing, asking questions, fitting, and testing them.

“He desired materials that breathed, moved, and flexed without the sensation of breaking a shoe in. “He wanted it to feel ready right out of the box, so we worked hard on that,” Klein explained. “Once he comes down from all of the jumping he’s doing, and all the lunges, we wanted that heel to feel soft and responsive so his next step doesn’t lose any speed.”

Nike’s iconic shoe development cycle typically lasts 18 months, from concept to shop shelves. With Antetokounmpo, it took 24 months because the company wanted to get it perfect with a new investment. The three-time NBA All-Star is rumored to currently earn $9 million per year with Nike.

“For an athlete we’re just starting to learn about, you need more time,” he said. “He’s an inquisitive type of person who wants to know everything Nike has to offer. He told us that family was the most important aspect of his life. He always wants to feel as if he is supporting and being supported by others. Giannis is unique in that he slept at the gym while learning the game. His entire life revolves around basketball. Overall, he’s a pretty humble person.

Nike is already working on the next several versions of the Zoom Freak.

“As we finish the last one, we’re working on the next. We typically overlap seasons for a few months. Klein explained that as he wears the first sneaker, he would provide feedback on how it is wearing.

The Zoom Freak 2 should be released in the second half of 2020.

That might coincide with Antetokounmpo generating off-court headlines again next summer, when he is eligible to sign an NBA-record contract with the Bucks worth $253.8 million over five seasons. It would keep him in Milwaukee until 2026. His current agreement, inked in 2016, is for $100 million over four years.

Antetokounmpo’s performance has led to increased financial success: Antetokounmpo was placed eighth (equal with Detroit’s Blake Griffin) on Forbes’ list of the highest-paid NBA players last season, with a salary of $22.5 million plus endorsements worth $13 million.

Signature shoe deals can rival NBA earnings, or at least provide a nice supplemental income. For example, James signed a lifetime contract with Nike in 2015, which is estimated to pay him more than $1 billion. Durant inked a deal in 2014 that was rumored to be worth $300 million over ten years.

Nike’s rival Adidas is rumored to be paying James Harden $200 million over 13 years on a contract signed in 2015, as well as Derrick Rose on a 13-year, $185 million contract struck in 2012.

Klay Thompson signed a 10-year extension with China’s Anta brand worth up to $80 million, and Dwyane Wade agreed to a deal with China’s Li-Ning in 2012 that will reportedly pay him $8 million per year.

Antetokounmpo’s previous Nike contract paid him a reported $20,000 per year, whereas his new contract, inked in 2017, will pay him an estimated $9 million yearly. Saratsis revealed Li-Ning and Adidas made signature shore offers to him before Nike re-signed him. Antetokounmpo released an Instagram video of a truck loaded with shoes and stuff delivered by Adidas to entice him to join the brand.

His presence in Milwaukee, the NBA’s fourth-smallest market, was no longer an impediment to winning large endorsement and shoe deals. That’s because platforms like Twitter and Instagram are geographically agnostic, and a player’s (or brand’s) digital reach is broad.

“Even though he plays in a small market, today a player has much more advantage than even 10 years ago just based on social media and the digital world in general,” Rosner said. “Being one of the top four or five players in the NBA doesn’t hurt, as well. If you can play, they will find you. Like someone famously said before, ‘If you build it, they will come.’ The advertisers will come.”

Antetokounmpo has a solid social media presence, with 6.3 million Instagram followers (giannis_an34) and 790,000 Twitter followers (@Giannis_An34).

He has a mostly blank slate to build a history in Milwaukee, where the Bucks haven’t won a championship since being coached by Lew Alcindor (later Kareem Abdul-Jabbar) and sweeping the old Baltimore Bullets in 1971.

The Bucks selected Antetokounmpo, who had previously played for Filathlitikos B.C. in Greece, with the 15th overall choice in 2013. He made his debut that fall, at the age of 18. He received little attention because he did not attend a big American college basketball school.

He has subsequently grown taller, gained muscle, and improved his game. Antetokounmpo and the Bucks finished 60-22 to win their division, swept the Pistons to get to the Eastern Conference finals for the first time since 2001, and won a series 4-1 over the Celtics before losing in six games to the eventual champion Raptors.

While they stopped short of winning the NBA championship, which would have elevated Antetokounmpo’s profile to new heights, the last few years have solidified his place in the spotlight. And with his performance, increased visibility, and premium shoe deal, Antetokounmpo has the potential to become an even greater brand.

In 2018, Antetokounmpo was named No. 29 on SportsPro’s list of the top 50 most marketable athletes in the world. He ranked 41st in 2017. The Warriors’ Stephen Curry is the only NBA player higher on the current list, at No. 5.

Between October 2018 and February 2019, Antetokounmpo’s No. 34 jersey was the fourth greatest selling on NBA.com.

During his MVP season, he averaged 27.7 points per game, 12.5 rebounds, and 5.9 assists while shooting 57.8 percent from the field, a career high. He topped the league in overall efficiency and earned his third All-Star appearance. So far this season, he ranks second in the league in points and rebounds, as well as among the leaders in assists, steals, and free throws made.

It’s simple to see why he was the MVP last season and will be considered again this season, as well as why sponsors want to work with him.

“It was his play. His on-court performance and his story that comes with it, and the kind of person that he is,” Saratsis said.

His reputation is that of a humble, polite man who is deeply focused on family and teammates. Last month, Antetokounmpo was asked by reporters about his teammates getting their own Zoom Freak 1s.

“What I did, I made sure everybody got a pair. Now, if they put it on, it’s their decision, but I made sure everybody got a pair,” he said in the clip posted by the Bucks.

And if he sees if opposing players are wearing his famous shoes?

“I really don’t pay attention to that, but I’ve seen a lot of guys, like when I watch games on TV, I see a lot of guys wearing the shoe. That’s very cool,” he said.

He’s also a person known as the “Greek Freak” because of his ethnicity, and that factors into both his basketball and shoe ambitions.

Antetokounmpo is a freak in the sense that he doesn’t easily fit into typical NBA positions and responsibilities since he’s amazingly versatile. He measures 6-foot-11 and weighs 242 pounds, and has been labeled officially as a small forward, shooting guard and point guard. He has also played power forward and center at occasions.

He’s a large man that can effortlessly handle the ball. A so-called unicorn among a rising stable of such athletes — which won him a lengthy article in The New Yorker.

But being a huge man hasn’t been wonderful for shoe sales. Does this unicorn buck that trend?

“Traditionally, big men do not sell shoes. He’s not a center but he’s a huge man,” Rosner said. “Because the type of player that usually that young basketball fans are attracted to are guys that handle the ball.”

Rosner said his business partner, Frank Vuono, built Hall of Famer Hakeem Olajuwon’s seven-figure shoe deal with Spalding in the mid-1990s and made it work by launching the $45 sneaker called “The Dream” through more affordable retailers such as Walmart, Payless and Kmart. Spalding claimed 4 million pairs sold, but the high-top never had popular cachet with fans or players.

Nike is not doing this with Antetokounmpo. The Freak Zoom 1 costs $120, which isn’t as much as other signature shoe launches but isn’t cheap either. And they’re available through Nike’s retail network.

Klein stated that most basketball players they speak with no longer consider themselves typical “bigs” in the sense of lumbering, lanky centers. Everyone wants to handle the ball, shoot, score, be faster, and fly around an opponent. Low-tops have been popular since the 2008 Kobe model rocked up the market, he explained. So, no one is really interested in a large man shoe.

“We’re happy we have a new archetype of an athlete,” Klein said. “The days you created shoe that looked like ankle braces are pretty long gone.”

The Zoom Freak 1 received mixed reviews. WearTesters.com rated it as decent but not exceptional, with a price tag that was too high for the materials and performance, and a mix of positives and disadvantages.

Is the Zoom Freak 1 being sold? Nike declined to discuss sales, but Klein said they’re pleased so far with consumer response. He highlighted that customers are using it through the “Nike By You” bespoke shoe option, and it is being worn by college and high school athletes.

“It’s been very successful for us,” he said.