Tennis champion Roger Federer has signed a deal with Uniqlo after more than two decades with Nike Inc (NYSE:NKE).
The Swiss star signed a US$300mln ten-year deal with the Japanese brand after his contract with Nike expired in March, according to a BBC report. Nike is said to have declined to match the deal.
The 20-time Grand Slam winner signed with Nike back in 1994.
While Nike said it does not comment on athlete contracts, it did send its best wishes to Federer.
READ: Nike runs circles around analyst estimates in its fourth quarter; announces US$15bn stock buyback
"We are thankful and proud to have been a part of Roger's incredible journey and wish him the best in the future," said a spokesperson in a statement.
Because Uniqlo does not make tennis shoes, Federer wore Nike shoes at his Wimbledon match.
“Mr. Federer is one of the greatest champions in history. We share a goal of making positive change in the world.” said Uniqlo CEO Tadashi Yanai in a tweet.
UNIQLO is honored to welcome Roger Federer as our new Global Brand Ambassador.
“Mr. Federer is one of the greatest champions in history. We share a goal of making positive change in the world.” —Tadashi Yanai, UNIQLO founder, chairman and CEO https://t.co/lE8EJVIPWE pic.twitter.com/c3UuWXQq2n
— UNIQLO (@UniqloUSA) July 2, 2018
Other athletes signed to Uniqlo include Japanese tennis player Kei Nishikori and Australian golfer Adam Scott.
Shares of Nike fell 2.65% to US$76.28.