Yet Another Endorsement Deal for Tiger
Tiger Woods has carded another endorsement deal.
The luxury watchmaker Rolex said Tuesday it signed Woods to a five-year contract under which he will become the global spokesman for its Tudor line of watches and will have a watch named after him.
The privately held Rolex declined to say how much the deal was worth. The trade magazine Brandweek said it was worth up to $7 million, including endorsement fees and royalty payments.
Woods, who has won five of the 17 tournaments he has played as a pro since August, including the Masters, already has endorsement deals for Nike, Titleist and American Express. Those deals stand to pay Woods about $100 million over the next five years.
Rolex hopes Woods will help with its relaunch of the Tudor line, said Jean-Noel Bioul, a sales and marketing executive for Rolex Watch USA in New York. Rolex Watch is a unit is Montres Rolex SA of Geneva, Switzerland.
The Tudor watches sell for between $900 and $2,200 while the new Tiger models will sell for about $2,000, Bioul said. Tudor watches have been sold since 1930 and sell especially well in Asia. Rolex has been more active promoting the Rolex name with athletes including golfers Arnold Palmer and Jack Nicklaus rather than the Tudor line in the United States.
The Tiger watches are expected to be available in June and Woods will appear in print and television advertising starting in July.
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Nike: 5 years $43 million
Titleist: 5 years $20 million
American Express: 5 years $30 million
Rolex: 5 years $7 million
Total: $100 million
1997: $1,360,750 (1st)
Career: $2,151,344 (105th)
Note: Money figures are best estimates of various trade publications and in some cases can vary, depending on endorsed product sales.