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Minnesota Timberwolves and Team USA Basketball star Anthony Edwards has extended his contract with Adidas, chief executive Bjørn Gulden said on the company’s quarterly earnings call Wednesday.
Edwards’s signature shoe with Adidas, the AE 1, has become its most in-demand basketball sneaker since launching at the end of last year, thanks to its unconventional design and the combative, tongue-in-cheek marketing that has accompanied it.
It has helped breathe fresh life into Adidas’ relatively small basketball category and the signature sneaker market in general, with consumers increasingly adopting the AE 1 as a lifestyle shoe, as well as for basketball.
The sneaker has sold out every Adidas drop in most sizes and colourways and has racked up over 17,500 trades on StockX at an average price of $126, a 22 percent premium on its retail price, the resale platform told BoF in June.
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Edwards is central to Adidas’s plan to scale its basketball category, which in turn is a key element of the brand’s expansion plans in North America.
The 22-year-old guard just enjoyed a standout season, leading the Timberwolves to their deepest NBA Playoffs run in 20 years.Earlier this month, The Athletic reported that Edwards would sign a multi-year contract extension with Adidas that would see him earn as much as $50 million.
Gulden declined to reveal the specific terms of the deal.
Learn more:
Are Signature Sneakers Still Relevant?
After years of stagnation, the market for signature shoes from basketball stars is heating up again, boosted by a new generation of athletes and fresh challenges to Nike’s dominance from a resurgent Adidas and a host of Chinese brands like Anta and Li-Ning.
