Michael Jordan addresses the media during the launch of the Air Jordan 2009 at The Event Space on January 8, 2009, in New York City. (Photo: Kelly Kline/WireImage)
He is considered one of the greatest, if not THE greatest, player to ever jump on the basketball court. His value as a former athlete turned businessman is virtually unmatched (although his run as the Charlotte Hornets’ former owner leaves a slight blemish on his record).
The business of Michael Jordan continues to grow.
According to Boardroom, one of the world’s most recognizable figures started his rise away from the court during his last season with the Chicago Bulls, Jordan’s agent, David Falk, told the outlet.
Jordan had already become a symbol of success through the Nike’s Air Jordans, which planted the seeds for an even greater merchandise triumph.
Nike introduced Jordan Brand in the fall of 1997, just in time for Jordan’s sixth and final title with the Bulls. The success Jordan found on the court reached the boardroom as well. In 1998, Jordan Brand increased in revenue by 57% and improved by 133% in year-over-year average selling price.
“He’s got the Midas touch,” Falk said. “Not only is he a great basketball player and an amazing person, but he’s a very astute businessman.”
His success spilled outside of athletics. He starred in Space Jam, sold his own cologne, made Gatorade a household name, and even placed millions of dollars into the coffers of eyewear company Oakley, in addition to many other investments and endorsements.
Source: Black Enterprise