Wal-Mart Sign Non-Exclusive Licensing Agreement with NASCAR
February 16, 2011
A non-exclusive licensing agreement has been reached between NASCAR and the world’s largest retailer Wal-Mart, to make apparel, home goods and other products bearing NASCAR, driver and team marks and imagery.
The deal is Wal-Mart’s first licensing agreement with a major sports property after agreeing to a three-year deal with options for an extension with NASCAR. Wal-Mart will pay a licensing royalty, but terms of that royalty were not available.
Wal-Mart plans to support its licensing agreement over the next two weeks with a special “Race Time” promotion that begins today in more than 1,500 stores nationwide. The “Race Time” promotion will feature nearly a dozen of NASCAR’s sponsors such as Coca-Cola, Mars and Miller-Coors in a specially branded area of the store.