CJ enters 5-year marketing partnership with LA Lakers

South Korea’s CJ Cheiljedang Corp. will be sponsoring the Los Angeles Lakers (LA Lakers) as the first global partner of the American basketball team.

The Korean food giant said on Sept. 22 that its premium food brand CJ Bibigo signed a $100 million global marketing agreement spanning five years with LA Lakers. The global marketing agreement allows Bibigo to launch marketing programs not only in the US but also in other corners of the world.

The company added that the partnership will strengthen Bibigo’s brand awareness among global consumers. As part of the partnership, LA Lakers players will start wearing a new uniform with Bibigo logo from the preseason games next month.

CJ said that LA Lakers contacted the company first to discuss potential partnership opportunities. The South Korean company explained that LA Lakers primarily wanted to expand its brand image in markets outside the US, using the CJ Group’s global networks.

The group has a long track record in building strong brand images in Latin America, East Asia and Southeast Asia, spearheaded by its music and entertainment affiliate CJ ENM Co. and food unit CJ Cheiljedang.

“Our partnership with LA Lakers is essentially an integration between two global cultural icons. We will further strengthen our brand value through sports,” said CJ Cheiljedang’s chief marketing officer Kyung Wook-ho.

LA Lakers has more than 280 million fans across different continents, a figure more than 11 times the average of all NBA teams. The demographics of its fan base is also unique, with young MZers making up a high percentage of 70%.  

CJ said it hopes that the partnership will further drive sales growth of Bibigo in key markets including the US and Europe. CJ Bibigo’s global revenue this year is projected to reach 2.3 trillion won ($1.9 billion), up 25% from 2020. More than half of its annual revenue is generated in overseas markets.

Bibigo is the US market leader of frozen dumplings with about 40% of the share. CJ Cheiljedang added that Bibigo brand’s combined revenue in Asia and Europe in the second quarter grew by 22% from the same period of last year.

Write to Jong-kwan Park at pjk@hankyung.com
Daniel Cho edited this article.