Notre Dame And Under Armour Unveil 2014 Football Uniforms
Excerpt from Notre Dame's press release:
NOTRE DAME, Ind. -- Inspired in large part by Notre Dame's tradition, and specifically based upon the University's iconic Golden Dome atop the Main Building, Notre Dame and Under Armour officially unveiled the Fighting Irish football team uniforms for the 2014 season. All three versions of the uniform -- home, away and Shamrock Series -- were on display Tuesday afternoon during head coach Brian Kelly's Notre Dame Football Media Day press conference inside the Isban Auditorium at the Guglielmino Athletics Complex on the Notre Dame campus...
Takeaway from Hedgeye Retail: Under Armour (UA) unveiled the crown jewel from its 10-year, $100 million deal with Notre Dame. (The most expensive deal in collegiate athletics.) At $199, it’s the most expensive authentic college football jersey on the market. Starting to see a trend here? Nike's retails for $135.
UA has very little artistic liberty, and we can't see anything that differentiates it from Nike and Adi other than a small embroidered text on the front that reads "God, Country, Notre Dame." Our resident ND alum (Hedgeye macro analyst and former Notre Dame ice hockey captain Ben Ryan) is unimpressed, but we don't doubt that this will be a hit with the masses. Notre Dame has arguably the most loyal fan base in America - last year it was the 3rd highest grossing university in licensed goods sales. Behind UT and Alabama.
While you can't argue with the UA mojo right now, at 75X earnings, it's not a stock we're comfortable buying here.