Adidas

I have to be a little bit careful with that because the way that the money is organized is that quite often the kit manufacturer will give the club a flat fee and a percentage.

So you might, in the case of Manchester United, they get £75 million or £80 million from Adidas as a guarantee, and then they're getting a percentage.

And what was interesting two or three years ago when...

Nike first partnered with Liverpool was that the deal was a low fixed fee, around about 30 million, but Liverpool were rumored to be on a 20% stake of every shirt that was sold.

It works a treat.

And on those bride shoes, you could have Adidas.

Yeah.

Why not? Well, she's probably wearing those anyway, it depends on it.

Eric Bodemer, who was one of the primary jersey designers with Fanatics.

He was with Adidas previously.

He is the mind behind their current home-and-away uniforms.

He did the Heritage Classic uniform, the Winter Classic jersey in 2018.

The upgrade in everything around the club, pretty much.

When you look at the warehouse, when you look at the Adidas, you look at the...

the club shops you know basic things like that that seem so simple but they're not because clearly we weren't doing that for years you look at the new stand that's coming in the north stand you look at the new academy centre near the state villa park you look at the upgrades to bodymore heath you look at the fact we have one of the best academies in the country nay the world These owners know what the hell they're doing.

Man United don't just need Unai Emery, they need Villa's owners.

Investment Partners.

Another interesting debate in sportswear is I'm sure you've seen headlines of challenger brands like On Running and Hoka displacing the legacy performance sportswear brands, say like Adidas or Nike.

But I think you only have to look at Adidas dominating all of the recent performance running podiums.

On a longer term view, we think the market is undervaluing a very strong brand with competitive advantages that is executing incredibly well.

That's senior analyst Emma Henderson.

So an area we're going to continue to keep an eye on to see if we can get some attractively valued exposure, as long as we get confidence around these longer term growth trends.

So not yet, but we're always looking for parts of the market which have high quality companies, which may be oversold at some point.

So one... area we are positioned in, we still quite like is sports where Adidas is a good size position within the portfolio.

You got your outfit? Yes.

Got some hot, like bright pink Adidas shoes.

Cool.

And bright pink socks, bright pink hats.

Go.

Nike, Reebok, Adidas.

It's hard.

It's hard.

Jane Lynch's character.

I had lipstick on and a wig, and I had the whistle, and I had an Adidas outfit on, and I sang.

But that night I got super, super, super, super, super vodka Red Bull drunk, and I turned into a nut.

And that was the last time I got really, really drunk in front of my coworkers.