Armani's Latest Padel Investment (Exclusive)
Plus, a look at the booming business of luxury's new favourite sport.
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Armani has signed a long-term strategic partnership with Rocket Padel, SportsVerse can exclusively reveal.
The luxury Italian house’s sports-focused EA7 line — also a long-time sponsor of Italian football giant ASS Napoli — will become the official fashion partner of the leading European padel venue operator, which opened its latest flagship venue at London’s Battersea Power Station development in September.
According to the brand, the deal will see all coaches and staff outfitted in bespoke EA7 uniforms, and EA7 sportswear will also be sold in the retail stores of Rocket Padel’s soon-to-be four locations across the UK, “bringing an unparalleled level of elegance to the UK padel scene.” EA7 branding will also be displayed across the sleek Battersea Power Station location, including on the net posts and the glass walls of all courts.
It’s the latest of several moves made by Armani to capitalise on the fast-growing sport. For example, EA7 is one of a small cluster of brands to offer padel-specific performance gear (as opposed to repurposed tennis gear), including sneakers and playing apparel, along with equipment like $300 rackets.
Meanwhile, the brand is also the title sponsor of the EA7 World Legends Padel Tour, a multi-city series which pits former football players against each other on-court, featuring the likes of AC Milan great Andriy Shevchenko and Italian legend Gianfranco Zola.
For Rocket Padel, the partnership brings the potential to connect with consumers outside the sport’s usual community.
“This collaboration will bring a new level of energy and appeal to the padel community, attracting fashion-conscious players across the UK,” said Rocket Padel founder, Sebastian Gordon.
The Booming Business of Padel
In recent years, luxury watch and fashion brands have flocked to strike deals with high-end padel clubs like Rocket Padel and US-based Reserve Padel, as the sport’s sudden growth turned it into an obsession for everyone from elite athletes to regular city-dwellers looking for a way to socialise and keep fit before or after work. Padel’s aspirational aesthetic has also been boosted by its high-profile converts.
The more monied players of the sport and the high-end clubs they attend give brand sponsors an easy way to court ultra-wealthy clientele.
On the scene in Miami, for example, it’s common to see competitive games taking place featuring local names like David Beckham, Lionel Messi and Dwyane Wade, while the likes of Max Verstappen and Lando Norris have an annual game with Reserve owner Wayne Boich when the F1 comes to town in May. This lends itself perfectly to the air of polished exclusivity typically sought by luxury brands.
Though padel has been around since its founding in 1960s Acapulco, Mexico, its growth spurt, particularly in the US and the Middle East, is a far more recent phenomenon.
According to PwC, new padel club openings surged 27 percent last year, with over 70,000 clubs expected to be open worldwide by 2027. Padel is also increasingly favoured by real estate developers for luxury properties and resorts, since two padel courts can fit in the space it takes to build one tennis court.
Gold Rush
Investors around the world are looking to padel as the next major growth opportunity in sports. Billions of dollars are pouring into the sport from private equity and soverign wealth funds.
Playtomic—the Spanish startup which rents padel and tennis court bookings through its app—was valued at $273 million this week after closing a $70 million funding round to fuel the next phase of its global expansion, with a strong focus on padel and the US market. (On a personal note, I hope they hurry up because it’s literally impossible to book a tennis court in New York. If anyone has tips or wants to play, hit me up. Anyway, I digress.)
Last month, Virginia-based Epic Padel Inc. raised $4.5 million from investors including Abu Dhabi’s Kareem Anabtawi, with the goal of expanding the sport in North America through strategic investments. Back in the UK, Stormzy became an investor in London’s high-end Padel Social Club venue.
Plus, padel M&A is also now a thing. Taktika Equity, the world’s largest padel-specific private equity fund, acquired Padelmba, a training company for padel professionals.
It’s a good time to be in the business of padel.
That’s all for today, friends. Thanks for coming along for the ride.
Until next time!
DYM
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Always an enjoyable time reading your posts Daniel.
It's absolutely insane how popular padel is here in Italy. It has become the number 1 way for people to network and catch up.
p.s. i also wanted to point out that Armani is also the sponsor of the major basketball team in Italy that is also playing in Euroleague, which often goes underlooked because soccer is more popular in Italy, so they are really solidifying an already strong portfolio!