Paige Bueckers’ collaboration with Madison Reed began by going from blonde to “shimmering rose.”
Courtesy: Madison Reed
The latest in women’s college sports is filled with color.
The University of Connecticut and beauty brand Madison Reed have entered into an extensive partnership that includes court naming rights; name, image and likeness deals; and career development opportunities.
Madison Reed said that the specific terms of the deal have not been disclosed, but the cooperation value is in the millions of dollars.
As part of the agreement, Madison Reed will sponsor UConn’s Gampel Pavilion and XL Center and acquire court naming rights for the next three years. The school’s men’s and women’s basketball teams compete on these courts.
The company also signed NIL agreements with four University of Connecticut women’s basketball players: Paige Bueckers, Azzi Fudd, Ice Brady and Morgan Cheli. As part of the arrangement, the player will serve as a brand ambassador and agree to use Madison Reed-colored hair throughout the deal.
Founded in 2013, Madison Reed produces home and salon hair dyes. Its products are sold nationwide Amazon, ultimate beauty, Target and Walmart.
Madison Reed founder and CEO Amy Errett, who attended the University of Connecticut and is now a board member of the University of Connecticut Foundation, said the deal was particularly meaningful to her. The sponsorship marks the first time a brand founded by a woman and a graduate has received naming rights to a UConn court.
Eret said it’s important to focus on female athletes and help them create opportunities on and off the court.
“I had a thesis where male athletes were kind of programmed – they had car dealerships, they had all kinds of things going on. But that didn’t happen for female athletes, so we wanted to be the first to provide that for them company of opportunity,” Eret told CNBC.
But she also thinks it’s a good business because Madison Reed hopes to capture the 18- to 44-year-old market by attracting female sports enthusiasts (78 percent of whom dye their hair, the company claims).
Madison Reed offers over 55 shades of hair color products
Courtesy: Madison Reed
The University of Connecticut’s men’s and women’s basketball teams have won a combined 17 national championships. The women’s team is led by star guard Bueckers, who is playing her senior season and is expected to be the No. 1 pick in next year’s WNBA draft.
“We’re going to draw a lot of attention on the court,” Eret said.
As part of the NIL agreement, Madison Reed will also provide coaching opportunities for athletes, internship opportunities for UConn course credit and the opportunity to acquire a franchise of Madison Reed hair dye sticks in the future.
The four players named in the deal will also receive cash and equity from Madison Reed.
“For us, it’s holistic,” Eret said. “We’re working to allow them to run the business later if they choose, and we say our success at Madison Reed means your equity is worth more.”
Hall of Fame coach Geno Auriemma, who is entering his 40th season as head coach of the UConn women’s basketball team, said he strongly supports the deal because of the attention it brings to his program.
“Partnerships like this one with Madison Reed are important because they raise awareness of women’s sports on a larger scale while elevating teams and athletes,” Auriemma told CNBC in an email. , giving them the recognition they deserve.
Paige Buckers with Madison Reed.
Courtesy of Madison Reed
While each NIL deal with athletes is different, one of the most notable will be its collaboration with Bueckers, who kicked off the partnership by using Madison Reed ColorWonder dye to go from blonde to shimmering rose. .
The University of Connecticut senior is known for her long blonde hair, but she says she’s not actually a natural blonde.
“I’ve been proud to dye my hair since eighth grade,” Bueckers told CNBC.
Bookers said she is passionate about trying new things and finds it fun to try different hair colors. She noted that her favorite color is purple, so she might give it a try.
She said she’s excited to promote the brand and let fans guess her hair color – she might even offer fans the chance to vote on the color.
Bueckers also said she wasn’t opposed to convincing Auriemma to try.
“I just hope it inspires kids and inspires other people to not be afraid and be yourself and express yourself in different ways,” she added.
