Rolex signs Tiger Woods to five-year deal as
spokesman for line
By SKIP WOLLENBERG / AP Business Writer
NEW YORK (AP) - Tiger Woods has carded another endorsement
deal.
The luxury watch maker Rolex said Tuesday it signed the rising
golf star to a five-year contract under which he will become the
global spokesman for its Tudor line of watches and will have a
watch named after him.
The privately held Rolex declined to say how much the deal
was worth. The trade magazine Brandweek said it was worth up to
$7 million including endorsement fees and royalty payments.
Woods, who has won five tournaments including his record-setting
performance at the Masters since turning pro last August, already
has endorsement deals for Nike, Titleist and American Express.
A call was placed to Woods' agent at Cleveland-based IMG, but
he was said to be traveling and would be unavailable for comment
until Wednesday.
Rolex hopes the 21-year-old Woods will help with its relaunch
of the Tudor line, particularly with younger watch owners aged
20 to 35, said Jean-Noel Bioul, a sales and marketing executive
for Rolex Watch USA in New York. Rolex Watch is a unit is Montres
Rolex SA of Geneva, Switzerland.
The Tudor watches sell for between $900 and $2,200 while the
new Tiger models will sell for about $2,000, Bioul said. Tudor
watches have been sold since 1930 and sell especially well in
Asia. Rolex has been more active promoting the Rolex name with
athletes including golfers Arnold Palmer and Jack Nicklaus rather
than the Tudor line in the United States.
The Tiger watches are expected to be available in June and
Woods will appear in print and television advertising starting
in July, Bioul said.
Bioul said Rolex has been talking with Woods about an endorsement
deal since early this year and said he has been wearing a Tudor
watch since then.
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