[Cue ESPN 30 for 30 voice]
What if I told you there was still a luxury market where each product sold for hundreds of dollars? That one of the greatest influencers that drove this market just moved to one of the largest media markets? And that he also happened to be a fan...of high-end wine?
Here's a listing for a Lebron 16 King Court Purple Nike basketball shoe. It is listed for $1,100.
Here's a listing for a bottle of 1996 Chateau Lafite Rothschild. It is listed for $1,000.
Now admittedly, the value and pleasure derived from these two items is different. You can wear the shoes repeatedly and you can only drink the wine once. Yet I would argue there is an untapped opportunity here by the wine industry. ESPN and the Wall Street Journal have both documented how many NBA stars have become avid wine aficionados, particularly for high-end wines. Many of these stars command millions of social media followers and have a proven track record of selling a relatively cheap good produced in limited quantities to their fan base for obscene margins. Both markets rely on scarcity value to drive up the price of certain products, and huge secondary markets exist to resell goods that haven't been used or consumed.
I'm not saying it's a guarantee you can convert sneakerheads into oenophiles, but why wouldn't you try? After all, as Lebron ages closer to retirement, the fans that grew up with him may find their own tastes evolve and seek new ways to spend that disposable income. Elite wineries should be devising ways to get their bottles onto his Instagram as soon as the Lakers are officially out of playoffs.
Reference articles:
http://www.espn.com/espn/feature/story/_/id/22358028/the-nba-obsession-wine
https://www.wsj.com/articles/the-lebron-factor-who-drives-wine-trends-today-11552053545?mod=hp_listb_pos4
The Undefeated has another article about past and present NBA stars that are dipping their toes into the water (wine?). Gregg Poppovich, coach of the Spurs, is an investor in Oregon’s A to Z Wineworks, which known for its high-quality, affordable pinot noir. Chris Paul, now of the Houston Rockets, had a partnership with OneHope Wines, a brand that integrates causes into every bottle. Paul's partnership with the brand culminated in a bottle called ONEHOPE Napa Valley Signature Pinot Noir that was handcrafted in collaboration with consulting winemaker Rob Mondavi, Jr. and retailed for $60 per bottle. Former Rockets star Yao Ming owns Yao Family Wines, which has a tasting room in Napa on St. Helena's main street and produces Cabs that were celebrated by Robert Parker. Dwayne Wade has gotten in the game (pun-intended) with D Wade Cellers, a collaboration between the star and Pahlmeyer, a well known Napa Winery.
ReplyDeleteGiven the influence that NBA stars are beginning to have in the wine world, and the popularity of the league among young men of color, I'm curious to see if more consumers of color (e.g., from Black and Latino communities), will feel inspired to experiment with and learn about wine.
Source info:
ReplyDeletehttps://theundefeated.com/features/nba-dwyane-wade-yao-ming-sasha-vujacic-california-wine-business/
https://www.prnewswire.com/news-releases/onehope-wine-collaborates-with-chris-paul-on-exclusive-signature-series-300113538.html