World number one tennis superstar Serena Williams has signed a unique endorsing deal with Mission Skincare that will make her an equity partner as well as the face of skincare products that target the millions of Americans who engage in some form of exercise.
Williams, 27, will be involved in the development of products, which include lip balm, sunscreen and foot cream.
Williams’ existing deals include Wilson and Hewlett-Packard. But will we see Serena on the courts showcasing Mission Skincare? That’s unlikely, since the terms of her Nike deal forbid her from endorsing any other brand on the court.
Mission Skincare, which recently hired former Reebok US president Bob Munroe as its president and counts former NBC Universal CEO and General Electric vice chairman Bob Wright as a board member, is filling a void in the skin care market by creating products for people with active lifestyles, said Josh Shaw, who founded the company and is serving as its CMO.
Industry reports say that the company has signed other athletes, including NBA star Steve Nash and soccer legend Mia Hamm, and wants to add more.
Williams’ personal agent, Jill Smoller, head of sports at the William Morris Agency, and Williams’ attorney Keven Davis negotiated the terms of the deal.
“Serena met with Josh a couple of times,” Smoller said. “She liked the idea of being able to create her own products there.”
Athletes “get royalties on products they develop with us,” Shaw said. Some of the proceeds from sales go to the athletes’ charities, he added.
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