Today is a special day for Hector. After the win over the Dallas Mavericks, there's the business. Business is business, but the athlete must be used to flourish. The contours of Hector's post-career are already being drawn.
Its positioning in football/soccer is already established, especially with Puma, which is also shoes dead. There are three types of sneaker and apparel deals in the NBA: Exclusive offers, cash offers, and merchandise offers.
Merchandise deals are the most common. These offers are usually given to bench players and reserves. Rather than being paid in cash or royalties by the brand to wear their shoes, these athletes receive free merchandise throughout the year that can be worth $25,000 or more, depending on the player.
The above level is the cash deal. These deals are for good players who still need to reach signature shoe status. The most talented players often receive player-exclusive sneakers, which include their logo and custom colorways.
That's 20% of the NBA, Hector had that contract, but now he's taking it a step higher with his signature shoes deal.
Signature shoe deals are the most lucrative and the holy grail of sneaker and clothing offers. Until recently, Puma was not in the NBA. The deal with Vince Carter ended a year and a half after the signing of the agreement, which hurt the brand's reputation.
Since 2018, Puma has relaunched itself in the NBA with Lamelo Ball, who signed a signature shoe contract with the German brand. Before the 2018 NBA Draft, Puma announced Jay Z as creative director of basketball operations.
He leads creative projects and marketing efforts through the brand's basketball investments and negotiates directly with Belinda to extend Hector's contract.
But it was needed, one of the best in the league. It's done with Hector.
How come he didn't have this type of contract earlier? Initially, Puma was already uncertain about Hector's career and loyalty. Then Hector didn't want it because he wanted something more concrete, not just a signature offer. It took time to reach an agreement, but now it's official.
Hector Herrera signs a lifetime contract with Puma.
"We have agreed to a lifetime relationship with Hector that brings value to the company and shareholders," Puma said. "Our relationship is strong and extends beyond basketball; we see potential throughout his playing career."
At first, no one understood the meaning of this sentence but digging deeper, the media found Hector's assets and liabilities and realized that his net worth was among the highest before signing his contract.
The price has yet to be filtered, and no one knows how much Puma paid. But this is the second-lifetime contract in the history of the shoe and clothing company. The first is Walt Frazier. But Hector's contract is unique in history because it is multi-sport. Hector is a majority shareholder in football/soccer and basketball teams worldwide.
What separates Hector from other players is the Latin American market. Hector is the most popular basketball player in Central and South America. In Spanish-speaking countries in general and even in Brazil and Portugal.
This is why he is paid so much by Puma without belonging to a major market. The real problem in the negotiations is Hector, which may seem paradoxical. The position and style of play significantly impact the negotiations and how shoe manufacturers perceive the player.
"Big men can't sell shoes." That's what many companies think. Only Embiid has his signature shoe and Hector now, but few kids think they want to become Herrera or Embiid.
But Hector, with the South American market, can break the mold, especially in Mexico at home, because it will sell like bread.
He receives a five percent royalty on all sales of his signature shoes and jerseys of the teams he is a majority shareholder. All of them have Puma as an equipment manufacturer.
Its first signature shoes are expected in a year and a half. When a player has a signature shoe, there is constant communication with the sneaker company to review ideas, colors, and samples hence the period between the signing of the offer and the launch of the shoe.
He is the fourth after Michael Jordan, LeBron James, and Kevin Durant to have a lifetime contract, but none have had the deal as young.
"I'm staying the same, man," Herrera told reporters before the game against the Bulls. "I thank Jay-Z and Björn Gulden [CEO of the company] and the whole company that believes in me. I'm still that young Mexican thinking about family first. Puma and I collaborate in many areas, making me happy that the marriage lasts a lifetime. »