Paige Bueckers has kicked off her partnership with Madison Reed by going from blonde to “bright pink.”
Courtesy: Madison Reed
The latest women's college sports deal comes with a splash of color.
The University of Connecticut has reached an agreement with beauty brand Madison Reed on a wide-ranging partnership that includes courtroom naming rights; name, image and likeness agreements; and professional development opportunities.
The exact terms of the deal were not disclosed, but the partnership is in the multi-million dollar range, according to Madison Reed.
As part of the deal, Madison Reed will sponsor UConn's Gampel Arena and XL Center and have naming rights to the court for the next three years. The school's men's and women's basketball teams play at the venues.
The company has also signed NIL deals with four UConn women's basketball players: Paige Bueckers, Azzi Fudd, Ice Brady and Morgan Cheli. As part of their deal, the players will serve as brand ambassadors and have agreed to wear Madison Reed hair color for the duration of the deal.
Madison Reed, founded in 2013, manufactures at-home and in-salon hair color products. Their products are sold nationwide in Amazon, Ulta Beauty, Aim and Walmart.
Amy Errett, founder and CEO of Madison Reed, who attended the University of Connecticut and now serves on the board of the UConn Foundation, said the deal is especially meaningful to her. The sponsorship marks the first brand founded by a woman and a graduate to obtain court naming rights at UConn.
Errett said it's important to highlight female athletes and help create opportunities for them both on and off the court.
“I have a thesis that male athletes organize themselves, own car dealerships and have all kinds of things happen to them. That doesn't happen with female athletes, so we wanted to be the first company to give them an opportunity,” Errett told CNBC.
But she also sees it as good business, as Madison Reed looks to capture the market of women ages 18 to 44 (78% of whom dye their hair, according to the company) by appealing to female sports fans.
Madison Reed offers over 55 shades of hair color products
Courtesy: Madison Reed
The UConn men's and women's basketball teams have a combined 17 national championships. The women's team is led by star point guard Bueckers, who is playing her senior year and is expected to be the first overall pick in next year's WNBA draft.
“We're going to get a lot of looks on the court,” Errett said.
As part of the agreement with NIL, Madison Reed will also provide athletes with mentorship opportunities, internships for class credit at UConn, and opportunities to franchise a Madison Reed Hair Color Bar in the future.
The four players named in the deal will also receive cash and Madison Reed stock.
“For us, it's a holistic issue,” Errett said. “We're trying to prepare them to run their businesses down the road if they want to, and we're saying that our success at Madison Reed means their equity is going to be worth more money.”
Hall of Fame coach Geno Auriemma, who is entering his 40th season as head coach of the UConn women's basketball team, said he is a big supporter of the deal because of the attention it brings to his program.
“Partnerships like this one with Madison Reed are so important because they drive awareness of women's sports on a larger scale, while elevating the teams and athletes who are receiving the recognition they deserve,” Auriemma told CNBC in an email.
Paige Buckers partners with Madison Reed.
Courtesy of Madison Reed
While each NIL deal differs with athletes, the most notable will be with Bueckers, who kicked off the partnership by going from blonde to bright pink using Madison Reed ColorWonder hair color.
The UConn senior is known for her long blonde locks, but said she's not actually a natural blonde.
“I've proudly worn dyed hair since I was in eighth grade,” Bueckers tells CNBC.
Bueckers said she loves trying new things and finds it fun to experiment with different hair colors. She noted that her favorite color is purple, so she might try that.
She said she's excited to promote the brand and keep fans guessing about her hair color, and might even offer them the chance to vote on the colors.
Bueckers also said he's not against convincing Auriemma to give him a chance.
“I just hope it inspires kids and inspires other people to not be afraid, to be themselves and to express themselves in different ways,” she added.
