The IndyCar Series announced today that IZOD will exit its role as title sponsor at the end of this season, 1 year earlier than it’s contracts expiration date.
“We are proud of our partnership with IZOD over the past six years and we’re grateful to PVH Corp., owner of the IZOD brand, for its support, creativity and vision,” Mark Miles, CEO of Hulman & Co., the parent company of INDYCAR, said in a statement. “But circumstances change and now we’re seeking new partnerships with brands looking to align with the fastest, most versatile form of racing. We are combining and strengthening our commercial functions at INDYCAR and Indianapolis Motor Speedway, which will allow us to more aggressively pursue new opportunities for our sport.”
IZOD joined the IndyCar world with sponsoring Ryan Hunter-Reay in 2009 and a year later became the title sponsor of the series a year later.
IZOD had been scaling back their involvement with the series since the retirement of Phillips Van-Heusen CEO Allen Sirken, who initially inked the partnership with Hunter-Reay and the series. The new management team did not see value in motorsports marketing, thus the reason for the scaling back.
“After an exciting relationship that has been as enjoyable and fast-paced as IndyCar itself, PVH Corp. has made the decision to not continue IZOD’s title sponsorship with IndyCar beyond the 2013 season,” said Mike Kelly, Executive Vice President, The PVH Marketing Group. “As we and our retail partners shift the IZOD brand’s product focus, we need to shift our marketing spend to complement it. We would like to thank the IndyCar community, from the amazing fans, to the incredible drivers, to the entire series, for their partnership. We wish the series all the best and we look forward to finishing out the 2013 season with much success.”