For Osaka, the goal of Evolve is not simply to save money on paying commissions to a third party, but also to grow her business portfolio to $150 million annually in the coming years, from roughly $50 million today, but not by signing deals that put more company logos on her tennis outfits.
Duguid said Osaka might actually pare down her endorsement portfolio. The model for Evolve is similar to businesses set up by several of Osaka’s role models in the sports industry, many of whom have become close friends, including LeBron James and Stephen Curry. Osaka was also close with Kobe Bryant, who died in 2020 in a helicopter crash and who was an early mentor to her.
She has been weighing a venture like Evolve since the Tokyo Olympics, where she lit the Olympic cauldron and was the face of the Games in Japan, her home country. Osaka has wanted more leeway to invest in businesses, have an ownership stake in them and grow her own. She started Kinlò, a skin care products company focused on people with melanated, or darker, skin tones, last year.
That announcement came days after Osaka exited the U.S. Open after being upset by Leylah Fernandez, an unseeded Canadian, in the third round. She announced in a teary news conference after the match that she planned to take an indefinite break from tennis. She had previously taken seven weeks off after she dropped out of the French Open last spring following a conflict with tournament organizers. Osaka had stated that she would not participate in mandatory news conferences after matches. Organizers had threatened to throw her out of the tournament if she did not fulfill her news media obligations, so Osaka withdrew.
Neither the breaks nor her drop in the rankings appears to have affected her ability to grow her business off the court. Now, Duguid said, she will try to retain her leading position off the court as she tries to regain the one she once had on it.
“This is something that scratches an itch on the side for her,” he said.