IndyCar announced today that IZOD is ending its sponsorship of the auto racing series after the season.
"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, chief executive officer 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 IndyCar in 2008 as its official apparel provider and the series' entitlement holder in 2010.
"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 of The PVH Marketing Group, in a statement. "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."
Miles said IndyCar is in a position to find a new sponsorship deal that will allow the circuit to continue its growth.
"Our on-track competition is at an all-time high and IndyCar offers a unique activation platform with brand attributes of speed, technology and innovation," Miles said. "With changes we've made to our overall company structure and the master facility plan underway at the Indianapolis Motor Speedway, we're heading into discussions with some very creative opportunities."