Barcelona has formed a new company that will oversee the management of its retail, licensing and merchandising activity, reports SportBusiness.

The club's merchandising rights are currently managed by FCBMerchandising, which is owned by US sportswear company Nike, Barcelona's kit supplier. FCBMerchandising has managed the rights for 16 years.

From July 1, the newly-formed Barça Licensing and Merchandising will take on the rights. July 1 also marks the start of Nike's new eight-year deal with Barcelona, which will run through to the 2025-26 season.

Barcelona said in a statement: "This new approach pursues several objectives: greater economic profitability, direct control of the brand, the possibility of offering our fans a 100 per cent Barça experience, and a boost to innovation and new technologies."

This side of Barcelona's business currently comprises three of its own stores, 15 licensed stores, 328 licensees and more than 250 employees. The business features more than 7,000 licensed products and has an annual turnover of around €65m ($77m).