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Paying royalties/Licensing IP vs selling to retailer

I have a concept football shirt brand, launched a couple of months ago that has been fairly successful. I am in contact with a well known wrestler to make a jersey inspired by him. Would it be more beneficial to:

Pay to license/pay royalties for each sale OR sell the jerseys to said wrestler at let’s say half the retail value for him to resell.

How would I go about deciding what the royalty/licensing fee is – is there an industry standard?

Any tips and recommendations are appreciated as this is my first venture into working with other brands (would also appreciate any guides etc to working with other brands).

Website is blcksmth.co.uk if you want to check it out

submitted by /u/AllanSmith22
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