The South African Sports Confederation and Olympic Committee (Sascoc) announced a four-year deal with Mr Price Sport, making the retailer the official apparel sponsor of Team South Africa.
The sportswear retailer's deal will encompass this year's Tokyo Olympic and Paralympic Games, the Birmingham 2022 Commonwealth Games, the 2023 Africa Games in Accra and the 2024 Summer Olympic and Paralympic Games in Paris.
This will be the first time South Africa's Olympic and Paralympic athletes will be wearing "locally developed athletic apparel" at the Games' opening ceremony and podium.
Team South Africa copped flak at the 2016 Rio Olympics after athletes were seen wearing oversized tracksuits in Brazil.
The 2016 kit, which was made by a Chinese company called 361º, was heavily scrutinised in the media by athletes and spectators as some said it resembled the Teenage Mutant Ninja Turtles.
Sascoc's partnership with Mr Price Sport extends to the 2024 Paris Olympics and Paralympics with president of Sascoc Barry Hendricks excited about the new deal.
"It has always been a goal of Sascoc and Team South Africa to partner with a proudly South African brand," said Hendricks.
"This is a momentous occasion in which Team South Africa will participate in the world's biggest events, kitted and dressed by a South African brand, a first of its kind."
The Mr Price Sport team has worked closely with local designers and with expert advice from Sascoc and the athletes and will "ultimately create innovative and iconic activewear for Team South Africa".
Additionally, Mr Price Sport announced that they would be making key items available in stores, allowing fans to wear the same kit worn by their Olympic heroes in Tokyo.
"We are very excited about this new partnership and it is an absolute honour to be kitting out Team South Africa," said managing director of Mr Price Sport, Roger Maingard.
"Equipping South Africa's foremost, elite athletes in one of the country's most accessible brands serves as a great inspiration for all. Having young, aspiring Olympians and Paralympians see their sporting heroes in a brand they know and love can only serve to inspire."
The Tokyo Olympics is scheduled to run from 24 July to 8 August with the Paralympics scheduled for 24 August to 5 September.