Stephen Curry and Under Armour Split After 13-Year Partnership
BREAKING: Stephen Curry and Under Armour have officially ended their 13-year partnership. This split comes amid the sportswear company’s ongoing struggle with declining sales and a major restructuring effort.
The announcement was made Thursday, revealing that the final sneaker from their collaboration, the Curry 13, is set to launch in February 2024. This marks the conclusion of a significant chapter in both Curry’s and Under Armour’s history.
Under Armour’s CEO Kevin Plank described this moment as crucial for the company as it focuses on revitalizing its core brand during a pivotal turnaround phase. “For Under Armour, this moment is about discipline and focus,” Plank stated in the press release. “And for Stephen, it’s the right moment to let what we created evolve on his terms.”
Sources reveal that Curry’s brand can now explore new partnerships and investments following the separation. This collaboration was expected to generate at least $100 million in revenue for Under Armour during the current fiscal year, yet the company asserts that the split will not significantly impact its profitability.
Under Armour has faced challenges over the past eight quarters, including a restructuring plan estimated to cost $255 million. The company’s stock has seen a dramatic decline, falling nearly 50% over the past year, with shares down 2% on the day of the announcement.
“Parting ways with Curry makes so much sense. He’s a great athlete, but we always questioned his marketability,” noted analysts from Jefferies, emphasizing that the split could signify a new strategy for the brand.
Curry, who joined Under Armour in 2013 after choosing the smaller brand over giants like Nike, has been pivotal in the company’s basketball segment. The Curry Brand debuted in 2020, and a long-term extension in 2023 named him president, granting him 8.8 million shares valued at approximately $75 million.
This latest development underscores a significant shift for both the NBA star and the sportswear giant, as they navigate a changing marketplace. What will Curry’s next move be? Fans and analysts alike are eager to see how this split will influence both his brand and Under Armour’s future direction.
Stay tuned for more updates as this story develops.
