Stephen Curry and Under Armour have concluded their 13-year partnership. This sudden separation makes Curry Brand, which produces basketball shoes and apparel, independent of Under Armour.
This means that the 37-year-old Golden State Warriors guard will retain full ownership of Curry Brand, granting him the freedom to seek a new retail partner. The company, however, announced that the ‘Curry 13,’ set for release in February, will be the final Curry Brand shoe under the Under Armour partnership.
“For Under Armour, this moment is about discipline and focus on the core UA brand during a critical stage of our turnaround,” Under Armour CEO Kevin Plank said in a statement. “And for Stephen, it’s the right moment to let what we created evolve on his terms. We’ll always be grateful for what he’s brought to the UA team.”
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“Under Armour believed in me early in my career and gave me the space to build something much bigger and more impactful than a shoe,” Curry said in a news release. “I’ll always be grateful for that.”
“What Curry Brand stands for, what I stand for, and my commitment to that mission will never change; it’s only growing stronger,” he added. “I’m excited for a future that’s focused on aggressive growth with a continued commitment to keep showing up for the next generation.”
The split between Under Armour and Curry, resulting in the Curry brand’s independence, was announced alongside an expansion of Under Armour’s restructuring plan. This revised plan is now projected to cost $255 million—an increase of $95 million from previous estimates.
This figure includes the costs of the Curry brand separation, additional contract terminations, impairment charges, and severance costs.
Under Armour stated in a news release that its basketball segment, which includes the Curry brand, is expected to generate between $100 million and $120 million in revenue during the current fiscal year, which concludes early next year. The company added that the separation is not anticipated to have a “significant effect” on its financial results or profitability.
The split with Curry, one of the most successful and recognized basketball players of his era, is occurring at a challenging time for Under Armour, as reported by CNBC.
The brand has faced consistent turnover in its top management and experienced eight consecutive quarters of declining sales. Its current leader, Plank, is also attempting to reposition it as a premium brand amidst a period of decreased consumer spending on apparel and footwear.
Curry’s long-standing partnership with Under Armour was central to the brand, and it was widely anticipated to be a key element of its strategy for recovery. For the past nine years, Curry has been a consistent topic of discussion on nearly all of Under Armour’s quarterly earnings calls, according to a review of transcripts dating back to 2016.
However, in the most recent call, held about two weeks ago, there was no mention of Curry or the partnership.
In 2013, Curry surprised the sneaker world by opting to sign with Under Armour instead of Nike, as reported by CNBC. At the time, Under Armour was a significantly smaller entity, but Curry was reportedly drawn to the brand’s “underdog mentality.”
Now 37 and approaching the end of his illustrious basketball career—which includes four NBA championships and two league MVP awards—Curry is increasingly focused on ventures outside of basketball, such as golf. He expressed his ambition for the Curry Brand to emulate Nike’s Jordan Brand by outliving his playing career and attracting a diverse range of athletes, as he shared with CNBC Sport earlier this year.
Curry Brand, which debuted in 2020, secured a new long-term extension in 2023. This agreement positioned Curry as the brand’s president, with the brand remaining under the Under Armour umbrella.
As part of this deal, the 11-time NBA All-Star received 8.8 million common shares of Under Armour, valued at $75 million at the time, along with various other incentives and awards.
Under Armour will not stop developing new UA Basketball products after parting with Curry, the company said.
“This move lets two strong teams do what they do best,” Plank said in a statement. “Under Armour is focused on product innovation and performance for athletes at every level. Curry Brand gets the independence to determine its own future. That’s good for Stephen and good for UA.”
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