Under Armour signed a new contract with Golden State Warriors star guard Stephen Curry that extends into his retirement. The agreement, with incentives, could become a lifetime deal similar to Nike’s contracts with Michael Jordan and LeBron James.
The four-time NBA champion, 35, is considered the best pure shooter in NBA history. A recent Morning Consult poll ranked Mr. Curry as the most popular athlete among all U.S. adults and tied with Mr. James among Gen-Zers.
Mr. Curry, signed by Under Armour in 2013, is on his tenth signature sneaker and his models generally rank among the top sellers. In 2020, Under Armour launched the Curry Brand, a standalone brand similar to the Jordan brand with its own logo and a charitable commitment to invest in “under-resourced communities.”
Under his new contract, Mr. Curry becomes president of the Curry Brand and takes on an advisory role across basketball, golf, women, youth and sports style categories. Like Nike’s Jordan brand, NBA players will endorse the Curry Brand apart from the Under Armour brand.
“At his core, Stephen embodies what it means to be an Under Armour athlete,” Kevin Plank, Under Armour founder and executive chair, said in a statement.
Mr. Curry doesn’t come cheap. The new incentive-laden deal includes a $75 million stock grant and is worth “potentially more than $1 billion,” according to Rolling Stone.
Under Armour’s footwear business, including running shoes and cleats, will reach $1.5 billion in its current fiscal year, far from recent annual footwear sales of $44 billion for Nike and $25 billion for Adidas. Cowen analyst John Kernan said in a research note, “We are doubtful that Curry is greater than a $250 million business.”
The hope is that Mr. Curry taps some of the success of Mr. Jordan, who ranked as the GOAT (Greatest Of All Time) athlete among Americans in a recent Morning Consult poll. Twenty years after the legend’s retirement, the Jordan brand had a record year in fiscal 2022, with $5 billion in revenue. Nike recently set a goal for Jordan to become North America’s number two footwear brand.
Under Armour And Stephen Curry Enter Long-Term Partnership — Under Armour
Under Armour and Steph Curry are entering into a long-term partnership. — CNBC
Stephen Curry Scores $75M Stock Grant from Under Armour — WWD
Stephen Curry signs new long-term Under Armour agreement — ESPN
LeBron James and Stephen Curry Tie as Gen Z’s Favorite Athletes — Morning Consult
The Verdict Is In: Fans Say Tom Brady Is the GOAT Quarterback — but Not the GOAT Athlete — Morning Consult
Stephen Curry Is Putting It All on the Line — Rolling Stone
Stephen Curry And Under Armour Launch The Curry Brand, Aimed To Change The Game For Good — Under Armour
Stephen Curry Is Selling More Sneakers Than LeBron James — Complex
