Under Armor and Steph Curry begin a long-term partnership.
source: Under Armor
NBA superstar Steph Curry and In armor once more they place big bets on one another.
The Baltimore-based sportswear brand and four-time NBA champion announced Thursday that they’re constructing their ten-year partnership with a recent long-term partnership. The deal will be sure that the 35-year-old Curry will stay with Under Armor long after his career is over.
The financial terms of the performance-based deal weren’t disclosed.
Curry will assume the brand new role of Under Armor’s Curry Brand President and will work across categories reminiscent of Basketball, Golf, Women’s, Youth and Sports Style to deliver recent products.
The nine-time NBA All-Star first signed with Under Armor in 2013 for an estimated $4 million a 12 months.
His current contract with Under Armor is value $215 million and includes equity interests in company. Over the course of their collaboration, Curry and Under Armor jointly released 10 signature shoes. Curry is the one athlete in Under Armor history to accomplish that.
“If the last 10 years have shown me anything, it’s that Under Armor and I can construct great things together,” Curry said. “In 2013, we bet on one another and I’m able to take the following step together.”
The brand new deal highlights the importance of the Curry brand to the long run of Under Armour, as the corporate comes under the brand new leadership of CEO Stephanie Linnartz, who took over the reins in late February. As with Nike’s lifetime deal with Michael Jordan and LeBron James, Under Armor counts on their biggest basketball star to be involved in all elements of its brand, even after retirement.
Linnartz said she looked forward to working closely with the Curry team as they deal with the following chapter of growth.
Stephen’s recent role is president of the Curry brand
source: Under Armor
It has been a tumultuous few years for Under Armour. While Curry won several championships and awards, becoming considered one of the best players in NBA history, the Under Amour business lagged behind. The brand, which was founded by Kevin Plank in 2005, struggled to realize market share Nike and Adidas in recent times.
Last month, the corporate posted higher ends in its fiscal third quarter, with revenue of $1.58 billion, however the retailer continues to struggle with inventory issues. Shares fell about 9% to Wednesday’s close.
Under Armor sales for the fiscal third quarter totaled $354 million. In three quarters, the segment generated nearly $1.1 billion in sales. “We doubt Curry is an even bigger than $250 million business,” said Cowen analyst John Kernan.
On reflection, the Nike Jordan brand had its biggest 12 months ever in 2022, with revenues of around $5 billion. Jordan retired from the NBA for good in 2003. Nike footwear sales within the third quarter totaled $7.97 billion.
Plank said he believes Curry’s renewed partnership will give the corporate the catalyst it needs.
“Stephen is considered one of the best talents of our generation. He embodies what it means to be an Under Armor athlete and is an integral a part of the Under Armor family. We’re excited to construct together, bringing much more innovation and inspiration to athletes all over the world,” said Plank, who’s now the corporate’s president and head of the brand.
Curry will be tasked with helping with athlete knowledge, product development, and strategic business and marketing endeavors.
It will also tackle a broad advisory role, specializing in driving brand loyalty and recruiting to expand Under Amour’s roster of athletes.
The partnership includes funding for community impact activities to create opportunities, access and equality for the following generation of athletes.
source: under love
Youth athletics and equality have all the time been vital to Curry starting out An underrated tripwhich helps underrated highschool students gain more visibility.
As a part of the brand new deal, Under Armor will also provide increased funding for community impact activities.
“Faith is an enormous a part of who I’m on and off the court. I think in Curry Brand and Under Armour, the team that’s here immediately, and what we’re doing together,” Curry said. “We share a vision of a fantastic future ahead of us.”