The star guard for the Golden State Warriors intends to play in the NBA for another four or five seasons. He’s eager to capitalize on his sporting accomplishments as retirement draws near by teaming up with Under Armour Inc. to take his brand to the streets.
Curry, 35, continues to be a formidable force in the NBA, and Under Armour gained notoriety thanks to his performance-focused basketball sneakers. Curry hasn’t been as successful as players like Michael Jordan, Ja Morant, and LaMelo Ball in creating products that appeal to sneakerheads; their shoes sell for more money on StockX than Curry’s.
Prior to this month’s NBA All-Star game in Indianapolis, Curry made a point of highlighting his retail goals. How can I leave a legacy? The four-time NBA champion Curry stated, “I want to play at a high level for as long as I can, but this is an opportunity to generate more ownership,” as he made his way to the Under Armour All-Star weekend store.
Curry is also essential to Under Armour. In order to extend their partnership beyond trademark sneakers, he inked a long-term agreement with Nike in March. In order to promote and sell streetwear, he was appointed president of Curry Brand. He was paid in April in shares worth $75 million, according to regulatory filings.
Under Armour needs Curry to fulfill its goals of reviving its business after years of stagnation. With sales of about $1.5 billion last year, the footwear division of Under Armour accounts for 25% of its annual income, but it still lags behind Adidas AG and Nike Inc. Curry’s yearly revenues were projected by TD Cowen to be $250 million in the previous year, although the company did not reveal them.
Since taking over as CEO of Under Armour in February of last year, Stephanie Linnartz has aimed to reinvent the brand as “sports style,” or casual athletic apparel for daily use. Despite a decade of highly anticipated partnerships and limited-edition releases, Under Armour has not been able to make a significant impact in the streetwear market.
Curry’s former CEO Linnartz stated, “I am still digging in deep to figure out exactly how we’ll map that out over multiple years.” Executives have not established sales targets. She predicted that it will play a significant role in Under Armour’s portfolio.
With a three-year turnaround plan in place, Linnartz has guided Under Armour, emphasizing womenswear and footwear to accelerate growth in the domestic market. In February, the company raised its full-year earnings forecast in spite of a 12% decline in North American revenue.
The main sportswear firms have had a challenging year. Adidas is making money by selling the Yeezy brand’s discontinued shoes, which it lost a year ago. In an attempt to save $2 billion, Nike laid off 2% of its global workers this month.
The greatest athlete sneaker contract ever has been with Nike. Even after two decades, Michael Jordan’s brand continues to be the industry leader with over $5 billion in sales worldwide. Steph even desires Mike’s look.
Curry: “You look at brands like Jordan; that’s the pinnacle of an athlete using their platform and presence to create something meaningful.”Constructing my own rendition of that.