One of Nike’s most embarrassing sagas is finally coming to an end with NBA superstar Steph Curry suddenly terminating his partnership with Under Armour.
NBA commentators were caught of guard on Friday (AEDT) when Under Armour confirmed the apparel giant is cutting ties with Curry and his “Curry” sneaker brand that has been tied to Under Amour for more than 10 years.
It has been chaos inside Under Armour’s head offices in Baltimore, USA, recently with billions being wiped from the company’s share price.
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The decision to cut ties with Curry is one endeavour the company is making to stop the blood-letting.
The Warriors star had been with the emerging brand for 13 years prior to this week’s divorce.
“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. I’ll always be grateful for that.” Curry said in a statement.
“Curry Brand was created to change the game for good and over the past five years, we successfully changed the game for kids, for communities, and for basketball.
“What Curry Brand stands for, what I stand for and my commitment to that mission will never change, it’s only growing stronger. I’m excited for a future that’s focused on aggressive growth with a continued commitment to keep showing up for the next generation.”
Under the agreement, UA will still release Curry Brand 13 in February 2026, which will be the last shoe of the partnership, The New York Post reports.
In 2013, Curry left Nike to join Under Armour, which was a much smaller player in the basketball shoe realm at the time.
Seven years later, the 11-time All-Star launched “Curry Brand” with his longtime retail partner.
Before making the switch, Nike infamously denied giving Curry a signature shoe, prompting him to jump from the biggest apparel companies in the world to the much smaller Under Armour.
The case is widely referred to as one of Nike’s biggest blunders.
Despite being a deal that put Under Armour on the global stage, it is also beginning to look like one of the company’s biggest failures.
As reported by leading sports industry analyst Darrell Rovell: “Under Armour’s relative failure in the shoe game made it impossible to capitalise off what could have been Nike’s worst mistake ever.
“In Nike’s presentation, they famously called him Steph-on and had a leftover slide from a KD (Kevin Durant) presentation.”
That is the same version of events members of Curry’s family have said publicly.
Nike has been left with egg on its face ever since. Jay Sole, an analyst at global financial services firm Morgan Stanley, in 2016 estimated Curry would be worth $14 billion (A$21b) to Under Armour’s bottom line.
The problem is, as Sole predicted, people were purchasing Under Armour products because of Curry — not because of the brand.
With Curry no longer the force he once was, Under Armour failed to convert Curry’s supporters into long-term Under Armour fans.
The company certainly tried.
Former NRL star Jarryd Hayne was one of many ambassadors the apparel giant signed.
Golfer Jordan Speith and numerous NFL quarterbacks were also snapped up.
Now Curry is gone and the brand is left with no clear direction as it prepares for its next battle of muscling in on the United States footwear market.
The total amount of money earned by Curry through his partnership with Under Armour remains unknown. However, he signed a long term extension with the company worth $215 million in 2023. That deal also saw him issued 8.8 million shares, valued at $75 million in 2023.
Under Armour is now looking for the next Steph Curry.
“It’s been an incredible privilege to work with Stephen, who as President of Curry Brand has been much more than an ambassador — he’s become a thoughtful and strategic business leader,” UA CEO Kevin Plank said in a statement.
“Together with our teammates, he helped build something rare: a brand with credibility, community impact, and product that performs at the highest level. For Under Armour, this moment is about discipline and focus on the core UA brand during a critical stage of our turnaround. 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.”
