NBA star Stephen Curry is set to launch a new line of sports apparel on Tuesday called “Curry Brand” with longtime retail partner Under Armour.
Curry Brand will include footwear, apparel and accessories and extends the hoopster’s relationship with Under Armour beyond his original 2013 basketball sneaker deal to include golf, other sports and a women’s line, the company said Monday.
Financial details of the deal were not disclosed, but the Golden State Warriors point guard is ranked No. 8 in endorsement deals totaling $42 million, according to Forbes, with his Under Armour shoe contract comprising the biggest chunk.
In 2015, Curry and Under Armour agreed to extend their contract through 2024, according to reports, including an equity stake in the Baltimore-based company. But it was around that time that sales of performance basketball shoes began to decline, according to NPD Group.
The category has dropped 20 percent year to date versus a year ago, accounting for just 3 percent of the overall sneaker market in the US. In 2017, performance basketball shoes accounted for 5 percent of sneaker sales and 6 percent in 2016, according to NPD Group. Fashion sneakers, by comparison, represent 50 percent of sneaker sales.
“Under Armour is paying Curry millions of dollars a year to promote its brand,” NPD Sports analyst, Matt Powell told The Post. “I think this is an attempt to activate him as a product endorser to offset the investment they have made in him.”
Under Armour did not immediately respond to a request for comment.
Under Armour’s first deal with Curry was reportedly worth more than $4 million a year, but since then it’s assumed to have skyrocketed with some estimates putting at around $12 million a year, Powell said.
“Steph Curry is much bigger than a basketball player and is someone who has taken a stand on voting, women’s rights and fatherhood,” Joe Favorita, a sport industry consultant, told The Post. “The goal here is to reach a wider global audience.”
Curry Brand also has a philanthropic angle, with a goal of creating 20 safe play spaces for young athletes and to train more than 15,000 coaches and 100,000 youth by 2025.
“We have a shared goal of unlocking play for kids, so that became a natural place for us to focus,” Curry said in a statement of the partnership with Under Armour. “I grew up doing a lot of things to give back to the community with my family — and continue that now — while Under Armour has done so much to support athletes around the world.”
Low income kids are six times more likely to quit organized sports because of financial constraints, Under Armour said in its press release.
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