Stephen Curry and Under Armour announced Wednesday (Sept. 16) that they will extend their partnership through 2024, continuing a relationship that is making waves in the sportswear industry.
Terms of the deal weren’t disclosed, but ESPN’s Darren Rovell reports that the new deal includes an ownership stake in the company.
“Stephen is a once-in-a-generation talent and has unprecedented influence on the game of basketball,” Adam Peake, Under Armour’s executive vice president of global marketing, said in a press release. “His work ethic, uncompromising self-belief, and commitment to the community are characteristics that make Stephen the perfect partner to ignite the growth of Under Armour in the sport of basketball and around the world. We are extremely proud to call Stephen family, and we are excited to write the next chapter of our shared story.”
Curry is coming off an incredible season in which he earned the coveted Most Valuable Player award and was instrumental in leading the Golden State Warriors to their first championship title in 40 years. One could argue that due to his aforementioned accomplishments, ever-growing popularity with basketball fans and pristine reputation in the community, Curry is on his way to becoming the face of the NBA, if he hasn’t already wrestled that title away from LeBron James.
That type of recognition is precisely what sportswear brands are looking for in their marquee athletes, and Curry’s impact on Under Armour’s sales is already being felt.
Business Insider reported in July that Curry’s first signature shoe with Under Armour, The Curry One, contributed greatly to the company’s second quarter growth of 754 percent in the basketball category, which was up from a 296 percent growth rate in the first quarter of the year. With that tremendous growth, the company surpassed Adidas to claim the second spot in the shoe market, only behind the juggernaut known as Nike.
Speaking of Nike, it was the swoosh’s reluctance to re-sign Curry in 2013 that opened up the door for Under Armour to swoop in and nab the future MVP. Rovell notes that Nike passed on matching Under Armour’s offer of less than $4 million per year, which appears to be an absolute steal at this point.
Nike hasn't made many mistakes. Letting Steph Curry go in September of 2013 for less than $4M/year was one.
— Darren Rovell (@darrenrovell) September 16, 2015
While Under Armour may never be able to bring down the walls of Nike’s mighty empire, securing star athletes like Curry, Tom Brady and Jordan Spieth reflects the company’s desire to carve out its own place.
Photo: Craig Mitchelldyer/USA TODAY Sports