Under Armour parts ways with Steph Curry as restructuring gathers pace

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(Reuters) -Under Armour and Stephen Curry have parted ways, ending over a decade-long partnership between the NBA star and the sportswear company.

Curry, who signed with the brand in 2013 after his Nike contract expired, created the “Curry Brand” within Under Armour in 2020. The brand will become independent of Under Armour following the split.

“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,” Curry said in a statement.

Under Armour will release the Curry 13 – the final Curry Brand and Under Armour shoe – in February as planned, with additional colorways and apparel collections available through October, the company said.

Under Armour has been struggling to stir up demand amid fluctuating tariffs and weak consumer spending. It forecast dour annual sales and profit last week.

“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,” CEO Kevin Plank said.

Founder Plank returned as CEO in April 2024 following two consecutive annual sales declines and has spearheaded an overhaul that has involved keeping a tight leash on inventory of some products, pushing for fewer promotions and cutting jobs.

The company said on Thursday it had expanded its restructuring plans and intends to incur an additional $95 million in charges that includes the Curry split.

Under Armour does not expect a significant impact on its consolidated financial results or profitability due to the separation of the Curry Brand.

The company estimates its global basketball revenue, including the Curry Brand, will be $100 million to $120 million in its fiscal year 2026.

(Reporting by Aishwarya Venugopal and Prerna Bedi in Bengaluru; Editing by Tasim Zahid and Sriraj Kalluvila)