How much is Steph Curry’s revised contract with Under Armour worth?
Steph Curry and Under Armour agree on a new long-term partnership
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Source: Under Armour
Under Armour, a well-known sportswear brand, and Stephen Curry, the four-time NBA champion, have announced a long-term agreement that extends their decade-long relationship. This new deal goes beyond Curry’s playing career and is performance-based. As part of the agreement, Curry will become the president of the Curry brand and work in various categories, including basketball, golf, youth, and sports style, to create innovative products.
Moreover, this partnership will not only benefit the two parties involved, but will also provide financial assistance to community-focused projects that aim to create opportunities and equity for aspiring athletes in the future.
This agreement is a testament to the strong bond between Under Armour and Stephen Curry and reflects their shared commitment to developing high-quality sports products and giving back to the community.
Stephen Curry Takes on a New Role as President of Curry Brand
Curry’s significance to the future of Under Armour has been highlighted as a top priority, especially given the recent leadership change with the appointment of Stephanie Linnartz as the new CEO. NBA All-Star Stephen Curry has been named President of the Curry Brand by Under Armour, and he will continue to be involved in all facets of the company even when his playing career is over.
As per Curry’s 2013 contract, he was paid $4 million annually, but now his current net worth stands at $215 million dollars, including equity share. The partnership between Curry and Under Armour has resulted in the production of ten signature shoes, making him the first athlete to achieve this milestone in the company’s history.
Related: How many rings does Stephen Curry have?
Revamped Partnership to Give Under Armour a Catalyst
Although Stephen Curry has achieved numerous NBA championships and awards, his endorsement of Under Armour has not led to significant business growth for the brand. Despite reporting better-than-expected earnings of $1.58 billion for the fiscal third quarter, the company has struggled to compete with rivals Nike and Adidas and has faced issues with inventory management.
While Under Armour’s footwear sales reached nearly $1.1 billion through three quarters, some industry experts remain doubtful that Curry can elevate the brand beyond a $250 million business. When comparing Under Armour’s Curry brand with Nike’s Jordan brand, it’s astonishing to see the massive revenue gap between the two.
The Jordan brand alone achieved a record-breaking revenue of approximately $5 billion dollars, despite Michael Jordan having retired from the NBA in 2003. His lasting influence is truly phenomenal. In the third quarter, Nike’s footwear sales alone amounted to nearly $8 billion dollars, underscoring the company’s dominant position in the market.
According to Kevin Plank, the executive chairman and brand chief of Under Armour, the revamped partnership with Stephen Curry will provide the company with the necessary momentum. Plank praised Curry as one of the greatest talents of his generation and an essential member of the Under Armour family who embodies the company’s values.
Curry will provide athlete insights, contribute to product development, and support key business and marketing activities. Also, he will function as a brand ambassador and counsellor to draw fresh talent to Under Armour’s roster. The goal is to continue expanding together, delivering more innovation and inspiration to athletes globally.
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Vivek Yadav
(624 Articles Published)