How Under Armour signed Stephen Curry clear of Nike

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In 2013, Stephen Curry stunned the sneaker international through signing with then-upstart athletic corporate Under Armour over basketball powerhouse Nike.

At the time, Nike managed nearly all of the NBA sneaker marketplace. Under Armour was once nearly exceptional within the basketball area.

“We’re the underdog brand. We’re for the ones that were maybe born not big enough or tall enough or fast enough, or strong enough, or smart enough or clever enough,” stated Under Armour founder and CEO Kevin Plank.

CNBC Sport’s documentary “Curry Inc.: The Business of Stephen Curry” will premiere on CNBC on Wednesday, June 4, at 9 p.m. ET.

The deal was once thought to be a defining second in Curry’s industry profession, and it were given accomplished partly because of Curry’s locker mate on the Golden State Warriors, Kent Bazemore.

Stephen Curry, #30, and Kent Bazemore, #26 of the Golden State Warriors, have a good time defeating the Memphis Grizzlies 113-101 at Chase Center in San Francisco on May 16, 2021.

Thearon W. Henderson | Getty Images Sport | Getty Images

Plank sought after Curry to be the logo’s first giant famous person. But he knew that to signal any individual of Curry’s caliber, the corporate had to suppose outdoor the field.

“We actually targeted Ken, and we just said we’re going to overwhelm Ken with more like shock and awe of product, service, story, love, hug,” Plank stated in an interview for “Curry Inc.,” a CNBC Sport manufacturing focused on Curry’s profession and industry ambitions. “About three months into the Warriors’ season, and Curry is looking next door at Ken. He’s like, ‘Who’s this brand that you get all this attention of? Because I’m with Nike, and I really am not.'”

Stephen Curry’s new function might be as President of the Curry Brand.

Source: Under Armour

Under Armour’s Curry Brand

It wasn’t simply Bazemore’s affect that landed Curry at Under Armour.

There was once additionally a botched Nike presentation wherein corporate executives mispronounced his first title and used a recycled slide deck that also had Kevin Durant’s title on it. Plus, Under Armour presented Curry a deal value $4 million a 12 months, whilst Nike presented $2.5 million — and declined to check.

Today, 12 years later, Curry has made a dozen other sneakers for Baltimore-based Under Armour and has advanced a line of signature merchandise that comes with shoes and attire. In 2023, the logo signed a brand new long-term extension and made Curry the president of the newly shaped Curry Brand, housed below the corporate’s banner.

As a part of that deal, the 11-time NBA All-Star was once given 8.8 million Under Armour not unusual stocks, valued at $75 million on the time, along with different awards and incentives.

While Curry has profited handsomely from his good fortune at Under Armour, the logo has had its proportion of united states of americaand downs. Changes in management, technique and pageant have resulted in dramatic declines in Under Armour’s not unusual inventory value from an all-time top of $45.41 in 2016 to its present value of lower than $6 in step with proportion.

Some speculate the turmoil has hindered Curry’s off-court potentialities.

“In all honesty, if he would have stayed with Nike, his business would be a monster right now. A monster,” stated Nico Harrison, common supervisor of the Dallas Mavericks who was once Nike’s sports activities advertising director from 2002-2021, all through a 2022 interview.

Elevating the below

Curry instructed CNBC that his dating with Under Armour modified the best way he considered his off-court industry.

“It was the first time I really took an equity position in the company, and then you started to understand how every decision that you make and how you leverage not just the brand of me, but all the resources and opportunities I have around me to create value,” he stated.

Curry additionally stated Under Armour’s underdog message resonated with him. Curry, at simply 6-foot-2 and 185 kilos, is not the everyday measurement of an NBA celebrity.

“The NBA was a goal, but I wasn’t like plotting my way to get there,” Curry stated. “I was just enjoying every step of the way.”

He has carried over the similar mentality to his different companies with a mantra of “elevate the under.”

As a part of his contract with Under Armour, a portion of the Curry Brand’s annually earnings is invested in under-resourced communities, reminiscent of Oakland, California. Curry turned into hooked up to Oakland after transferring there when he first turned into a Warrior in 2009.

During NBA All-Star Weekend in February, Curry and Under Armour celebrated their 20th courtroom refurbishment at Oakland’s McClymonds High School. The college gained NBA-grade hardwood flooring, new hoops, backboards and scoreboards.

Under Armour says the Curry Brand has educated 15,000 coaches, supported 125 basketball techniques and had an have an effect on on 300,000 children all over the world.

Curry has additionally helped pave the best way for minorities in golfing via his Underrated Golf Tour. Sponsors like Under Armour fund a sequence of regional tournaments to spice up junior golfers of colour.

“The way that I tried to be a trailblazer on the court, we want to do the exact same thing … leveraging that impact when it comes to what it does for the community,” Curry stated.