Oh shit!
Under Armour and Stephen Curry have mutually agreed to end their 13-year partnership effective immediately, they said on Thursday.
The sudden announcement separates Curry Brand, which makes basketball shoes and apparel, from Under Armour at a time when the sportswear brand is struggling to kickstart sales. As part of the split, Curry will maintain sole ownership of Curry Brand and is free to find another retail partner. Under Armour will release the Curry 13, the final Curry Brand shoe with Under Armour, in February.
“For Under Armour, this moment is about discipline and focus on the core UA brand during a critical stage of our turnaround,” Under Armour CEO Kevin Plank said in a statement. “And for Stephen, it’s the right moment to let what we created evolve on his terms. We’ll always be grateful for what he’s brought to the UA team.”
“What Curry Brand stands for, what I stand for and my commitment to that mission will never change, it’s only growing stronger,” Curry said in a statement. “I’m excited for a future that’s focused on aggressive growth with a continued commitment to keep showing up for the next generation.”
Under Armour’s split with Curry was announced alongside an expansion of the company’s restructuring plan. The company now expects it to cost $255 million, $95 million more than it previously said, including the separation of the Curry brand, additional contract terminations, impairment charges and severance costs.
Under Armour’s basketball business, including the Curry brand, is expected to bring in between $100 million and $120 million in revenue during the current fiscal year, which will end early next year, the company said in a news release. The separation is not expected to have a “significant effect” on Under Armour’s financial results or profitability, it said.
Under Armour and Stephen Curry have mutually agreed to end their 13-year partnership effective immediately, they said on Thursday.
The sudden announcement separates Curry Brand, which makes basketball shoes and apparel, from Under Armour at a time when the sportswear brand is struggling to kickstart sales. As part of the split, Curry will maintain sole ownership of Curry Brand and is free to find another retail partner. Under Armour will release the Curry 13, the final Curry Brand shoe with Under Armour, in February.
“For Under Armour, this moment is about discipline and focus on the core UA brand during a critical stage of our turnaround,” Under Armour CEO Kevin Plank said in a statement. “And for Stephen, it’s the right moment to let what we created evolve on his terms. We’ll always be grateful for what he’s brought to the UA team.”
“What Curry Brand stands for, what I stand for and my commitment to that mission will never change, it’s only growing stronger,” Curry said in a statement. “I’m excited for a future that’s focused on aggressive growth with a continued commitment to keep showing up for the next generation.”
Under Armour’s split with Curry was announced alongside an expansion of the company’s restructuring plan. The company now expects it to cost $255 million, $95 million more than it previously said, including the separation of the Curry brand, additional contract terminations, impairment charges and severance costs.
Under Armour’s basketball business, including the Curry brand, is expected to bring in between $100 million and $120 million in revenue during the current fiscal year, which will end early next year, the company said in a news release. The separation is not expected to have a “significant effect” on Under Armour’s financial results or profitability, it said.
