Anshari TaslimStephen Curry, the iconic Golden State Warriors guard, has officially ended his long-standing partnership with Under Armour, a relationship that began in 2013 and saw the launch of his highly successful "Curry Brand" in 2020. The departure, confirmed earlier this month, marks a significant shift in the sportswear landscape and for Curry’s personal brand. While the split was framed by both parties with mutual respect, a new report from Bloomberg suggests that Under Armour’s inability to secure a deal with women’s basketball phenom Caitlin Clark played a pivotal role in the deterioration of Curry’s relationship with the Baltimore-based apparel giant.
Curry, a four-time NBA champion and two-time MVP, initially joined Under Armour at a time when the brand was aggressively seeking to expand its footprint in the basketball market, challenging established giants like Nike and Adidas. His partnership proved transformative for Under Armour, elevating the brand’s visibility and sales, particularly with the success of his signature shoe line. The creation of "Curry Brand" as a standalone venture within Under Armour was a testament to his influence, designed to operate with greater autonomy and focus on performance products, community initiatives, and athlete endorsements. "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 stated in a press release following the announcement. "I’ll always be grateful for that."
However, behind the public statements of gratitude, sources familiar with the situation indicate a growing sense of frustration within Curry’s camp. Bloomberg’s report details that Curry and his advisers perceived an "underinvestment" in the Curry Brand, leading to sales figures that consistently fell short of both the company’s and Curry’s expectations. This perceived lack of commitment reportedly contributed to a strain in the relationship, which ultimately led to the parting of ways.
A particularly "sore point" for Curry and his team was Under Armour’s unsuccessful bid to sign Caitlin Clark in early 2023. Clark, who was then in the midst of a historic collegiate career at the University of Iowa, had emerged as one of the most marketable athletes in sports, captivating audiences with her record-breaking performances and unparalleled shooting prowess. Her ability to draw massive viewership, particularly during the NCAA women’s basketball tournament, made her a prime target for every major sportswear brand.
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Clark’s collegiate career was marked by unprecedented achievements. She concluded her time at Iowa as the all-time leading scorer in NCAA Division I basketball history, for both men and women, surpassing legends like Pete Maravich and Lynette Woodard. Her senior season saw her average 31.6 points, 7.4 rebounds, and 8.9 assists per game, leading the Hawkeyes to back-to-back national championship game appearances. Beyond the statistics, Clark’s magnetic personality and audacious play style generated immense fan engagement, driving television ratings to record highs for women’s sports. The 2024 NCAA Women’s Championship game, featuring Clark’s Iowa Hawkeyes, garnered an average of 18.9 million viewers, making it the most-watched basketball game—collegiate or professional—since 2019.
When Clark became available for endorsement deals, the competition was fierce. Nike, Under Armour, and Adidas were among the primary contenders, each vying for the opportunity to partner with an athlete whose cultural and commercial impact was rapidly expanding. According to the Bloomberg report, Curry and Under Armour actively pursued Clark, recognizing the immense value she could bring to the Curry Brand and the broader Under Armour ecosystem. However, Under Armour’s offer ultimately trailed that of Nike.
Details that emerged from The Wall Street Journal report at the time shed light on the specifics of the offers:
| Company | Offer |
|---|---|
| Nike | 8 years, $28 million |
| Under Armour | 4 years, $16 million |
| Adidas | 4 years, $6 million |
| Puma | Walked away |
While Under Armour’s offer of $16 million over four years presented a higher annual value ($4 million per year) compared to Nike’s $28 million over eight years ($3.5 million per year), the significantly shorter term of Under Armour’s proposal was a critical differentiator. For an athlete of Clark’s trajectory, a longer-term deal with a global leader like Nike provided greater stability, long-term brand building potential, and the crucial promise of a signature shoe. Nike’s commitment to an eight-year deal underscored their belief in Clark’s enduring marketability and her potential to become a cornerstone athlete for decades.
Clark ultimately chose Nike, signing an eight-year, $28 million deal that included the promise of a signature shoe. In August, Nike officially designated Clark as a "Signature Athlete," unveiled her unique logo, and confirmed that her inaugural signature shoe would debut in 2026. Industry experts have since projected the immense financial upside for Nike. Sneaker insider and expert Nick DePaula, speaking to Front Office Sports, estimated that Clark’s signature shoe alone could generate over $100 million in revenue for Nike, far surpassing the initial $28 million investment. This figure does not account for the additional revenue from merchandise, "Player Edition" shoes, and the broader brand halo effect Clark brings.
Under Armour’s decision not to match or exceed Nike’s comprehensive offer for Clark now appears to be a significant strategic misstep. At the time, passing on "doing whatever it took" to sign one of the most popular athletes in America, with a fervent and growing fanbase, seemed short-sighted to some industry observers. In retrospect, with Stephen Curry’s subsequent departure, the magnitude of the missed opportunity for Under Armour is amplified.
The implications for Under Armour are considerable. The brand, which reported revenues of $5.9 billion in its fiscal year 2023, has faced increasing competition in the performance footwear and apparel market. Losing a marquee athlete like Curry, who has been synonymous with their basketball division for over a decade, creates a significant void. While Curry Brand will continue independently, the separation from the parent company raises questions about its future distribution, marketing support, and overall reach without the direct infrastructure of Under Armour. The departure of both Curry and the failure to secure Clark highlight potential challenges in Under Armour’s athlete endorsement strategy and its ability to compete for top-tier talent against the financial might and extensive marketing resources of Nike and Adidas.
For Stephen Curry, becoming a "sneaker free agent" opens up new possibilities. He is now free to explore partnerships with other brands, potentially commanding an even higher value in the open market, or to further expand the Curry Brand as a truly independent entity. His enduring popularity, coupled with the Golden State Warriors’ continued relevance in the NBA, ensures that he remains one of the most desirable endorsements in sports.
Meanwhile, Nike’s successful acquisition of Caitlin Clark further solidifies its dominant position in the sportswear industry. Clark joins an elite roster of signature athletes, reinforcing Nike’s commitment to women’s sports and its ability to identify and cultivate global icons. Her impact on Nike’s balance sheet and brand appeal is expected to be substantial, affirming the strategic value of long-term investments in generational talents. The reported role of Clark’s unsigned deal in Curry’s departure underscores the interconnectedness of elite athlete endorsements and the high stakes involved in the competitive world of sportswear branding.
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