In 2013, Stephen Curry surprised the world of the sneakers signing with the athletic company at that time Under armor on basketball power Nike.
At that time, Nike controlled the vast majority of the NBA shoes market. Under Armor was practically unknown in the basketball space.
“We are the Underdog brand. We are for those who were born not large enough or sufficiently enough or quick enough, or strong enough, or intelligent enough,” said the founder and CEO of Under Armor, Kevin Planck.
“Curry Inc.: The Business of Stephen Curry” of CNBC Sport will premiere on CNBC on Wednesday, June 4 at 9 pm et.
The agreement was considered a decisive moment in Curry's commercial career, and it was made in part thanks to Curry's partner in the Golden State Warriors, Kent Bazemore.
Stephen Curry, #30, and Kent Bazemore, #26 of the Golden State Warriors, celebrate the defeat of the Memphis Grizzlies 113-101 at the Chase Center in San Francisco on May 16, 2021.
Theon W. Henderson | Getty images sport | Getty images
Plank wanted Curry to be the first big star of the brand. But he knew that to sign someone from Curry's caliber, the company needed to think out of the box.
“Actually, we headed to Ken, and we only said that we are going to overwhelm Ken with more shock and astonishment of products, service, story, love, hug,” Plank said in an “Curry Inc.” interview, a CNBC sports production focused on the professional and commercial ambitions of Curry. “Approximately three months after the Warriors season, and Curry is looking next to Ken. He says: 'Who is this brand that you receive all this attention? Because I am with Nike, and I'm not really'”.
Stephen Curry's new role will be as president of the Curry brand.
Source: Under Armor
Under Armor curry brand
It wasn't just Bazemore's influence that landed Curry in Under Armor.
There was also a failed presentation of Nike in which the company's executives badly foreshadowed their first name and used a recycled slide deck that still had the name of Kevin Durant. In addition, Under Armor offered Curry an agreement worth $ 4 million a year, while Nike offered $ 2.5 million, and declined that they coincide.
Today, 12 years later, Curry has made a dozen different shoes for Under Armor, based in Baltimore, and has developed a line of exclusive products that includes footwear and clothing. In 2023, the brand signed a new long -term extension and made curry the president of the newly formed curry brand, housed under the company's banner.
As part of that agreement, 11 times there of the NBA received 8.8 million common bass-armor shares, valued at $ 75 million at that time, in addition to other awards and incentives.
While Curry has benefited generous from its success in Under Armor, the brand has had its upper of ups and downs. Changes in leadership, strategy and competition have led to a dramatic decrease in the price of the common actions of Under Armor from a historical maximum of $ 45.41 in 2016 at its current price of less than $ 6 per share.
Some speculate that agitation has hindered curry's prospects outside the court.
“With all honesty, if you had stayed with Nike, your business would be a monster at this time. A monster,” said Nico Harrison, general manager of the Dallas Mavericks, who was the 2002-2021 Nike sports marketing director, during a 2022 interview.
Raising the lower
Curry told CNBC that his relationship with Under Armor changed the way he thought about his business outside the court.
“It was the first time that I really took a capital position in the company, and then began to understand how every decision and how it takes advantage of me not only the brand of me, but all the resources and opportunities that I have around me to create value,” he said.
Curry also said that Under Armor's helpless message resonated with him. Curry, with only 6 feet 2 and 185 pounds, is not the typical size of a NBA superstar.
“The NBA was a goal, but it wasn't like planning my way to get there,” Curry said. “I was enjoying every step of the road.”
The same mentality has been carried out to his other businesses with a mantra to “raise the under”.
As part of his contract with Under Armor, a part of the annual income of the Curry brand is invested in communities of resources little resources, such as Oakland, California. Curry connected with Oakland after moving there when he became a warrior in 2009.
During the NBA All-Star weekend in February, Curry and Under Armor celebrated their renewal of the 20th Court at Oakland McClymonds high school. The school received NBA grade floors, new hoops, backboards and markers.
Under Armor says that the Curry brand has trained 15,000 coaches, supported 125 basketball programs and had an impact on 300,000 children worldwide.
Curry has also helped to pave the way for minorities in golf through its underestimated golf tour. Sponsors such as Under Armor finance a series of regional tournaments to boost junior colored golfers.
“The way I tried to be a pioneer on the court, we want to do exactly the same … taking advantage of that impact when it comes to what it does for the community,” Curry said.
