Under Armour’s long-term partnership with four-time NBA champion Stephen Curry has come to an end.
The company announced that it will spin off the "Curry Brand" from its business operations, ending this athlete-driven collaboration. Instead, Under Armour will focus on its core brand and develop new UA basketball products.
This means the "Curry Brand," co-created by Under Armour and Curry, will operate independently. The company’s dream of replicating Nike’s success with the "Air Jordan" line has now faded.
For Under Armour, which has seen declining revenue and profits alongside waning influence in China, this is undoubtedly bad news.
Statistics show that since 2022, Under Armour has reported three consecutive years of declining revenue and net profit, with annual profits now turning into losses. China, which contributes over half of Under Armour’s Asia-Pacific revenue, has also seen slowing growth in recent years.
Without Curry, what can Under Armour rely on to reignite Chinese consumers' interest?
**A 12-Year Partnership Ends** Under Armour and Curry had collaborated for 12 years. During this time, the company enjoyed explosive growth from Curry’s signature shoe sales but also suffered from its own operational missteps.
In late 2013, Curry rejected Nike’s $2.5 million annual renewal offer and instead signed with Under Armour for $4 million per year. At the time, Under Armour’s footwear sales accounted for just $300,000 of its $2.33 billion revenue. However, in the 2014-2015 season, Curry won his first MVP and NBA championship, propelling Under Armour’s sales.
Morgan Stanley estimated that Curry’s signature shoes generated $160 million in sales that year. Under Armour’s footwear revenue surged 57%, and total sales grew from $2.33 billion in 2013 to $4 billion in 2015, surpassing Adidas to become the second-largest U.S. sportswear company after Nike.
But after Curry missed the NBA championship in 2016, Under Armour’s momentum slowed.
In 2017, the company recorded its first annual loss of $48.26 million. Since then, revenue and profits have continued to decline, with losses in 2018 ($46.3 million), 2020 ($549 million), and 2024 ($201 million).
In 2020, Under Armour launched the "Curry Brand" to replicate Nike’s Jordan success. While initial results were positive, revenue has since declined.
Under the separation plan, Under Armour will release the final collaborative product—the Curry 13—in February 2026, followed by additional colorways and apparel by October 2026.
Without Curry’s appeal, Under Armour’s growth faces a major challenge.
**Chinese Consumers Lose Interest** Industry experts attribute Under Armour’s decline since 2017 to failed category expansions and missing the athleisure trend. Additionally, macroeconomic challenges and the rise of local brands like Anta and Li-Ning have accelerated its struggles in China.
In its 2025 fiscal year, Under Armour reported $5.2 billion in revenue (down 9%) and a net loss of $201 million ($144 million in China). The Asia-Pacific region, including China, saw a 13% revenue drop—the steepest decline—accounting for 14.6% of total sales.
In contrast, Anta Sports reported 2024 revenue of $70.8 billion (up 13.58%) and continued strong growth in 2025.
Chinese consumers criticize Under Armour for "declining quality and design" while being "overpriced." Many have expressed disappointment following the Curry partnership announcement.
**Attempts to Recover** Under Armour has taken steps to regain consumer trust in China.
In June, it became the official partner of China’s flag football and men’s rugby sevens teams. In August, it hosted the 2025 Curry Brand Asia Tour in Chongqing and leveraged Curry’s visit for promotions. Recently, Carol Chen was appointed Vice President and General Manager for China, overseeing market strategy and operations.
While these moves highlight Under Armour’s commitment to China, turning around its fortunes will take time—and competitors aren’t waiting.
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