The Steph Curry-Under Armour Backstory, Explained

SportsVerse digs into the root causes and wider context surrounding one of the most unique and unprecedented storylines in the history of signature sneakers.

Hi everyone, and welcome back to SportsVerse, my twice-weekly newsletter that tells stories you can’t find anywhere else about the intersection of sports, fashion, business, and culture.

Now that the dust has settled on the abrupt breakup between Stephen Curry and Under Armour, I will start by saying I’ve seen some absolutely wild takes and ChatGPT-written LinkedIn think pieces on the topic since news first broke on Thursday night. I won’t share them or call them out specifically because I’m in the business of being kind, and that wouldn’t be very nice.

But there has been a lot of ambiguity and misunderstanding as to what happened and why it happened, and an even greater deal of speculation as to what will follow for Steph and his Curry Brand in their post-Under Armour era. One thing for certain is that this is a truly unprecedented situation. Today’s newsletter will simply look to clear all the ambiguity up, with analysis on 1) how Under Armour snatched Curry from under Nike’s nose back in 2013; 2) how UA failed to match Curry’s soaring stardom and couldn’t provide compelling enough product or marketing; 3) why UA’s struggles as a brand meant that the Curry Brand was a casualty of its last ditch restructuring efforts; 4) what’s next for Steph and his Curry Brand, post-Under Armour.

First, let’s recap how we got here:

• In 2013, the then-up-and-coming point guard Stephen Curry made the surprise decision to sign a sneaker deal with Under Armour in his early 20s. He wanted a partner brand that made him feel valued in their product and marketing efforts. Up until that point, he had been a Nike guy through and through: he had worn Nike Zoom Hyperfuse sneakers in his breakout 54-point game against the Knicks at MSG in Feb. 2013.

• The story famously goes that when pitching Curry’s new deal to him that year, Nike execs pronounced Steph’s name incorrectly to his father, favored other Nike basketball athletes to host their own summer camps supported by the brand, and presented a PowerPoint slide which included Kevin Durant’s name, rather than Curry’s (presumed left over erroneously from recycled content). It was enough to convince Curry and his family to consider offers from other partners.

• In 2013, Under Armour convinced the Currys, with an ambitious pitch, that it was the right brand for Steph, despite its significantly lesser status in basketball than Nike. Though Curry was already four seasons into his NBA career and already showing glimpses of his prodigious shooting ability, he had not yet won a championship — there were concerns over his susceptibility to ankle injuries, and there was no certainty he would go on to become one of the greatest to have ever played the game. Under Armour bought its Curry stocks while they were still cheap.

• As Curry’s stock rose, so did his importance as the star athlete in the roster of Under Armour, which, as a brand, was increasingly struggling to keep up with the competition. In 2020, it announced the launch of Curry’s signature label, the Curry Brand. Then, in 2023, Curry and Under Armour announced what they described as a “groundbreaking partnership”, elevating the former to president of the Curry Brand, while locking him in to a lifetime deal which saw him granted $75 million of Under Armour stock. The deal would see Curry take a leadership role across the brand, in categories including golf and lifestyle, while his Curry Brand began to sign other athletes to its roster, including college star MiLaysia Fulwiley and NBA player De’Aaron Fox.

It was all smiles between Curry (left) and Plank (right), back in 2023.

• But seemingly out of thin air last Thursday night, reports emerged that Under Armour had ditched the Curry Brand venture. What was thought to have been a lifetime deal for Curry was suddenly over, with Under Armour stating that Curry Brand is now an independent entity and free to find another retail partner. Stephen Curry, perhaps the greatest and most beloved shooter to ever play the game of basketball, was all of a sudden made a sneaker free agent at the age of 37.

Why Did Under Armour Cut Curry Loose?

Though the news itself was shocking for the wider world, the sneaker industry analysts and insiders I spoke to in the aftermath agreed with me that the writing had long been on the wall.

Under Armour has been in dire straits for several years now. The brand’s stock is down 54 percent in the last year, trading at just $4.25 per share, while it recorded a loss of $201 million in its 2025 fiscal year, and projects a 4 to 5 percent revenue decrease year-over-year in fiscal 2026.

Curry Brand was cut loose as part of a wider restructuring effort under its controversial founder and CEO, Kevin Plank. “Under Armour, with a disciplined focus on its namesake brand, will develop new UA Basketball products and continue to support athletes and programs across every level of the game,” said the press release about the separation issued last week. Under Armour decided, with the company on life support, that to survive and hopefully thrive in the future (unlikely), it needed to trim the fat and focus on elevating its core lines and Under Armour-branded products. The Curry Brand had become an expensive and unprofitable distraction it could no longer afford.

Under Armour stock continues to reach new lows.

As I mentioned on Instagram on Thursday night, Under Armour was never able to create compelling product or brand moments that were worthy of Steph’s greatness and impact on basketball in the way Nike has done for his counterparts, such as LeBron James. UA has always been known for selling more apparel than footwear, given that the former was the category it started out in. In a sportswear market driven so aggressively by sneaker marketing, this has left it without a clear identity and point of view vis-à-vis its competitors like Adidas and Nike. This really shone through with the Curry Brand: there was nothing wrong with the sneakers, products or marketing, but there wasn’t anything compelling or befitting of Curry’s status either.

The separation last week was ultimately a last-ditch attempt by Under Armour to resuscitate its flailing business. But the roots of the schism had been years in the making.

What Does It Mean for Steph?

Just like in sports, athletes’ destinies in the sneaker industry are decided on fine margins. In another universe, Steph Curry would and should have had one of the most revered and coveted signature sneaker lines in basketball history, up there with Jordans and Kobes. Back in 2013, Curry and his family bet on Under Armour as the brand that would help turn Curry into a household name with unrivalled investment, product and marketing opportunities. Instead, Curry turned himself into a household name, with Under Armour failing to keep up with his stardom.

Now, Curry finds himself cast aside in the final years of his career by Under Armour (whom he thought he would be with for life), with a sneaker brand with his name on and no clear path forward.

There’s not a simple fix, either. Curry is now a sneaker free agent — able to sign with any other brand out there on the market — but aged 37. His playing days are numbered. While he’s still putting in superhuman performances for the Warriors, brands will be wary of the fact that it’s hard enough to make basketball shoe sales profitable, let alone shoes co-signed by a player who may not be as fresh in people’s minds as he has been for the last decade once he retires in the next few seasons.

But the night after the news of his Under Armour separation broke, Curry was all smiles as he warmed up pre-game in a pair of Nikes, the Mambacita Kobe 6s, first reported by Nick DePaula. 13 years on, Steph was back hooping in Nike. He switched to his Curry Brand shoes for the actual game, in which he effortlessly dropped 49 points on the Spurs. Afterwards, he was coy on his future, simply stressing that he was a sneaker free agent.

What’s Next For Steph and his Curry Brand?

While many have offered their take on the matter, the simple fact is that no one knows anything yet. Curry is not going to rush into a deal with another brand, although as I mentioned before, he doesn’t have many years left playing at the highest level, even by his superhuman standards.

It would be pointless at this stage to speculate on where he will end up or in what capacity (though if you DM or email me, I will be SURE to tell you my predictions, and would love to hear yours too). Sometimes, it’s better just to wait and see. I’ll have my ear to the ground in the coming days and weeks. Maybe Steph is reading this and will tell me what he’s planning to do next in detail over email. I’ll keep you all posted. Stay locked in to SportsVerse for more.

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That’s all for today, friends. Thanks for coming along for the ride.

See you next time,

DYM