Can Steph Curry Match Michael Jordan On Selling Floors?
Under Armour signed a new contract with Golden State Warriors star guard Stephen Curry that extends into his retirement. The agreement, with incentives, could become a lifetime deal similar to Nike’s contracts with Michael Jordan and LeBron James.
The four-time NBA champion, 35, is considered the best pure shooter in NBA history. A recent Morning Consult poll ranked Mr. Curry as the most popular athlete among all U.S. adults and tied with Mr. James among Gen-Zers.
Mr. Curry, signed by Under Armour in 2013, is on his tenth signature sneaker and his models generally rank among the top sellers. In 2020, Under Armour launched the Curry Brand, a standalone brand similar to the Jordan brand with its own logo and a charitable commitment to invest in “under-resourced communities.”
Under his new contract, Mr. Curry becomes president of the Curry Brand and takes on an advisory role across basketball, golf, women, youth and sports style categories. Like Nike’s Jordan brand, NBA players will endorse the Curry Brand apart from the Under Armour brand.
“At his core, Stephen embodies what it means to be an Under Armour athlete,” Kevin Plank, Under Armour founder and executive chair, said in a statement.
Mr. Curry doesn’t come cheap. The new incentive-laden deal includes a $75 million stock grant and is worth “potentially more than $1 billion,” according to Rolling Stone.
Under Armour’s footwear business, including running shoes and cleats, will reach $1.5 billion in its current fiscal year, far from recent annual footwear sales of $44 billion for Nike and $25 billion for Adidas. Cowen analyst John Kernan said in a research note, “We are doubtful that Curry is greater than a $250 million business.”
The hope is that Mr. Curry taps some of the success of Mr. Jordan, who ranked as the GOAT (Greatest Of All Time) athlete among Americans in a recent Morning Consult poll. Twenty years after the legend’s retirement, the Jordan brand had a record year in fiscal 2022, with $5 billion in revenue. Nike recently set a goal for Jordan to become North America’s number two footwear brand.
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Under Armour And Stephen Curry Enter Long-Term Partnership — Under Armour
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Under Armour and Steph Curry are entering into a long-term partnership. — CNBC
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Stephen Curry Scores $75M Stock Grant from Under Armour — WWD
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Stephen Curry signs new long-term Under Armour agreement — ESPN
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LeBron James and Stephen Curry Tie as Gen Z’s Favorite Athletes — Morning Consult
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The Verdict Is In: Fans Say Tom Brady Is the GOAT Quarterback — but Not the GOAT Athlete — Morning Consult
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Stephen Curry Is Putting It All on the Line — Rolling Stone
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Stephen Curry And Under Armour Launch The Curry Brand, Aimed To Change The Game For Good — Under Armour
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Stephen Curry Is Selling More Sneakers Than LeBron James — Complex
DISCUSSION QUESTIONS: What’s the likelihood that Under Armour’s investment in Stephen Curry will pay off? What, if anything, can Under Armour learn from Nike’s success with the Jordan brand?
Richard J. George, Ph.D.Professor of Food Marketing, Haub School of Business, Saint Joseph's University
Richard J. George, Ph.D.Professor of Food Marketing, Haub School of Business, Saint Joseph's University
Richard J. George, Ph.D.Professor of Food Marketing, Haub School of Business, Saint Joseph's University
Richard J. George, Ph.D.Professor of Food Marketing, Haub School of Business, Saint Joseph's University
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17 Comments on "Can Steph Curry Match Michael Jordan On Selling Floors?"
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Founder, CEO & Author, HeadCount Corporation
Tying up superstars in long-term contracts is standard fare in the world of big league sports brands like Under Armour. Signing Curry is an unsurprising move for Under Armour, but how these relationships translate into quantitative ROI is harder to assess. And there’s also a downside risk of a superstar tarnishing or permanently damaging the brand if they find themselves in legal trouble, as so many athletes have in the past. The Michael Jordan (and I’d add Tiger Woods) experience shows that once-in-a-generation-type athletes can create long-term, significant revenue and that’s what makes it worth the risk.
Founding Partner, Merchandising Metrics
Nike certainly gave us a lesson on how mega-stars can become brands unto themselves. And yes, Stephen Curry will enjoy mega success in this venture. It’s also great to see Under Armour giving Nike a level of competition that will be healthy for all.
Professor, International Business, Guizhou University of Finance & Economics and University of Sanya, China.
Compare the logos between the two brands, and the comparison will tell you everything one must know about them. Today, over 20 years later, the Air Jordan logo is more recognizable than Michael Jordan himself. I am confident that many of the buyers never saw Michael Jordan play, yet his namesake products carry as much, if not more, aura than they did 20 years ago.
The winning products in each product line are sneakers. Under Armour’s challenge is that they are not truly in the sneaker business. While I don’t know the economics of either deal, they are mistaken if they think this deal will be the foundation for putting them in the same league as Adidas, Puma, et. al.
B2B Content Strategist
As the NBA’s best shooter and four-time NBA champ, Steph Curry is a worthy rival to Michael Jordan in basketball and retail. Under Armour wisely chose a partner who is respected on and off the court.
To honor Steph Curry’s legacy, Under Armour can use:
Industry Consulting, Retail, CPG and Hospitality
There’s no doubt Steph Curry is the best “pure” shooter in basketball, even compared to Michael Jordan. But Jordan was so much more than a great shooter. His play around the rim and defensive skills set him apart and made him the GOAT that he is. Steph’s deal with Under Armour is no surprise and he’ll make a boatload of money, but given his niche of shooting (which anyone would love to have), I don’t think the deal will translate into a comparable ROI as Jordan’s with Nike.
Professor, International Business, Guizhou University of Finance & Economics and University of Sanya, China.
Watching Steph Curry sink a three-pointer is often a “WOW!”. Watching Michael Jordan’s acrobatics on the court is mindblowing.
Editor-in-Chief/Associate Publisher, RetailWire
I’m waiting on a Caitlin Clark line of sneakers. The Iowa Hawkeyes’ triple-double phenom wore retro Kobe Bryant Nike’s in the tournament. There’s no one more fun to watch playing basketball today than this young woman. She would be the perfect pairing for Under Armour, considering how many times her game has been compared to Steph Curry. My guess is that Nike or Adidas will get there first.
Contributing Editor, RetailWire; Founder and CEO, Vision First
Right on, George! Clark’s star will shine ✨ and I hope she gets a worthy contract to build her brand.
Editor-in-Chief/Associate Publisher, RetailWire
I hope the company that signs her markets her shoes to both women and men. She’s a once-in-a-generation talent who can do big things for women’s basketball and the sport.
Industry Consulting, Retail, CPG and Hospitality
I completely agree–she is so fun to watch and great for the game of basketball. I hope she returns for her final season (I believe she has one year left of eligibility), but the dollars to leave may be too great, and I wouldn’t fault her.
Strategy & Operations Transformation Leader
The Steph Curry and Under Armour long-term partnership is an intriguing one. Considering Curry’s impact on the NBA game and its continued evolution, it’s a wise investment for Under Armour as they compete head-on with an iconic brand such as Nike. However the Nike and Michael Jordan partnership is a once-in-a-lifetime cultural and social phenomenon that resonates even twenty years after Michael Jordan retired from the NBA.
The Jordan brand is timeless and spans generations, especially with Gen Z wearing Nike Air Jordan shoes, products, and other items without watching Michael Jordan play. A phenomenon such as the Jordan brand was lightning in a bottle when Nike first introduced it in 1985 and has evolved over the past thirty years. It was instrumental in elevating the Nike brand from simply an athletic shoe company to an iconic global fashion brand that now plays in the luxury space. This will be very challenging for Under Armour to match.
Contributing Editor, RetailWire; Founder and CEO, Vision First
Bravo! Steph Curry is already a sports legend, and UA is giving him a platform to grow his legacy and support his causes. I have no doubt that current and future generations will support him and his brand.
Advisor Spurwink River
No. Jordan sells as much shoes in one day that Curry sells in a year. Signing NBA athletes to giant shoe contracts is a failed strategy. No one earns out those contracts
CFO, Weisner Steel
I’m sure it will “pay off”: Stef is an excellent player and – more importantly and, sadly, not always the case with celebrities – has never seemed like anything other than an excellent human being. That having been said – and being here in the heart of Dub Nation it’s hard to completely distance oneself – I’d be reluctant to make a comparison to Michael Jordan: Curry is very low-key; and , regardless, each person brings their own personality and issues….it’s ill-advised to attempt to follow the same play-book, as it were
Professor of Food Marketing, Haub School of Business, Saint Joseph's University
Two terrific players & apparently outstanding individuals. Both have experienced success both on & off the court & I see no reason why this shouldn’t continue – a good news sports & human interest story.
Principal, Clearbrand CX
Steph Curry is a wonder to watch, and is rightfully shown the fan love he deserves, much in the way Michael Jordan was in his playing days. The outcome and impact of this deal over time won’t be near what Air Jordan and Nike created, because the 1980’s-1990’s NBA was different, and the media outlet options then were far fewer and more potent. The brand dominated in TV, retail, print, and billboards.
But Curry will still do well under this deal, as will Under Armour with forward-oriented branding and by creating admired shoe and apparel products.
VP Product Management & Advisory, ComTask
Jordan stands as a class by himself on and off the court, Curry as a second; only time will tell if he can match up to the Jordan legend. With inflation adjustment, I don’t think so, but he will come close.