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Under Armor announced on Monday the launch of the Curry brand with NBA star Stephen Curry, a longtime Under Armor athlete, with the aim of reaching young consumers and competing with Nike and its Jordan brand.
The new line, which launches on CurryBrand.com this week, offers shoes and clothing for a number of sports, including basketball and golf. Over time, the brand will be extended to more categories including running and women. The performance basketball shoes will be available on December 11.
“We wanted to make sure we do this as close as possible to the final launch of the NBA season … and the fact that we are launching between Black Friday and the holidays which we think is very timely,” said Patrik Frisk, general manager. of Under Armor told CNBC in an interview.
“It also gives Stephen something to really engage in… he will be actively involved in the development of the product,” he says.
Curry, who plays point guard for the Golden State Warriors, signed with Under Armor in 2013. Curry won three NBA championships with the Warriors. At 31, sports analysts called him the greatest shooter in NBA history, with his jersey still one of the best sellers.
The launch of the Curry brand could help Under Armor gain momentum against its rivals, especially among younger consumers, where it has lost ground.
Nike has maintained its No.1 spot as a favorite teenage clothing brand for a decade, according to Piper Sandler’s biannual survey. And for a year now, Under Armor has been # 1 on a list of brands “most worn” by teenage boys polled by Piper Sandler.
Nike is also still # 1 in footwear, while Under Armor dropped to eleventh from ninth in Piper Sandler’s fall report “Taking Stock with the Teens”.
Under Armor branding was also affected by steep discounts at department stores and other low-cost chains. Her brand is usually associated with high performance traits and strenuous activity, but shoppers primarily look for fashion when shopping for sportswear, which gives Lululemon and Gap’s Athleta a boost.
In its most recently reported quarter, Under Armor sales were roughly flat from a year ago at $ 1.43 billion. In North America, revenue fell 5% to $ 963 million, while international sales rose 18% to $ 433 million.
Nike has developed its Jordan brand, created for former NBA star Michael Jordan, to bring in more than $ 3.5 billion a year, reaching consumers young and old. More recently, Nike has focused on expanding the Jordan brand to reach more women.
Part of the mission of the Curry brand, according to the company and according to Curry, is to ensure that children have more access to sports, especially in low-income households. They cited a decline in youth participation that was made worse by the pandemic as a factor in their decision to focus on this cause.
Starting in Oakland, Calif., The Curry brand will work with the Oakland Unified School District to bring basketball to every college, and it will also partner with a nonprofit, Positive Coaching Alliance, to bring a professional coaching to all youth sports coaches. in the zone.
“What we want to try to do is change the game for good. And that’s how Stephen thinks about it, and we really believe it’s an opportunity for us, ”said Frisk. “So it goes beyond actual product sales. But product sales are important because we’re going to participate in the sales and put them back into this program. “
“It’s a new way for us to think about how we can financially drive an initiative, and we think it’s an exciting business model for the future as well,” he said.
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