In 2013, Stephen Curry stunned the sports world by signing with Under Armour Inc (NYSE: UAA) a relatively unknown brand in basketball at the time, instead of renewing his deal with Nike Inc (NYSE: NKE), the dominant force in NBA footwear.
What seemed like an unlikely pairing has since evolved into one of the most impactful athlete-brand partnerships in modern sports business.
At the time, Nike controlled nearly all of the NBA sneaker landscape. Signing with them was considered a rite of passage for most rising stars.
But for Curry, who had just begun to emerge as one of the league’s brightest talents, the decision came down to more than just brand recognition – it was about vision and respect.
How Under Armour ended up signing Stephen Curry
Part of the momentum behind the move came from Curry’s then-Golden State Warriors teammate Kent Bazemore.
While Bazemore wasn’t a household name, he became an unexpected influence in the sneaker world. Under Armour had aggressively courted Bazemore with gear, attention, and consistent support, so much so that Curry began to notice.
“About three months into the Warriors’ season, Curry is looking next door at Ken. He’s like, ‘Who’s this brand that you get all this attention from? Because I’m with Nike, and I really am not,’” said Kevin Plank, Under Armour’s founder and CEO, in a CNBC interview.
That contrast in treatment was highlighted further during Curry’s final meeting with Nike, where executives reportedly mispronounced his name and used a presentation that appeared recycled from previous pitches to other athletes, including Kevin Durant.
The lack of personalized attention left a sour impression.
On the other hand, Under Armour offered Curry a platform to lead. The brand presented a $4 million-per-year offer, substantially more than Nike’s $2.5 million proposal.
More importantly, it gave Curry the opportunity to become the face of a growing movement. Nike chose not to match the offer, and the rest, as they say, is history.
At writing, NKE shares are down more than 20% versus their year-to-date high.
What attracted Stephen Curry to Under Armour
Under Armour’s underdog message resonated deeply with Curry. At 6-foot-2 and 185 pounds, he didn’t fit the mold of a traditional NBA superstar.
“We’re the underdog brand,” Plank said. “We’re for the ones that were maybe born not big enough or tall enough or fast enough.” It was a narrative Curry lived – and one he was ready to lead.
Since then, Curry has developed over a dozen signature shoes and in 2023 was named president of the newly established Curry Brand under Under Armour. He received 8.8 million shares in the company, valued at $75 million at the time.
The brand has also enabled Curry to build impact-driven initiatives, including court refurbishments in under-resourced communities and the Underrated Golf Tour for minority youth athletes.
Note that Under Armour shares have been struggling in the post-pandemic world. They’re going for less than $7 only at writing versus nearly $27 in late 2021.
But Curry’s decision to join them was less about short-term gain and more about long-term influence, he told CNBC. He didn’t just want to wear a shoe; he wanted to build something bigger – and with Under Armour, he did.
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