失去库里的安德玛，能靠“卖商标”挽回中国消费者吗？

Core Viewpoint - Under Armour and Stephen Curry have officially ended their partnership after nearly 13 years, with Curry Brand set to operate independently, and Under Armour to incur a separation cost of $255 million [1][5][10]. Group 1: Partnership Background - The collaboration between Under Armour and Curry began in 2013 when Under Armour offered Curry a contract exceeding $4 million annually, positioning him as a core endorser [2][4]. - Curry's rise to stardom in 2015 significantly boosted Under Armour's sales, with his first signature shoe, Curry 1, generating $160 million in sales and increasing Under Armour's basketball shoe sales by 350% [4][5]. - By 2023, Curry was appointed president of Curry Brand, and a $750 million equity incentive was part of their agreement, indicating a strong partnership trajectory [4][5]. Group 2: Financial Performance and Market Challenges - Under Armour has faced significant financial challenges, with its market value plummeting and stock prices dropping approximately 40% since 2025, alongside consecutive quarters of declining sales [5][8]. - In the 2025 fiscal year, Under Armour reported a 9% revenue decline to $5.2 billion and a net loss of $201 million, marking a return to 2015 revenue levels [8][20]. - The basketball segment's revenue target for fiscal year 2026 is projected at only $100 million, a stark contrast to its previous heights [8][20]. Group 3: Strategic Shift Post-Separation - Under Armour's strategy is shifting towards focusing on core strengths and reducing reliance on high-profile endorsements, with a renewed emphasis on football and grassroots sports [13][14]. - The company plans to target the Asia-Pacific market, particularly China, as a key growth area, while also exploring outdoor and running segments [17][20]. - Under Armour's new approach includes partnerships with local companies for outdoor products, indicating a shift towards a more localized operational model [19][20].