每经热评 | 从雪中送炭到各自登山，安德玛与库里一场注定的“体面分手”

Core Insights - Under Armour and Stephen Curry have announced the independent operation of the Curry brand, marking the end of their 10-year partnership, which has been characterized by mutual success and growth [1][2]. Company Performance - Under Armour's revenue for Q2 of fiscal year 2026 has decreased by 5% year-on-year, with a significant 8% decline in its North American market [2]. - The partnership with Curry significantly boosted Under Armour's revenue from $2.33 billion in fiscal year 2013 to $4 billion in fiscal year 2015, making it the second-largest player in the industry at that time [1]. Brand Strategy - The separation allows Under Armour to reduce operational costs and improve profit margins, presenting a more focused image to investors [2][3]. - Curry's transition to an independent brand owner enables him to explore new markets beyond basketball, including leisure and digital content, and to have full control over profits and strategic partnerships [3][5]. Market Dynamics - The split signifies a shift in the commercial landscape, where top athletes are increasingly seeking to establish their own brands rather than merely endorsing existing ones [2][3]. - Under Armour must now prove its brand value based on technology and performance rather than reliance on Curry's star power, which could lead to a more authentic brand identity [4][5]. Future Opportunities - The independent Curry brand has the potential to engage more flexibly with local brands and e-commerce platforms in China, enhancing its market presence [5]. - The separation is seen as a new beginning for both parties, with Under Armour focusing on financial recovery and strategic clarity, while Curry embarks on an independent entrepreneurial journey [5].