Core Viewpoint - Under Armour has ended its nearly 13-year partnership with basketball player Stephen Curry, leading to the independent operation of the Curry Brand, while Under Armour will focus on launching global basketball shoes and concentrating resources on its core business [1][3][5]. Group 1: Partnership Details - The strategic split allows the Curry Brand to operate independently, marking a new development phase for the brand [3]. - Under Armour plans to release the final Curry signature shoe, Curry 13, in February 2026, along with additional colorways and related apparel before October 2026 [3]. - The partnership began in 2013 when Curry, overlooked by Nike, chose Under Armour, which significantly boosted Under Armour's revenue, with sales of Curry's signature shoes reaching $160 million in the first year [3][4]. Group 2: Financial Implications - Under Armour's revenue for the second quarter of fiscal year 2026 was $1.3 billion, a 5% year-over-year decline, with a net loss of $19 million [6]. - The company anticipates that the costs associated with the split from the Curry Brand will reach $255 million, including $107 million in cash-related expenses [6]. - In fiscal year 2025, Under Armour's revenue decreased by 9% to $5.2 billion, with a net loss of $201 million [6]. Group 3: Strategic Focus - Under Armour aims to concentrate on its core business and enhance its product offerings for athletes, while the Curry Brand will pursue its growth independently [5][7]. - The company is not abandoning basketball but intends to develop a new basketball product line and support various levels of athletes and basketball initiatives [7]. - Under Armour's apparel business generated $3.45 billion in revenue for fiscal year 2025, accounting for 66.8% of total revenue, indicating a strong focus on its core apparel segment [7]. Group 4: Market Context - The competitive landscape in the sports market, particularly in China, is intensifying, with brands like Nike and Anta increasing their market presence [8]. - Under Armour is seeking new opportunities and narratives to capture market share amidst this competitive environment [8].

Core Viewpoint - Under Armour has ended its nearly 13-year partnership with basketball player Stephen Curry, leading to the independent operation of the Curry Brand, while Under Armour will focus on launching global basketball shoes and concentrating resources on its core business development [1][3][5]. Summary by Sections Partnership Termination - The strategic split allows the Curry Brand to operate independently, marking a new development phase for the brand [3]. - Under Armour plans to release the final Curry signature shoe, Curry 13, in February 2026, along with additional colorways and related apparel before October 2026 [3]. Historical Context - Under Armour signed Curry in 2013 after he felt overlooked by Nike, which significantly boosted Under Armour's revenue, with total revenue rising from $2.33 billion in 2013 to $4 billion in 2015, partly due to a 350% increase in basketball shoe sales [3][4]. - The partnership included a 9-year contract worth $215 million signed in 2015 and a $1 billion lifetime contract in 2023, which was unexpectedly short-lived [4]. Strategic Focus - Under Armour aims to build a brand that can compete with Nike's Jordan Brand, seeking new growth avenues [4]. - The decision to split is seen as a way for both parties to leverage their strengths, with Under Armour focusing on innovative products for athletes and Curry Brand pursuing its own direction [5]. Financial Performance - Under Armour has faced declining performance, with a 5% revenue drop to $1.3 billion in Q2 2026 and a net loss of $19 million [6]. - The restructuring plan includes a focus on core men's apparel and a reduction in promotional activities to improve profitability [6]. Future Plans - Despite the split, Under Armour intends to continue developing basketball products and supporting athletes [7]. - The company is exploring new opportunities in the competitive sports market, including partnerships with national teams and opening new stores [8].