Under Armour Inc. made significant changes by letting go of two employees linked to Stephen Curry’s shoe and apparel brand while also transitioning other team members into different roles. This shift comes as the athletic company concludes its collaboration with the basketball icon.
The decision to dissolve the team dedicated to Curry’s brand comes even as the company aims to sell new merchandise associated with him through October, according to a source who remained unnamed due to the confidentiality of the situation.
An Under Armour spokesperson stated that the company refrains from commenting on personnel changes. Curry’s representatives have not yet responded to requests for comment.
Just last month, both Under Armour and Curry announced a surprising and mutual decision to end their partnership, a relationship that had significantly contributed to sales and raised the profile of the brand. Despite the split, Under Armour intends to launch the Curry 13 sneaker in February, with additional colorways and apparel collections planned through October.
The conclusion of this collaboration adds more pressure on Under Armour, whose stock has plummeted 45% this year alone. The company has been actively seeking solutions to address two continuous years of declining sales by enhancing its marketing strategies and focusing on core products.
This separation resulted from rising frustrations from Curry and his team concerning what they perceived as insufficient investment in the brand, alongside underwhelming sales performance that did not meet their expectations, as previously reported by Bloomberg News.
Under Armour has indicated that it will face an extra $95 million in restructuring costs, partially associated with the separation from Curry.
