Months after breaking ties with Under Armour, Steph Curry has found a new home at Li-Ning.
The athlete signed a long-term deal with the Chinese sportswear company that will focus on co-creation across multiple categories, according to a Monday press release. Li-Ning, founded by Olympic gymnast Li Ning in 1990, will work with the NBA star to advance the Curry Brand in basketball and golf. The pair plan to expand Curry’s eponymous brand into “broader consumer lifestyle sport categories” over time.
"When I think about the future of Curry Brand, I think about building something that lasts, something that continues to push the game forward and creates real impact for athletes around the world," Curry said in a statement, highlighting the quality and innovation of Li-Ning’s products. "For Curry Brand, this is about growing the right way, with a partner that understands the standard we're trying to set and the good we want to do."
Under Armour cut ties with Curry in November after working with the basketball star for more than a decade. The activewear brand released its last Curry-branded shoe in February.
Under Armour CEO Kevin Plank at the time pitched the move as “the right moment” to let the Curry Brand evolve on Curry’s terms. He also said the decision was about focusing Under Armour around the core brand as the company continues to report falling sales and growing losses. A turnaround has been in the works for years, though Plank said earlier this year that the most disruptive phase was over.
The loss of Curry is likely not a huge monetary hit to Under Armour, but with it, the brand lost the cultural cachet of partnering with one of the greatest players in the NBA. In a client note in November, Needham analyst Tom Nikic said the brand was likely “minimally profitable” at best, making it a tough value proposition for Under Armour.
At Li-Ning, Curry will focus on product development, sports culture initiatives and efforts to engage with young shoppers, per the release.
"Li-Ning and Curry share a deep understanding of sport and a common commitment to performance, innovation and the next generation of athletes,” Ning said in a statement. “We look forward to building on this partnership to keep pushing boundaries and create new possibilities for global sport."
