Under Armour and Steph Curry are breaking up. The move is partly about 'discipline,' CEO says.

By Bill Peters

'For Stephen, it's the right moment to let what we created evolve on his terms,' CEO says

The Under Armour sneakers worn by Stephen Curry of the Golden State Warriors.

After more than a decade together, Under Armour Inc. and NBA star Stephen Curry on Thursday said they would be parting ways, as the athleisure giant moves ahead with a turnaround effort and a deeper focus on its core products.

Under Armour (UA), which inked a deal in 2013 to put Curry in its basketball shoes, made the announcement on the same day it announced an "expansion" of an earlier restructuring plan that included the separation of the Curry brand, as well as other contract terminations and "additional employee severance and benefits costs."

Under Armour said it doesn't expect the separation from Curry to significantly affect its financial results or profits. Shares were down around 3% on Friday.

"For Under Armour, this moment is about discipline and focus on the core UA brand during a critical stage of our turnaround," founder and Chief Executive Kevin Plank said in a statement. "And for Stephen, it's the right moment to let what we created evolve on his terms."

Under the terms of the breakup, Curry's brand will become independent. But the company will still release the Curry 13, the final Curry brand shoe with Under Armour, in February, with other variations and clothing available through next October.

Under Armour has been dealing with stiffer competition, tariffs and a sagging stock price, as consumers shy away from spending heavily on shoes and clothing while trying to cover other basics. The company said it would focus on its namesake brand and develop new basketball products on its own.

"Under Armour believed in me early in my career and gave me the space to build something much bigger and more impactful than a shoe," Curry, who plays for the Golden State Warriors and is widely viewed as the best three-point shooter in NBA history, said in a statement. "I'll always be grateful for that."

The company on Thursday also said its board had approved an extra $95 million in restructuring actions, bringing the total estimated charges to as much as $255 million. Around $34 million of that would go toward employee severance and benefits costs.

A representative for the company said the 2025 restructuring plan covers two fiscal years - 2025 and 2026 - and that the $34 million was the full estimate for severance and benefits for both years. Most of those costs are connected with actions the company has already taken.

The representative added that the plan should be largely complete by the end of fiscal 2026, which runs through March.

"Therefore, we do not anticipate significant additional workforce reductions beyond those already executed and included in the plan," the representative said.

Shares of Under Armour are down more than 40% so far this year. Plank returned to the company as CEO last year, but analysts said the move reflected continued uncertainty. Sales fell in Under Armour's fiscal second quarter, the results of which were reported last week.

Under Armour has tried to narrow down its product selection, sell at higher prices and strengthen marketing efforts, William Blair analyst Dylan Carden said in a note last week. But he said he felt the company was still in the early stages of that process.

"While valuation is not demanding, we view the lack of clear visibility into a meaningful inflection point as the primary overhang on the stock," he added.

However, the Curry brand had been characterized as a positive on recent earnings calls.

"The Curry brand continues to expand its impact with the steady flow of the new Curry 12 and the De'Aaron Fox 1 colorways, along with exclusive athlete designs, keeping the brand in view and culturally relevant," Plank said on Under Armour's earnings call in May.

-Bill Peters

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11-14-25 1535ET