It’s all about business, and we know that Steph signed a very lucrative deal with the Under Armour, but… they had some problems with shoes.
The company lost nearly $600 million in value on Friday due largely to the slow sales of Curry’s shoes.
Under Armour lost nearly $600 million of its value as a company Friday, as its stock plummeted by more than 4 percent after the CEO of a major footwear retailer said the latest version of its Steph Curry shoe wasn’t doing as well as expected.
Foot Locker CEO Dick Johnson said the Curry 3 “started off a bit slower than the previous models,” causing a sell-off in the stock market.
While Curry’s products make up only about 5 percent ($200 million) of Under Armour’s total annual business, he is the company’s most prominent endorser.
That’s a lot of money.
Curry’s recent shoes have been the bud of many jokes. But Under Armour maintains it is not giving up on the latest model.
“We’re optimistic that they [Under Armour] are going to be able to continue to keep that [footwear business] with some momentum behind it and certainly expand their footwear offerings,” Johnson said.
Many fans said that shoes are so ugly and the price is too high – 140$.
Maybe they need better designers for the next shoes of Stephen Curry.