On Monday, Under Armour announced the launch of the Curry Brand with Golden State Warriors star Stephen Curry. The move is expected to compete with Nike's Jordan Brand and reach younger consumers worldwide.
The Curry Brand will begin with the launch of CurryBrand.com later this week and will feature shoes and clothes for several different sports, including basketball. In addition, Curry Brand will release new basketball shoes on Dec. 11.
"We wanted to make sure we did this as close as possible to the NBA season finally launching ... and the fact that we're launching in between Black Friday and the holidays we think is very opportune," Under Armour Chief Executive Patrik Frisk told CNBC.
"This also gives Stephen something to really engage in ... he'll be actively involved in the development of the product. And we're so excited to see one of our athletes being so involved in the product."
As a result of the launch of Curry Brand, the division will focus on making sure children have access to sports even in lower-income neighborhoods. In addition, the Curry Brand will work with the Oakland Unified School District to launch basketball program at every middle school.
By 2025, Curry Brand has goals such as "creating at least 20 safe places to play, supporting 125 programs that impact young athletes, and delivering opportunities to train more than 15,000 coaches -- making an overall impact on more than 100,000 youth."
"We have a shared goal of unlocking play for kids, so that became a natural place for us to focus," Curry said. "I grew up doing a lot of things to give back to the community with my family -- and continue that now -- while Under Armour has done so much to support athletes around the world."
Curry Brand is slated to focus on the following pillars in terms of their investments: Safe Places to Play, Programming and Product, and Coaching/Leadership Development.
Curry has been signed with the Under Armour brand since 2013. During his professional career, Curry has become one of the most lethal shooters in NBA history and helped lead the Warriors to three NBA titles in recent years.
With Curry being the company's most marketable star, Curry Brand could help Under Armour close the gap with Nike in the years to come.
From 2018 to 2019, Under Armour had increased their revenue to $5.3 billion, but Nike's star still shined brighter. However, Nike was hurt in 2020 as a result of the COVID-19 pandemic and saw its revenue fall in 2020.
Curry Brand plans to invest in the sport of basketball, where Curry has certainly made a name for himself.
"For many years, Stephen and Under Armour have worked together in partnership -- a partnership built around shared values," Frisk said in a press release. "Through this brand, we have an opportunity to push forward our vision for a better world, especially for young athletes facing challenges with access and opportunity for sport."
Under Armour will certainly have an uphill battle as Jordan Brand continues to make $3.5 billion in sales on an annual basis. The apparel giant reaches a wide variety of consumers and the Jordan Brand has been synonymous with shoes.