Under Armour stock drops $600M (no) thanks to Stephen Curry's punchline shoes
At least the Warriors on the upswing
While the Golden State Warriors are 13-2 with a nine-game winning streak and the deadliest offense the league has ever seen, Stephen Curry's shoes aren't so hot. A week ago, Under Armour lost almost $600 million of its value when it stock plummeted by more than four percent, per ESPN's Darren Rovell, and much of that had to do with poor sales for the Curry 3.
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.
Johnson also said it's still "early days" to completely judge the Curry 3. As of Tuesday, the Curry 3 has will have been on sale for a month.
To be clear, merely having Curry on its payroll is the best thing that has ever happened to Under Armour. As ESPN's Ethan Sherwood Strauss explored in detail, Curry's ascension has coincided with the brand's, and this itself is the biggest basketball shoe story in years.
It's worth noting, though, that much has changed since ESPN published that feature about Nike losing Curry. First, the Warriors blew a 3-1 lead in the NBA Finals. Then they signed Kevin Durant, drawing the ire of casual fans everywhere. Curry is still one of the faces of the league, but his popularity isn't quite as overwhelming as he was when last year's playoffs started. That can explain his shoe sales slipping.
Well, that or people just think that the shoes are ugly.
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