Under Armour and Stephen Curry mutually agreed to end their 13-year partnership, effective immediately, as the company revealed an expansion of its previously disclosed fiscal 2025 restructuring plan. Curry will maintain sole ownership of Curry Brand and is free to find another brand partner.

The news was released at 5:30 p.m. EST on Thursday, November 13, at the same time Under Armour announced in a separate release that it intends to spend $255 million — $95 million more than previously planned — including the separation of the Curry brand, additional contract terminations, impairment charges, and severance costs.

In the company’s statement regarding the exit from its Curry relationship, Under Armour said that the brand “with a disciplined focus on its namesake brand, will develop new UA Basketball products and continue to support athletes and programs across every level of the game.”

Under the separation, the Curry brand will become independent of Under Armour, Inc. UA will still release the Curry 13, the final Curry Brand x Under Armour shoe, in February 2026 as planned, with additional colorways and apparel collections available through October 2026.

“It’s been an incredible privilege to work with Stephen, who, as President of Curry Brand, has been much more than an ambassador; he’s become a thoughtful and strategic business leader,” said Kevin Plank, founder and CEO of Under Armour. “Together with our teammates, he helped build something rare: a brand with credibility, community impact, and product that performs at the highest level. For Under Armour, this moment is about discipline and focus on the core UA brand during a critical stage of our turnaround. And for Stephen, it’s the right moment to let what we created evolve on his terms. We’ll always be grateful for what he’s brought to the UA team.”

The partnership was launched in 2020 and focuses on community investments, particularly in youth sports and underfunded basketball programs.

“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. I’ll always be grateful for that.” Curry commented. “Curry Brand was created to change the game for good, and over the past five years, we successfully changed the game for kids, for communities and for basketball. What Curry Brand stands for, what I stand for and my commitment to that mission will never change; it’s only growing stronger. I’m excited for a future that’s focused on aggressive growth with a continued commitment to keep showing up for the next generation.”

“This move lets two strong teams do what they do best,” Plank added. “Under Armour is focused on product innovation and performance for athletes at every level. Curry Brand gets the independence to determine its own future. That’s good for Stephen and good for UA.”

In a separate statement, Under Armour announced an expansion of its previously disclosed fiscal 2025 restructuring plan and increased its fiscal 2026 adjusted operating income outlook.

Previously, Under Armour anticipated incurring up to $160 million in pre-tax restructuring and related charges in connection with its fiscal 2025 restructuring plan. Following further review, Under Armour’s Board of Directors has approved an additional $95 million in restructuring actions, the primary benefits of which will be realised in future periods. This includes the separation of the Curry Brand from Under Armour, as well as further contract terminations, incremental asset impairments, and additional employee severance and benefits costs.

The company estimates that its total global basketball business, including the Curry Brand, will generate approximately $100 million to $120 million in revenue for fiscal 2026. In connection with the separation of the Curry Brand, the company does not anticipate a significant effect on its consolidated financial results or profitability.

The expansion of the restructuring and transformation plan brings the total estimated restructuring and related charges to up to $255 million, consisting of:

  • Up to $107 million in cash-related charges, consisting of approximately $34 million in employee severance and benefits costs, and $73 million related to various transformational initiatives; and
  • Up to $148 million in non-cash charges, consisting of approximately $7 million in employee severance and benefits costs, and $141 million in contract terminations, facility, software, and other asset-related charges and impairments.

As of September 30, 2025, Under Armour had incurred approximately $147 million of restructuring and related charges ($82 million cash; $65 million non-cash). The plan is expected to be substantially complete by the end of fiscal year 2026.

Updated Fiscal 2026 Outlook
Under Armour is raising its fiscal 2026 adjusted operating income outlook, initially provided on November 6, reflecting the expected financial benefits of the company’s expanded restructuring and transformation initiatives and ongoing operational efficiency improvements.

On a GAAP basis, the company now expects an operating loss of $56 million to $71 million versus its previous expectation of operating income of $19 million to $34 million. Adjusted operating income is now expected to reach $95 million to $110 million, compared to the prior range of $90 million to $105 million. All other components of the company’s outlook remain unchanged.

Image courtesy Under Armour