Under Armour (NYSE: UAA, UA) to spin off Curry Brand as part of $255m turnaround strategy

Under Armour, Inc. (NYSE: UAA, UA) has confirmed it will formally separate from Curry Brand, the basketball and lifestyle label built in collaboration with four-time NBA champion Stephen Curry. The move comes as the American sportswear company expands its fiscal 2025 restructuring plan, raising its total estimated charges to as much as $255 million. The decision, announced on November 13, 2025, marks the end of a transformative era in athlete-driven branding for Under Armour, as it refocuses on operational efficiency and the revitalization of its core product portfolio.

Stephen Curry, who served not just as a brand ambassador but as the President of Curry Brand, will continue developing the label independently. Under Armour will release the final Curry Brand sneaker, the Curry 13, in February 2026, with accompanying colorways and apparel continuing through October 2026.

Company founder and Chief Executive Officer Kevin Plank described the transition as a mutual evolution, where both brands are now in a position to pursue growth on their own terms. While Under Armour zeros in on core basketball innovation under the UA umbrella, Curry Brand will now control its brand narrative, partnerships, and growth trajectory.

How does the Curry Brand separation fit into Under Armour’s larger fiscal 2025 restructuring plan?

The exit of Curry Brand is just one component of Under Armour’s expanded fiscal 2025 restructuring strategy. Initially projected to cost up to $160 million, the program now encompasses an additional $95 million in restructuring actions approved by the board. These include further contract terminations, employee severance packages, incremental asset impairments, and organizational redesigns.

As of September 30, 2025, Under Armour had already incurred $147 million in total restructuring-related charges, consisting of $82 million in cash expenses and $65 million in non-cash write-downs. The company now expects the plan to be substantially completed by the end of fiscal year 2026.

Of the $255 million in total estimated costs, up to $107 million is expected to be in cash outlays, including $34 million in severance and benefits, and $73 million earmarked for broader transformation initiatives. Another $148 million will be non-cash, with the bulk of this tied to terminated contracts and write-downs of facility, software, and other assets.

What impact will this separation have on Under Armour’s basketball business and financials?

Despite the visibility of the Curry Brand in Under Armour’s basketball segment, the company does not expect a material impact on its consolidated results following the separation. Total revenue for its global basketball business, which includes Curry Brand sales, is projected to fall within the range of $100 million to $120 million for fiscal 2026.

This measured financial impact suggests that the company’s revenue from the Curry Brand, while symbolically significant, was not a primary growth engine. Instead, Under Armour appears to be repositioning itself to better compete in the high-performance athletic category through internal product innovation and a return to its original brand ethos.

Kevin Plank emphasized that this transition is designed to enhance focus and discipline, enabling Under Armour to reassert its presence in basketball and adjacent performance categories without depending on sub-brands or celebrity-driven extensions.

How is Under Armour updating its fiscal 2026 outlook in light of restructuring gains?

Under Armour has revised its guidance for fiscal 2026 to reflect cost savings from the restructuring program. The company now expects adjusted operating income between $95 million and $110 million, an increase from its previous range of $90 million to $105 million. However, on a GAAP basis, Under Armour is projecting an operating loss of $56 million to $71 million, compared to an earlier forecast of positive operating income between $19 million and $34 million.

This divergence highlights the underlying costs associated with the restructuring but also points to growing investor confidence in the company’s longer-term margin recovery and operating discipline. All other components of Under Armour’s fiscal outlook remain unchanged at this time.

According to analysts tracking the stock, the raised adjusted income guidance offers a signal that the core transformation plan is beginning to yield efficiency gains, even as short-term losses are absorbed to complete the portfolio clean-up and brand realignment.

What has been Stephen Curry’s role in building the Curry Brand under the Under Armour umbrella?

Stephen Curry joined Under Armour in 2013 and quickly evolved from a sponsored athlete into a brand builder. His leadership of Curry Brand, formally launched in 2020, combined performance footwear and apparel with a broader commitment to youth basketball and social impact.

Curry Brand was instrumental in expanding Under Armour’s reach in underserved communities, particularly through programs like Project Rampart. It also offered a values-driven counterpoint to other athlete-led labels, integrating equity, mentorship, and access into its brand identity.

Curry stated that 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.” He added that the mission to “change the game for good” will remain at the heart of Curry Brand as it begins its independent journey. The brand’s future, according to Curry, will prioritize “aggressive growth” while continuing its investment in the next generation of athletes.

How are analysts comparing this separation to other athlete-led brand deals in the sportswear industry?

The spinout of Curry Brand adds a new dimension to the evolving landscape of athlete entrepreneurship in the apparel sector. While Michael Jordan’s long-standing relationship with Nike remains the most iconic blueprint, Stephen Curry’s transition to brand ownership further validates the shift toward greater control and legacy-building among elite athletes.

Industry experts point out that few athlete collaborations have achieved the cultural and commercial credibility of Curry Brand in just five years. Its evolution from a co‑branded extension to an independent label suggests a maturity and business vision that aligns with broader trends in sports marketing, where athletes seek more than equity and want strategic and creative freedom.

Under Armour’s decision to grant that independence is seen as a pragmatic move. It allows the brand to reduce dependency on high-cost endorsements while sharpening its competitive edge in product-led innovation. Analysts believe that the long-term performance of the company will now hinge on how quickly it can rebuild brand relevance in basketball and cross-training, while also restoring trust among retail partners and consumers.

What should investors expect from Under Armour in the coming quarters?

Investor sentiment toward Under Armour has been cautiously constructive following the announcement. While some institutions remain focused on the near-term GAAP loss outlook, others are encouraged by the clarity and forward momentum presented in the updated fiscal 2026 targets.

Trading activity around Under Armour stock has remained stable, with moderate volatility tied to broader retail sector trends. Analysts say that successful execution of the restructuring plan, combined with any uptick in consumer engagement through rebranded UA Basketball offerings, could trigger stronger institutional flows in the second half of fiscal 2026.

For now, the market will be watching whether Under Armour can reestablish itself as a key player in basketball and performance wear without relying on the gravitational pull of athlete-led labels.

Key takeaways: Under Armour–Curry Brand separation and restructuring outlook

• Under Armour, Inc. (NYSE: UAA, UA) and Stephen Curry have agreed to separate Curry Brand, ending a long-standing collaboration focused on performance and community-driven basketball products.
• The split is part of Under Armour’s expanded fiscal 2025 restructuring plan, which now totals up to $255 million, including additional contract terminations, severance costs, and asset impairments.
• Under Armour will release the final Curry Brand product, the Curry 13 sneaker, in February 2026, with apparel and colorways continuing until October 2026.
• Stephen Curry will continue developing Curry Brand independently, with a focus on youth sports impact and entrepreneurial brand growth.
• Despite the separation, Under Armour expects its total basketball revenue to remain between $100 million and $120 million in fiscal 2026, and does not foresee significant effects on consolidated profitability.
• The company has raised its adjusted operating income outlook for fiscal 2026 to $95 million–$110 million, though GAAP guidance has shifted to an expected loss of $56 million–$71 million.
• Analysts view the move as a disciplined reset for Under Armour, which is now betting on core brand revitalization over athlete-led sub-brands.
• Curry Brand’s spinout is seen as a significant milestone in athlete entrepreneurship, signaling greater autonomy and long-term control for top-tier sports figures.
• Under Armour’s future strategy will emphasize product-led innovation in basketball and training categories, with a sharper focus on operational efficiency.
• Institutional sentiment remains cautiously optimistic, with the restructuring plan expected to complete by the end of fiscal 2026.