The business behind Stephen Curry’s shoe deals

Li-Ning announced a partnership with Stephen Curry and Curry Brand on June 1, 2026. The agreement followed the November 2025 announcement that Curry Brand would separate from Under Armour, where Curry had become brand president and received a disclosed stock award.

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Date	Milestone
December 2020	Curry Brand launches
March-April 2023	President role and stock award
November 2025	Separation announced
June 2026	Li-Ning partnership announced

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Curry Brand’s products and community programs

Curry Brand launched in December 2020 with footwear, apparel and accessories backed by Under Armour’s product technology. The launch announcement committed a percentage of annual brand revenue to communities with limited access to sports resources. Its initial Oakland commitments included school basketball and youth-coach training. Under Armour identified Positive Coaching Alliance and Coaching Corps as partners.

In February 2025, Under Armour said Curry Brand had completed its 20th court refurbishment at McClymonds High School in Oakland and met its original community goals, including training 15,000 coaches and supporting 125 programs. McClymonds received a new hardwood floor and basketball equipment.

Under Armour named Curry president of Curry Brand in its March 2023 partnership extension. The company described responsibilities in product development, athlete feedback and business strategy, along with an advisory role in recruitment. The announced plans included golf and products for women and young people. Curry’s Under Armour relationship began in 2013. By the March 2023 announcement, they had released ten signature shoes.

The disclosed Under Armour stock award

Under Armour’s April 6, 2023 SEC filing disclosed restricted stock units covering 8,823,530 Class C shares, awarded April 3 to the WSC and AC Family Revocable Trust, with Curry as trustee and beneficiary. The grant-date value was $75 million.

The filing called the award partial consideration for Curry’s athlete agreement. It specified two equal vesting installments, subject to proration on early termination. The award concerned Under Armour stock; it did not state a Curry Brand ownership percentage.

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Original vesting date	Underlying Class C shares
September 30, 2029	4,411,765
September 30, 2034	4,411,765

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Under Armour’s 2026 proxy said Class C shareholders had no voting power over matters presented at its annual meeting.

The company’s annual report describes stock-unit awards to marketing and other partners under endorsement or service agreements. Individual contracts specify the number of units and share-delivery dates.

The Under Armour separation

Under Armour and Curry announced the planned Curry Brand separation on November 13, 2025. The statement scheduled the Curry 13 as their final joint shoe for February 2026, followed by colorways and apparel collections through October 2026.

Under Armour chief executive Kevin Plank said the company was concentrating on its core brand during a turnaround. Curry thanked Under Armour for supporting the brand’s development and said its commitment to young athletes would continue.

Under Armour’s fiscal 2026 annual report recorded $69.7 million in noncash contract-termination costs, primarily relating to the separation. That charge does not establish a cash payment to Curry.

The report also described a $7.1 million cash settlement of certain marketing and other partners’ restricted stock units, without naming the recipient. It did not identify that transaction as Curry’s settlement.

The Li-Ning partnership

Li-Ning said its partnership with Curry would begin with basketball and golf, then extend into broader lifestyle sports categories. It described joint product development and plans for the global growth of both brands.

ESPN’s Shams Charania reported in June 2026 that the ten-year Li-Ning endorsement deal was worth more than $400 million.

Li-Ning’s announcement called the agreement long term and did not disclose its financial value or payment schedule. Curry said playing in and testing the shoes had given him confidence in the company’s product development.

Curry described the partnership as working with “a partner that understands the standard we're trying to set and the good we want to do,” according to Li-Ning’s announcement.