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Stephen Curry News: Under Armour Endorser Reason For Shoe Company's Sudden Stock Drop Of $600 M?

Travelers Today       By    Elyssa Deluyas

Updated: Nov 28, 2016 04:24 AM EST

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Stephen Curry, Under Armour, Curry 3, Dick Johnson, Foot Locker

While the Golden State Warriors are 15-2 with eleven-game winning streak and the deadliest offense the league has ever seen, Stephen Curry's shoes aren't so hot. A week earlier, Under Armour lost almost $600 million of its value when it stock declined by more than four percent, 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. CBS Sports added that while Curry's products make up only about 5 percent ($200 million) of Under Amour's total annual business, he is the company's most prominent endorser. Johnson also said that it's still early to completely judge the Curry 3. As of Tuesday, the Curry 3 has been on sale for a month. "We're optimistic that they [Under Armour] are going to be able to continue to keep that [footwear business] with some momentum behind it and certainly expand their footwear offerings," Johnson said.

ESPN quoted a spokesperson for Under Armour saying that the company would not comment on Johnson's characterization of the sales of the Curry 3. The shoe actually has two challenges: The first is its price. Under Armour raised the price of the Curry 3 to $140 a pair, which is an increase of $20 from the Curry 1 and $10 from the Curry 2.

The second is that Curry wears a shoe with a higher profile in order to protect his ankle during plays. Around 80 percent of the people who wear basketball shoes do so for fashion's sake, and lower-profile shoes are more popular. There will be available low=profile versions of the Curry 3 shoe, which Curry wears during warm-ups, but the market distribution of those shoes, versus those he wears in games, is not yet clear.

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