Burgeoning athletic apparel brand Under Armour and Golden State Warriors guard Stephen Curry jointly announced an extension Wednesday of their partnership. The new deal establishes Curry as an Under Armour athlete through 2024.
The deal's exact financial terms were not made public, though Curry received an equity stake as part of the agreement, ESPN's Darren Rovell reported. Last February, Under Armour launched the "Curry One," an exclusive sneaker line, and the company will release the "Curry Two" sneaker globally in October. Curry also will serve as a global spokesman for various Under Armour marketing campaigns, including its "Connected Fitness" training apps, according to a press release.
"Stephen is a once-in-a-generation talent and has unprecedented influence on the game of basketball," Adam Peake, Under Armour's executive vice president of global marketing, said in a statement. "His work ethic, uncompromising self-belief, and commitment to the community are characteristics that make Stephen the perfect partner to ignite the growth of Under Armour in the sport of basketball and around the world. We are extremely proud to call Stephen family and we are excited to write the next chapter of our shared story."
Curry has been signed to Under Armour since 2013. The 27-year-old reportedly earned about $4 million annually under the previous agreement.
"Under Armour has felt like family since day one," Curry said in a press release. "In the first two years of our partnership, we accomplished so much both on and off the court, and I'm looking forward to being part of the brand's story for the rest of my playing career and beyond. Together we share a passion for making athletes better and instilling self-belief in athletes everywhere. The entire team has done an amazing job to develop innovative product that performs on the court and build platforms that allow me to connect with athletes all over the world. The best is yet to come."
Curry enjoyed a breakout season in 2014-15, scoring nearly 24 points per game en route to his first NBA most valuable player award. The Warriors are the reigning champions, defeating the Cleveland Cavaliers in six games in the NBA Finals in June.
The extended partnership with Curry comes amid heated competition among Under Armour, Nike and Adidas in the U.S. basketball sneaker market. Nike holds an estimated 90 percent of the market, though Under Armour has made significant strides in recent months.
Under Armour earned more than $3 billion in sales for the 2014 fiscal year. The brand expects its annual revenue to reach $7.5 billion by 2018, Bloomberg reported.
Adidas signed Houston Rockets guard James Harden to a 13-year, $200 million contract last August in what was one of the richest endorsement deals in sports history. Nike has massive deals in place with Cavaliers star LeBron James and Oklahoma City Thunder star Kevin Durant. Under Armour unsuccessfully attempted to lure Durant away from the brand earlier this year.