Under Armour (NYSE: UAA) revealed Monday that it is launching the Curry Brand with NBA star Stephen Curry. The move is expected to attract younger consumers and compete with rival Nike’s Jordan Brand. Moreover, the new label will utilize its products to aid under-resourced communities.
Set to debut tomorrow, December 1, the line will have a small amount of apparel and accessories. The merchandise will be available on CurryBrand.com and is expected to eventually increase its categories including a women’s line. Basketball footwear will go live on the website by December 11.
“We wanted to make sure we did this as close as possible to the NBA season finally launching … and the fact that we’re launching in between Black Friday and the holidays we think is very opportune,” Under Armour Chief Executive Patrik Frisk told CNBC in an interview.
“This also gives Stephen something to really engage in … he’ll be actively involved in the development of the product. And we’re so excited to see one of our athletes being so involved in the product,” he said.
A percentage of its annual revenue will be used for those in need and the goal is to provide 20 safe locations to play, support 125 youth programs and provide training opportunities to more than 15,000 coaches. The brand will begin its work in Oakland by partnering with organizations such as Positive Coaching Alliance and Coaching Corps and hopes to go global in time.
“We have a shared goal of unlocking play for kids, so that became a natural place for us to focus,” Curry stated. “I grew up doing a lot of things to give back to the community with my family and continue that now while Under Armour has done so much to support athletes around the world.”
UnderArmour shares have plummeted about 23% this year and it hopes to regain its momentum. Nike shares have risen 33% since January.