Stephen Curry is entering one of the biggest business shifts of his career. After separating from Under Armour in November 2025, the Golden State Warriors star has taken Curry Brand to Li-Ning in a long-term partnership that ESPN reported is worth about $400 million over 10 years.
The deal is about more than basketball shoes. It gives Curry a path to expand Curry Brand across basketball, lifestyle, golf, athlete signings, and future retail stores in both the United States and China.
How it all began
Stephen Curry started his NBA career in 2009 as a Nike athlete. When his rookie deal expired in 2013, Nike had the first chance to keep him. Nike reportedly offered Curry less than/about $2.5 million annually and did not prioritize him with the kind of signature-line commitment Under Armour offered.
Under Armour moved fast and offered more. The Baltimore-based brand guaranteed Curry his own signature line and made him the centerpiece of its basketball strategy. That bet paid off in ways nobody could have imagined at the time. Curry’s first signature shoe, the Curry 1, debuted in February 2015 at NBA All-Star Weekend.
Why the split happened in November 2025
In November 2025, Curry and Under Armour mutually agreed to end their partnership. Under Armour CEO Kevin Plank stated publicly that the move was about “discipline and focus on the core UA brand during a critical stage of our turnaround.”
Reports also indicated that Curry felt frustrated that Under Armour could not land Caitlin Clark and did not invest enough in growing the Curry Brand. Curry told reporters post-game that he was “a free agent” and ready for “new beginnings.”
What Curry kept after the split
When the partnership ended, Curry did not walk away empty-handed. He retained full ownership of Curry Brand, including its iconic “Splash” logo and all associated trademarks. This gave him something most athletes never have: complete control of their own brand.
Under Armour committed to releasing the Curry 13 as the final collaborative shoe in February 2026. Additional colorways and apparel would remain available through October 2026. The clean break allowed both sides to move forward without conflict or confusion.
Little-known fact: Before signing with Li-Ning, Curry quietly wore the signature shoes of teammates Jimmy Butler and Dwyane Wade during the NBA season as part of his real-world product evaluation process.
Sneaker free agency
After the split, Curry became one of the biggest sneaker free agents in sports history. The day after the announcement, he warmed up in a pair of Nike Kobe shoes, sending shockwaves through the industry. Andscape reported that one original Curry Nike PE pair sold for $138,075 after the Under Armour split, but for a more directly verifiable auction fact, Sotheby’s later listed 81 Curry sneaker-free-agency lots, and reporting said the sale raised about $1.7 million.
Nike, Adidas, and Puma all reportedly circled. Industry insiders called it one of the most anticipated brand decisions in recent memory. Sneaker historian Nick Engvall dubbed Under Armour’s loss “The Biggest Failure in a Century of Sneakers.”
The $400 million move to Li-Ning
On June 1, 2026, Curry announced his next partnership via Instagram. He signed a 10-year deal with Chinese sportswear giant Li-Ning, reportedly worth $400 million according to ESPN’s Shams Charania. Curry called it “the partnership of a lifetime.”
The deal covers basketball footwear, athleisure lifestyle wear, a full golf line, and the ability to sign male and female athletes under Curry Brand. It also includes plans to open Curry Brand retail stores in both the United States and China, expanding the brand’s global reach significantly.
What Li-Ning brings to the table
Li-Ning says the company was founded in 1990 by Olympic gymnastics champion Li Ning. The company has grown into one of China’s most recognizable homegrown sports brands, with annual revenue of $4.3 billion. Li-Ning and Anta are gaining ground in China as Nike faces pressure from domestic rivals.
Li-Ning described the partnership as built on “long-term brand co-creation, multi-category performance product development, and a shared commitment to inspiring the next generation.” For Curry, the brand offered innovation, global infrastructure, and creative freedom unlike any Western brand could match right now.
Little-known fact: Curry has traveled to China seven times over his career, each visit drawing massive crowds, making him one of the most recognized NBA players in the Chinese market.
The controversy surrounding the deal
The deal has not come without criticism. Li-Ning merchandise was banned in the United States in 2022 after the U.S. government and human rights groups identified the company as connected to forced labor practices. Rep. Chris Smith announced plans to ask the Department of Homeland Security to examine Li-Ning imports.
Critics have also raised questions about the NBA’s ongoing tension between its social justice messaging and its financial ties to China. Curry chose Li-Ning even though at least one other brand offered him more money, suggesting his decision was driven by product quality, creative control, and long-term vision rather than just money alone.
The bigger picture for the Curry brand
This deal transforms Curry Brand from a signature shoe line into something much larger. With the ability to sign other athletes, open retail stores, and expand across basketball, golf, and lifestyle categories, Curry Brand now functions more like a standalone sports company.
Under Armour estimated global basketball revenue, including Curry Brand, at $100M–$120M for fiscal 2026.
On the court, Curry is heading into the final year of his $62.6 million Warriors contract. Golden State can offer a two-year extension worth nearly $140 million. Off the court, his brand has never looked bigger. Curry is no longer just betting on his game. He is betting on his legacy.
TL;DR
- Stephen Curry ended his 13-year partnership with Under Armour in November 2025.
- Nike originally lost Curry in 2013 after offering only $2.5 million per year with no signature shoe commitment.
- Curry retained full ownership of Curry Brand, including the Splash logo and all trademarks.
- His sneaker free agency became one of the most-watched business stories in sports history.
- On June 1, 2026, Curry signed a 10-year, $400 million deal with Chinese sportswear giant Li-Ning.
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This article was made with AI assistance and human editing.
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