I don’t know a lot about sneakers — or “kicks” as the kids call them. I just bought a new pair of Nikes last week at the mall for 60 bucks. I bet none of the cool people do that. But as an out-of-touch old person, even I could tell you the Steph Curry 3s from Under Armour were probably going to take a hit based on how hard everyone busted on the “Chef Curry” 2 lows. And also, the Warriors blowing a 3-1 lead in the NBA Finals couldn’t have helped.
Did I know that would result in Under Armour losing $600 million in value? No sneaker has ever been that bad.
That’s the story from ESPN, as a guy with a really funny name at a sneaker distributor offered lukewarm sentiment about the shoe’s sales.
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.
While Curry’s products make up only about 5 percent ($200 million) of Under Armour’s total annual business, he is the company’s most prominent endorser.
Johnson said on Foot Locker’s earnings call that the basketball shoe market was softer than in the past, though he did say the Curry 2 and Curry 2.5 shoes, as well as Nike’s Kyrie Irving line, were able to break through.
To me, the real story is Under Armour being a $5 billion business. How can that be? Remember those original commercials where the guy was screaming about protecting this house? That brand is worth billions now? Looking back, it looks like a commercial for CrossFit. How did the clothing worn by people you don’t want to talk to at the gym blow up like this?
Anyway, the shoes your dad has been wearing to rake the yard on Saturdays aren’t doing well for Under Armour.