Under Armour has not exactly been the high flying stock darling of late, as it was for several years. The stock dropped about 5% in just one day recently, after rumors circulated that the new Stephen Curry 3 basketball sneakers were not selling well. An executive from the mega retailer Footlocker confirmed the new shoes were not as hot as previous models. Under Armour has invested millions around the Curry shoe line and believes one day the brand could do $500 million or more in sales per year.
This comes as a big surprise as the previous 1 and 2 models sold very well. In fact, some shoes were resold on Ebay for $2,000 back in 2015. Now, just a little more than a year later, the Curry 3 model is sitting on store shelves unsold everywhere. Footlocker CEO Dick Johnson does expect stronger Christmas sales as the Holiday nears.
It remains unclear why the new model did not sell as well as past editions. Perhaps Curry going cold in the last three games of the NBA finals and choking may have diminished his “Superman” appeal. Or, the style and design of the shoe does not match up to consumers expectations. Only time will tell if Curry and the shoe line make a big comeback.