*Under Armour CEO Kevin Plank admitted Thursday that sales for Stephen Curry’s latest signature basketball shoe have been “sluggish,” according to ESPN.
“Our success in basketball hasn’t been without its learning,” Plank said on the company’s earnings call, during which Under Armour reported its first quarterly loss as a public company. “As we launched the Curry 3 late last year, our expectations continued to run high. And while the 3 played very well on court for Stephen Curry and our athletes, a sluggish signature market and a warm consumer reception led to softer-than-expected results.
“This has created an inventory imbalance that we are working through. One that, yes, is baked into our full-year outlook which hasn’t changed and, most importantly, yielded lessons we’re applying ahead with the Curry 4 and beyond.”
As sales of the Curry shoes increased over its three versions, Under Armour continued to raise the price. The price for the Curry One, which debuted in the spring of 2015, was $120. Prices then crept up for the Curry Two ($130), Curry 2.5 ($135) and the Curry 3 ($140). The suggested retail price of Curry’s playoff shoe, the 3Zer0, went back to $120.
The luke-warm reception to the Curry 3 has resulted in several retailers discounting it. To get rid of those that haven’t sold, Under Armour has discounted the Curry 3 by almost 30 percent to $99.99.
In November, Under Armour lost nearly $600 million of its value as a company after Foot Locker CEO Dick Johnson said the Curry 3 “started off a bit slower than the previous models.”
Social media had its own theories as to why the Curry 3 is struggling:
Tell UA to stop making Curry shoes so lame…maybe they’ll sell. https://t.co/7RS7chn7NQ
— Nick Gryniewicz (@ESPN580Nick) April 27, 2017
they need a new designer https://t.co/GVBX7RFyuN
— illa (@iLLa_C_) April 27, 2017
Maybe stop designing trash… https://t.co/0jvbdoBSBB
— Lee (@GswFanLee) April 27, 2017
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