Noted sports business analyst Darren Rovell is reporting Under Armour lost “nearly $600 million” of its value Friday due to tumbling sales in the stock market.
According to Rovell, Warriors MVP Steph Curry and the slow sales for his Curry 3 shoes have a big reason to do with it.
Foot Locker CEO Dick Johnson was quoted in the ESPN.com article as saying the Curry 3 models have “started off a bit slower than the previous models.”
The Curry 3 is selling for $140, a $20 price bump from the Curry 2 model.
Under Armour estimates they sold $200 million worth of Curry shoes and apparel during the 2015-16 season. Last March, Business Insider valued Curry’s worth to Under Armour around $14.1 billion.
Curry is signed with Under Armour until 2024.
Here’s a detailed history of his shoes.