Did Nike pass on “the new Jordan” due to religion?
Nike definitely dropped the ball on its fashion law deal with Stephen Curry.
After Nike and Curry did not renew their endorsement contract, there was speculation that Nike did not want Curry writing religious quotes on his sneakers.
But the deal did not fall through over religion.
Nike undervalued Stephen Curry
Upon entering the NBA in 2010, Curry signed an endorsement deal with Nike.
This fashion law contract is popular in this particular sector of the entertainment industry. Nearly 75% of NBA players are signed to Nike deals. At the end of the 2013 season, Curry’s contract with Nike was up for renewal.
When Curry and his dad met with Nike, Nike bombed the pitch meeting.
First, a Nike executive mispronounced Curry’s first name as “Steph-ON,” instead of “STEPH-in.”
He must have been so vaguely familiar with Curry’s name that he was mistakenly confident enough to refer to Curry as Steve Urkel’s alter ego. This mistake was a big clue that Curry was not a Nike MVP.
Recycling is great. But not in this case.
Instead of giving Curry the proper attention and appreciation he deserves, Nike employees did not even take the time to properly prepare and personalize Curry’s pitch materials.
At this pitch meeting, a PowerPoint slide featured Kevin Durant’s name where Curry’s name should have appeared. Yup, Nike recycled at least one PowerPoint slide without a proper re-read. Smh.
Nike could have kept Curry despite its blunders IF they were interested
Nike’s original contract included a clause that granted Nike matching rights. So even if Curry wanted to part from Nike, Nike could have kept him by matching any competitor’s offer.
A Right to Match or Right of First Refusal can be an essential element of fashion law contracts. Check out the end of this post for a fashion law takeaway covering Right to Match and Right of First Refusal.
Is Stephen Curry the modern day Michael Jordan?
Just as Michael Jordan led the Chicago Bulls into historical wins, Steph Curry leads the Golden Gate Warriors into victories that have surpassed game streaks notoriously held by the Bulls.
So yes, Curry is the Jordan of basketball now. Check out Curry’s Under Armour sneakers below.
Should the figures in Curry’s fashion law contract match that of Jordan’s?
Under Armour signed Curry in 2013 at $4 million per year. A fashion law steal.
Last year Under Armour extended Curry’s deal through 2024 and gave him an equity stake in the company. The terms of the fashion law contract were not disclosed.
Morgan Stanley analyst Jay Sole projected that Steph Curry’s value to Under Armour ranges between 14 billion to 28.2 billion dollars. This figure depends on Curry’s affect on sales.
By March of this year, sales of Curry’s basketball sneaker were up 350% since the start of the year.
These sales were higher than the sales of any Nike shoe except for the Air Jordans which have sustained a cult following since being introduced in the 1980s.
It seems Curry is on track to continue breaking records like Jordan.
In the fashion realm, Curry is definitely helping Under Armour strip its underdog title. Under Armour has surpassed Adidas and Skechers as number two in U.S. sports apparel. Nike is number one.
Although Under Armour is still much smaller by revenue, it is growing fast. Its revenue grew 31% last quarter, beating estimates by $50 million.
A Right to Match or Right of First Refusal can be essential in fashion law contracts.
Consider adding such a clause to lease agreements and employment contracts.
In commercial lease agreements, a Right to Match could offer you the critical option of expanding into a neighboring space before anyone else. Also, changing locations and addresses can be an unnecessary hassle for a business.
Finding capable, hardworking, and trustworthy employees can be surprisingly time-consuming and costly. Good employees are subject to being acquired by competitors. A Right of First Refusal or Right to Match Clause could allow an employer to match a competitive salary or benefits packaged offered to an employee by another business.