Summary of Key Points
The signing of a ten-year partnership between Li Ning and NBA superstar Stephen Curry is more than just a regular endorsement deal; it represents a "brand partnership." Curry brings his own Curry Brand to join Li Ning, gaining greater operational autonomy (such as the ability to sign athletes independently and drive brand development). Li Ning, on the other hand, hopes to leverage Curry's global influence to boost its basketball product lines and expand into overseas markets, particularly North America. This is one of the largest basketball shoe contracts in the history of Chinese sports brands, representing a "bet on the future" for both parties. Curry aims to turn the Curry Brand into an independent entity like the Jordan Brand, which continues to generate revenue even after its founder retires, while Li Ning seeks to use this partnership as a leap towards global brand recognition.
1. Not Just an Endorsement, but a Business Partnership
This collaboration is different from a typical endorsement agreement. Li Ning isn't treating Curry merely as a spokesperson; instead, they have made him a "brand partner." This means that Curry not only receives an endorsement fee but also gets to participate in decision-making for the Curry Brand, including signing athletes and determining product directions as well as managing distribution channels.
Curry previously collaborated with Under Armour for 12 years. Although Under Armour launched the Curry Brand, it didn't grant him enough autonomy—the supply chain and product development were controlled by Under Armour. Curry wanted to develop a multi-category sports brand (including basketball, golf, and lifestyle products), but Under Armour saw it as just a subsidiary brand focused on basketball. Li Ning's offer meets Curry's needs: it allows the Curry Brand to operate independently, provides access to its over 7,600 stores in Asia, and even permits Curry to use funds from the brand to sign new athletes (in areas like basketball and golf).
In simple terms, Curry isn't just there to perform an endorsement; he's joining forces with Li Ning to "partner in running a business."
2. Curry's Plans: Avoiding a Decline After Retirement and Becoming the Next Jordan
Curry, now 36 years old, is in the latter half of his career. His main concern is whether his brand will fade after he retires. The Jordan Brand serves as a model for him—Jordan's popularity has endured for over 20 years, thanks to its signed athletes and comprehensive product range as well as its cultural significance. Curry didn't achieve this with Under Armour; the Curry Brand had few independent stores, and the number of signed athletes was limited.
With this partnership with Li Ning, Curry has gained the autonomy he needs: to sign new athletes, expand into other categories (such as golf), and open independent stores (with the first store opening in Chengdu). This way, even after retirement, the Curry Brand can continue to thrive through new athletes and diverse products, similar to the Jordan Brand becoming a timeless classic.
3. Li Ning's Ambitions: Strengthening the Basketball Business and Expanding Overseas
Li Ning faces two main challenges:
1. Declining Performance in the Basketball Category: The brand once relied on the popularity of Wei Deng to drive high-end basketball shoe sales, but since his retirement, the basketball category's contribution has dropped from 30% to 17%. With Curry, one of the top active athletes, Li Ning hopes to revive the basketball business and see growth (analysts predict a significant increase in basketball-related revenue in the second half of 2026).
2. Limited Overseas Presence: Li Ning's overseas revenue accounts for only 1.4%, and it has barely penetrated mainstream North American markets. Curry's widespread fame in North America could help open doors to key channels (such as Foot Locker). By leveraging Curry Brand's independent stores and online platforms, Li Ning aims to establish a strong presence in North America.
In summary, Li Ning is investing heavily in Curry not just to sell shoes but to transform itself from a Chinese brand into a global one.
4. Challenges Ahead
Despite the ambitious goals of both parties, there are significant hurdles:
- Making the Curry Brand as Successful as the Jordan Brand: It took decades for the Jordan Brand to build its athlete lineup and cultural presence. The Curry Brand is still in its early stages and needs time and investment to achieve similar success. It's uncertain whether new athletes will be able to continue the brand's momentum after Curry retires.
- High Costs of Entering Overseas Markets: Entering North America requires building local teams, opening stores, and conducting marketing efforts, all of which are costly. If Li Ning decides to operate directly, the costs will be even higher; if it relies on agents, it may lose control over the brand. The company recently closed 59 inefficient stores in 2025, so investing overseas is a financial challenge.
The success of this partnership depends on whether the Curry Brand can thrive independently of Curry and whether Li Ning can truly expand into overseas markets. It's a long and costly journey that requires both parties to stay committed.
In Conclusion
The collaboration between Curry and Li Ning is a mutual bet: Curry hopes that Li Ning will help turn the brand into a timeless classic, while Li Ning believes Curry will contribute to its global expansion. If it succeeds, both will achieve their goals; if not, it could be a costly mistake. However, for Li Ning, this move is essential if it wants to break through growth constraints.