Chinese firms have been vying to secure deals with big stars as they push to become global brands.
2 hours ago
Osmond ChiaBusiness reporter
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Golden State Warriors superstar Stephen Curry says he has signed an endorsement deal with Chinese sportswear giant Li-Ning.
The 38-year-old has been free to sign with a retail partner for his line of shoes and sports wear since ending a 12-year deal with US activewear firm Under Armour last year.
Curry and Li-Ning will collaborate on new products and on plans to launch his signature chain of shops in the US and China. The value of the deal was not immediately disclosed.
Signing Curry marks a major step in Li-Ning's push to become an international brand, alongside other Chinese sportswear labels like Anta.
The partnership is a "landmark victory" for Li-Ning, showing that Chinese sportswear brands can compete with global giants like Nike and Adidas to sign top players, said Linda Yu from marketing agency Red Ant Asia.
Endorsement deals are the "lifeline of sportswear brands" and a name like Steph Curry can help Li-Ning to establish itself in markets like the US, Yu said.
In a video posted on his business website Thirty Ink, Curry said the partnership will help Li-Ning expand in the US. It has more than 7,000 shops across Asia.
Li-Ning told the BBC it will work with Curry to promote sports culture as well as develop products across a range of categories, starting with golf and basketball.
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The deal is Curry's first collaboration with a Chinese brand. He partnered with Nike at the start of his career before moving to Under Armour.
He joins a growing list of NBA stars that have signed with Chinese brands, including Dwayne Wade and Jimmy Butler with Li-Ning and Klay Thompson and Kyrie Irving, who are partnered with Anta.
Anta, which used to make shoes for international brands, has led a global push by buying the rights to Western firms like Fila. This year, it also bought a key stake in Puma, pledging to help the firm grow in China.
Many Western brands have been keen to gain a foothold in China, but face intense competition from local manufacturers offering cheaper goods. Demand in China has also slowed due to low domestic spending.
Curry said the deal will give his brand an "expanded runway of resources" to grow its basketball, golf and other portfolios globally.
"We have plans to launch Curry Brand stores together in China and the US, as we look to build on the success that Li-Ning has already established, with even more growth," he said.
Curry, a point guard for the Golden State Warriors, is one of the most well-known names in the sport today. He is a four-time NBA champion and widely regarded as one of the best shooters in its history.
His tie-up with Li-Ning is a "step beyond" typical endorsement deals that put a famous face on a company's products, said sportswear marketing consultant Wei Kan.
Chinese firms have signed endorsement deals with celebrities. Appliances maker Dreame has enlisted football star Cristiano Ronaldo while BYD's premium electric car brand Denza has tapped actor Daniel Craig.
Curry's partnership goes further as it entrusts his line of branded products to Li-Ning, setting "a real marker for the industry," Kan said.
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