Under Armour Inc. (UA) announced on Friday, Sept. 15, that it has partnered with rapper A$AP Rocky.
Under the partnership, the athletic wear company and Rakim Mayers, better known as A$AP Rocky, will develop a new collection by Under Armour's sportswear division and launch a series of philanthropic community-based programs led by instructors, including Mayers, initially focused in Baltimore, Los Angeles and New York.
- Under Armour CEO Kevin Plank Expands His Baltimore Empire to Whiskey and a Hotel
- Nike Isn't Really a Sneaker Company Anymore, Jim Cramer Reveals
"Rocky is one of the most influential style leaders working off field in the world today and we respect his pure creative expertise and passion for culture and community. We believe Rocky will undoubtedly provide an impact across our business and it is our intent to empower him and his numerous talents to explore new product avenues," said Todd Montesano, senior vice president of Under Armour Global Entertainment and Partnerships.
In July, Susquehanna analyst Sam Poser predicted that Under Armour was preparing to launch a shoe line with the rapper. Poser raised his price target for Under Armour to $17 from $14 on the then-projected partnership.
The A$AP Rocky-led programs will create community centers in inner-city neighborhoods where residents can go to "express their creativity through art, fashion, beauty, music and sport," Under Armour said in a statement.
"I wanted more than a collaboration partner,'' Mayers said. "I grew up in Harlem, and had limited resources to channel my inner-creativity, so I spent too much time on the streets when I should have been more productive. I now have the ability to create a better situation for today's kids."
Under Armour stock fell 0.51% on Friday and is down 34.7% year to date.
Read More of What's Trending on TheStreet: