Under Armour’s biggest star athlete, Steph Curry, is headed to the NBA Finals. But that hasn’t helped buoy the brand.

Under Armour (UA) stock is down nearly 30% so far this year. (In the same time period, Nike is up slightly and Adidas is way up.) Its CFO Chip Molloy left the company. In its last earnings report at the end of April, the company reported its first ever quarterly loss. More importantly, and more ominous for Under Armour: its footwear sales were up 2% in Q1 2017. In Q1 2016, they rose 64%.

The scrappy Baltimore sportswear brand is having a very bad year. What’s the problem?

1. The decline of basketball sneakers

The basketball sneaker business has been bad for nearly two years now, but it may be reaching a nadir: basketball sneaker sales are down 26% since the start of 2017.

That’s bad for the whole sports footwear industry, so it’s not only hurting Under Armour, but it is especially bad for Under Armour, which overemphasized basketball footwear on the back of Steph Curry, its biggest star endorser.

View photos Golden State Warriors star and Under Armour endorser Steph Curry (Getty) More

Why have basketball sneakers declined? Simple fashion trends, experts say. For a time, kids would also wear basketball performance sneakers (“performance” as in designed for playing basketball) for fashion purposes, but that has waned as kids gravitate more toward shoes that are designed with fashion in mind (i.e. running shoes that people wear all day). That change in trend isn’t Under Armour’s fault, but the brand is at fault for focusing too much on one star and one sport.

“I had expected that at some point the fashion headwinds would catch up to Curry,” says NPD Group sneaker analyst Matt Powell. “They had a nice run with him, they signed him at the peak of his popularity, but now basketball going out of fashion has hurt them significantly.”

While basketball has declined the most, it isn’t the only sport where performance sneaker sales are down. “There is not a single performance category that is trending positively right now,” Powell says. “Not basketball, not hiking, not gym. We are 100% in an athletic fashion trend.”

Here’s why that’s a crisis for Under Armour: The company was always a performance brand. It sold gear meant to be worn for playing sports. It did not prepare for the athletic fashion explosion—a trend you might better know by the term “athleisure.” It is a term that Under Armour CEO Kevin Plank does not like (surprise!) and a trend that has been debilitating for his brand.

2. Under Armour didn’t embrace fashion (Adidas sure did)

Unfortunately for Under Armour, it is faltering just at a time when one of its biggest competitors is flying. Adidas (ADDYY) stock is up this year almost as much as Under Armour stock is down, and in the German giant’s 2016 end-of-year earnings report it issued stunning guidance for 2017 and beyond. Under Armour, on the other hand, lowered its guidance.

View photos Under Armour, Nike, and Adidas stock in 2017 More

Nike (NKE) isn’t doing so hot either right now—in its last earnings report the company missed on revenue expectations—but it at least foresaw the trend Under Armour missed.

Both Adidas and Nike have already, for years, offered an array of fashion-focused apparel. Under Armour didn’t. In Adidas’s case, one could argue fashion or “street wear” was what the company (which has its roots in track and soccer) was best known for in America in the 1980s and 1990s. And now those classics are back: the best-performing footwear division at Adidas right now is its Originals, home to designs like the Superstar and Stan Smith.