Under Armour Inc.’s year-old endorsement deal with National Basketball Association phenom Brandon Jennings looks like a slam dunk through the first month of the rookie’s pro career. But that doesn’t mean the Baltimore company’s closely watched basketball-shoe launch will take place any sooner.

Jennings’ success—including a 55-point performance November 14—is garnering attention on sports highlight shows across the country and has elevated the 20-year-old’s name to the top of the NBA’s rookie-of-the-year list.

And he is doing it all in Under Armour’s yet-to-be released basketball sneaker. That raises the question among some retail experts of whether the sportswear maker should rush to get the shoes on shelves.

“There’s certainly going to be some internal pressure from them to say, ‘Gee, how do we capitalize on this now?’” said Matt Powell, a retail analyst with SportsOneSource, referring to the success of the Milwaukee Bucks’ guard.

But Powell and other sports-retail experts say basketball is one of the toughest categories for an apparel and sneaker maker to grab market share. Not only does the price need to be right for consumers, particularly in this retail market, but the look and performance of the shoe need be to top-notch, Powell said.

Nike Inc.’s Jordan Brand line has a 75 percent share of the $2 billion U.S. basketball-shoe category, Powell said. Nike’s basketball lines, excluding products linked to icon Michael Jordan, have a 19 percent share. Between the Jordan Brand and Nike, NBA titans LeBron James, Kobe Bryant, and Carmelo Anthony are all endorsers.

“In basketball, if the shoes aren’t great and they’re not ready, you’re out of business,” said Michael Lewis, a former executive with Adidas, Puma, and Apex. “The shoes have to be right. You’re competing with companies that are obsessed with the idea of making the highest quality products for the athlete.”

After Under Armour told analysts last month not to expect any growth from its footwear lines in 2010, there’s little reason to believe the company will release the basketball sneaker in the next year. Under Armour signed Jennings to a multiyear endorsement deal last year reportedly worth $2 million to be the face of its basketball push.

“Our strategy for release dates are comprised of many factors, but the No. 1 criteria is when we’re good and ready to do so,” said Steve Battista, Under Armour’s senior vice president of brand. “From that standpoint, we always make sure we dictate the tempo of our business.”

Battista declined to say when the basketball shoe would be released. Several college teams, including the University of Maryland, and 16 elite high-school basketball teams will wear the shoes this season, he added.

Erin Patton, former brand director of Jordan Brand, said Under Armour should continue to grow basketball at the grassroots level before making a big splash. “It’s not going to happen overnight,” Patton said. “No brand should want to rest its laurels on one athlete.”