Under Amour - Extremely Undervalued or Dying Brand?

Theme: “simplify to sharpen.” UA leaned into premiumization and discipline; gross margin improved on lower discounting and regained pricing power despite top-line pressure.

Mix & channels: FY2025 revenue mix skewed to apparel ~67%, footwear ~23%, accessories ~8%; wholesale ~58%, DTC ~40%, licensing ~2%. North America ~60% of revenue; EMEA was the strongest region; APAC in reset mode.

Product callouts: HeatGear, Unstoppable, women’s bras/bottoms; footwear momentum in Curry Brand & Velociti Elite; notable launch: “No Weigh” backpack (auxetic suspension straps; premium price point).

Brand/storytelling: Sharper voice under Brand President Eric Liedtke; marquee athlete moments (Curry 12; Boston Marathon win in Velociti Elite; Hakimi in Shadow Elite). Marketing budget ~$500M with “fewer, bigger, better” focus.

Go-to-market: Category management (Training, Team Sports, Basketball, Golf, Running, Sportswear, etc.) to align product + marketing + regions; tighter portfolio; demand-led inventory.

Ops & footprint: Exiting Rialto, CA DC as part of 2025 restructuring; DTC estate ~180 Factory House and 15 Brand House stores in NA (as of 3/31/25).

People: ~14,400 teammates worldwide; emphasis on leadership development, pay-for-performance, and ESG pillars (product, home field, team).

Leadership: Kevin Plank (CEO), David Bergman (CFO), Shawn Curran (Chief Supply Chain), Eric Liedtke (Brand President), Yassine Saidi (CPO), Mehri Shadman (CLO), Kara Trent (Americas).

Key risks (unchanged genre): macro demand, competitive pricing pressure, sourcing/cost inflation, trade/tariff shifts, wholesale concentration, tech/data/security, execution risk on NA reset and DTC growth.