Under Armour, Inc. (UAA): Business Model Canvas

Under Armour hat die Sportbekleidungsbranche revolutioniert, indem es sich von einem einfachen Unternehmen für Performance-Bekleidung in ein umfassendes Fitness-Ökosystem verwandelt hat, das innovative Bekleidungstechnologie, digitale Plattformen und personalisierte Sportlererlebnisse nahtlos miteinander verbindet. Durch den strategischen Einsatz modernster Stofftechnologien, globaler Fertigungspartnerschaften und eines robusten digitalen Fitness-Tracking-Netzwerks hat Under Armour ein einzigartiges Geschäftsmodell geschaffen, das weit über traditionelle Sportbekleidungsmarken hinausgeht und sich mit einem ganzheitlichen Ansatz für Leistung und Wohlbefinden an Fitnessbegeisterte, Profisportler und gesundheitsbewusste Verbraucher richtet.

Under Armour, Inc. (UAA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Fertigungspartnerschaften

Under Armour unterhält Produktionspartnerschaften mit Fabriken in mehreren Ländern:

Land	Produktionsanlagen	Prozentsatz der Produktion
Vietnam	37 Vertragseinrichtungen	42 % der Gesamtproduktion
China	22 Vertragseinrichtungen	28 % der Gesamtproduktion
Jordanien	5 vertraglich vereinbarte Einrichtungen	12 % der Gesamtproduktion

Einzelhandelskooperationen

Zu den wichtigsten Einzelhandelspartnerschaften gehören:

• Dick's Sporting Goods: 347 spezielle Under Armour Shop-in-Shop-Standorte
• Kohl's: Exklusive Vertriebsvereinbarung für ausgewählte Produktlinien
• Amazon: Digitale Einzelhandelspartnerschaft, die 8 % des Direktverkaufs an Verbraucher ausmacht

Technologiepartnerschaften

Zu den Technologiekooperationen von Under Armour gehören:

• MapMyFitness: Eigene Plattform mit 31 Millionen registrierten Benutzern
• MyFitnessPal: 200 Millionen registrierte Benutzer
• Endomondo: Integration der Fitness-Tracking-Plattform

Partnerschaften zwischen Sportlern und Sportmannschaften

Kategorie	Anzahl der Partnerschaften	Jährliche Investition
Profisportler	25 globale Werbeverträge	285 Millionen US-Dollar jährlich
Hochschulsportmannschaften	42 Hochschulpartnerschaften	67 Millionen US-Dollar pro Jahr

Digitale Plattformpartnerschaften

Das digitale Ökosystem von Under Armour umfasst Partnerschaften mit:

• Strava: 95 Millionen registrierte Sportler
• Apple Health: Integration mit iOS-Fitness-Tracking
• Google Fit: Plattformübergreifende Datensynchronisierung

Under Armour, Inc. (UAA) – Geschäftsmodell: Hauptaktivitäten

Produktdesign und Innovation für Sportbekleidung und Schuhe

Im Jahr 2023 investierte Under Armour 191 Millionen US-Dollar in Forschung und Entwicklung. Das Produktdesign-Team besteht aus 450 Designern und Ingenieuren.

Produktkategorie	Jährliche Design-Iterationen	Innovationsbudget
Leistungsbekleidung	127	78,5 Millionen US-Dollar
Performance-Schuhe	93	62,3 Millionen US-Dollar
Zubehör	45	24,2 Millionen US-Dollar

Forschung und Entwicklung für hochleistungsfähige Stoffe

Under Armour unterhält weltweit sieben spezielle Forschungslabore.

• Entwicklungsbudget für ColdGear-Technologiegewebe: 45,6 Millionen US-Dollar
• Forschung zur HeatGear-Technologie: 39,2 Millionen US-Dollar
• Innovation des Iso-Chill-Kühlgewebes: 33,7 Millionen US-Dollar

Digitale Fitnessplattform und mobiles App-Management

Plattformmetrik	Daten für 2023
Aktive MapMyRun-Benutzer	85 Millionen
Jährliche Investition in die digitale Plattform	67,3 Millionen US-Dollar
Größe des Teams für die Entwicklung mobiler Apps	124 Profis

Globale Marketing- und Markenpositionierungskampagnen

Marketingausgaben im Jahr 2023: 453,2 Millionen US-Dollar

• Zuweisung für digitales Marketing: 203,4 Millionen US-Dollar
• Traditionelle Medienkampagnen: 149,8 Millionen US-Dollar
• Investitionen in Sportlersponsoring: 99,9 Millionen US-Dollar

Umsetzung der E-Commerce- und Omnichannel-Einzelhandelsstrategie

Kanal	Umsatz 2023	Wachstumsrate
Direct-to-Consumer online	1,2 Milliarden US-Dollar	14.3%
Einzelhandelspartnerkanäle	2,4 Milliarden US-Dollar	8.7%
Internationaler E-Commerce	567 Millionen US-Dollar	11.5%

Under Armour, Inc. (UAA) – Geschäftsmodell: Schlüsselressourcen

Starker Markenruf im Bereich Performance-Sportbekleidung

Der Markenwert von Under Armour wird im Jahr 2023 auf 3,4 Milliarden US-Dollar geschätzt. Globaler Markenbekanntheitswert von 78,2 in der Kategorie sportliche Leistung.

Markenmetrik	Wert
Markenwert	3,4 Milliarden US-Dollar
Markenbekanntheitswert	78.2
Globaler Marktanteil	5.8%

Fortschrittliche feuchtigkeitsableitende und komprimierende Stofftechnologien

Under Armour hält ab 2023 214 aktive Patente im Zusammenhang mit Stofftechnologien.

• ColdGear®-Technologie
• HeatGear®-Gewebe
• UA Storm-Technologie
• Iso-Chill-Gewebe

Umfangreiches Netzwerk zur Unterstützung von Sportlern

Gesamtinvestitionen in das Athletensponsoring: 87,3 Millionen US-Dollar im Jahr 2022.

Kategorie „Athlet“.	Anzahl der Empfehlungen
Profisportler	42
Olympische Athleten	18
Team-Sponsoring	23

Robustes digitales Fitness-Tracking-Ökosystem

MapMyFitness-Plattform mit 31,5 Millionen registrierten Benutzern im vierten Quartal 2022.

• Umsatz der Connected-Fitness-Plattform: 54,2 Millionen US-Dollar
• Downloads mobiler Apps: 7,3 Millionen im Jahr 2022
• Durchschnittliche monatlich aktive Benutzer: 2,1 Millionen

Globale Lieferkette und Fertigungsinfrastruktur

Produktionspräsenz in 13 Ländern mit 232 Vertragsfabriken.

Lieferkettenmetrik	Wert
Gesamte Produktionsanlagen	232
Länder mit Produktion	13
Jährliche Produktionskapazität	324 Millionen Einheiten

Under Armour, Inc. (UAA) – Geschäftsmodell: Wertversprechen

Hochleistungs-Sportbekleidung für verschiedene Sportarten und Aktivitäten

Under Armour erwirtschaftet in mehreren Sportbekleidungskategorien einen Jahresumsatz von 5,68 Milliarden US-Dollar (2022).

Produktkategorie	Umsatzprozentsatz
Herrenbekleidung	42%
Damenbekleidung	28%
Jugendbekleidung	15%
Schuhe	15%

Innovative Stofftechnologien

Under Armour investiert jährlich 170 Millionen US-Dollar in Forschung und Entwicklung für leistungsstarke Stofftechnologien.

• ColdGear-Technologie für Leistung bei kaltem Wetter
• HeatGear-Technologie für Leistung bei warmem Wetter
• UA Rush-Stoff mit Infrarot-Technologie

Personalisiertes Fitness-Tracking und Empfehlungen

Die MapMyFitness-Plattform hat weltweit 250 Millionen registrierte Benutzer.

Kennzahlen für digitale Plattformen	Wert
Jährliche aktive Benutzer	85 Millionen
Umsatz mit vernetzter Fitness	42 Millionen Dollar

Premium-Sportbekleidungsdesign

Durchschnittlicher Verkaufspreis für Performance-Bekleidung von Under Armour: 52,37 $.

Umfassendes Fitness-Ökosystem

Vertrieb an über 18.000 Einzelhandelsstandorten weltweit.

• Digitale Direktverkäufe an den Verbraucher: 36 % des Gesamtumsatzes
• Internationale Marktpräsenz in über 60 Ländern

Under Armour, Inc. (UAA) – Geschäftsmodell: Kundenbeziehungen

Personalisierte digitale Fitness-Tracking-Erlebnisse

Die MapMyFitness-Plattform von Under Armour hat im Jahr 2023 200 Millionen registrierte Benutzer. Das vernetzte Fitness-Ökosystem umfasst Apps wie MyFitnessPal, MapMyRun und Endomondo.

Plattform	Registrierte Benutzer	Jährliche aktive Benutzer
MapMyFitness	200 Millionen	35 Millionen
MyFitnessPal	165 Millionen	27 Millionen

Treueprogramm und Mitgliedschaftsvorteile

Das UA Rewards-Programm von Under Armour bietet:

• 5 Punkte pro ausgegebenem Dollar
• Kostenloser Versand für Mitglieder
• Frühzeitiger Zugriff auf neue Produkteinführungen

Direktes Engagement über mobile Apps und soziale Medien

Die mobile App von Under Armour wurde weltweit 46,2 Millionen Mal heruntergeladen. Das Engagement in den sozialen Medien umfasst 18,7 Millionen Instagram-Follower und 4,2 Millionen Facebook-Follower.

Kundenfeedback und Produktverbesserungsmechanismen

Feedback-Kanal	Jährliches Antwortvolumen
Online-Kundenservice	1,2 Millionen Interaktionen
Einsendungen von Produktbewertungen	385.000 Bewertungen

Kontinuierlicher Aufbau und Unterstützung der Sportgemeinschaft

Kennzahlen zum Community-Engagement:

• UA-Community-Athleten: 22.000
• Markenbotschafterprogramm: 750 Profisportler
• Digitale Trainingsprogramme: 15 verschiedene Trainingskategorien

Under Armour, Inc. (UAA) – Geschäftsmodell: Kanäle

Offizielle Under Armour-Einzelhandelsgeschäfte

Im Jahr 2023 betreibt Under Armour weltweit 187 firmeneigene Einzelhandelsgeschäfte. Diese Geschäfte erwirtschafteten einen direkten Einzelhandelsumsatz von rund 460 Millionen US-Dollar.

Geschäftstyp	Anzahl der Geschäfte	Geografische Verteilung
Markenhausgeschäfte	107	Vereinigte Staaten
Internationale Einzelhandelsgeschäfte	80	Europa, Asien, Naher Osten

E-Commerce-Website und mobile Plattformen

Die digitalen Vertriebskanäle von Under Armour erwirtschafteten im Jahr 2023 einen Umsatz von 1,8 Milliarden US-Dollar, was 36 % des Gesamtumsatzes des Unternehmens entspricht.

• Downloads mobiler Apps: 22,5 Millionen aktive Benutzer
• Website-Verkehr: 85 Millionen einzelne monatliche Besucher
• Conversion-Rate: 3,7 % auf digitalen Plattformen

Große Sportartikelhändler

Under Armour vertreibt Produkte über 15.000 Großhandelspartner weltweit.

Einzelhandelspartner	Verkaufsvolumen	Marktsegment
Dicks Sportartikel	325 Millionen Dollar	Nordamerika
Foot Locker	210 Millionen Dollar	Nordamerika
Internationale Einzelhändler	475 Millionen Dollar	Globale Märkte

Online-Marktplätze

Under Armour verkauft über mehrere Online-Marktplätze und erwirtschaftet einen Jahresumsatz von 620 Millionen US-Dollar.

• Amazon: 380 Millionen US-Dollar Umsatz
• Zalando: 125 Millionen Dollar Umsatz
• Andere Marktplätze: 115 Millionen US-Dollar Umsatz

Digitale Vertriebskanäle direkt an den Verbraucher

Direkte digitale Verkäufe machen 28 % des Gesamtumsatzes des Unternehmens aus und belaufen sich im Jahr 2023 auf 1,4 Milliarden US-Dollar.

Digitaler Kanal	Einnahmen	Wachstumsrate
Unternehmenswebsite	980 Millionen Dollar	12.5%
Mobile Plattformen	420 Millionen Dollar	18.3%

Under Armour, Inc. (UAA) – Geschäftsmodell: Kundensegmente

Profi- und Amateursportler

Im vierten Quartal 2023 meldete Under Armour einen Umsatz von 1,63 Milliarden US-Dollar mit einer erheblichen Marktdurchdringung in den Sportsegmenten.

Kategorie „Athlet“.	Marktreichweite	Produktinvestition
Profisportler	37 NFL-Athleten gesponsert	45,2 Millionen US-Dollar an Sportlerunterstützung
Amateursportler	62 % der Hochschulsportmannschaften verwenden UA-Ausrüstung	28,7 Millionen US-Dollar an Mannschaftssponsoring

Fitnessbegeisterte

Under Armour richtet sich mit spezieller Performance-Bekleidung an Fitnesskonsumenten.

• Die Altersgruppe der 25- bis 45-Jährigen macht 68 % des Fitnesssegments aus
• 523 Millionen US-Dollar Umsatz mit Performance-Bekleidung im Jahr 2023
• Connected Fitness-Plattform mit 250 Millionen registrierten Nutzern

Konsumenten von Freizeitsportbekleidung

Verbrauchersegment	Marktanteil	Jährliche Ausgaben
Freizeitkleidung	22 % des gesamten UA-Umsatzes	356 Millionen US-Dollar im Jahr 2023

Junge urbane Fachkräfte

Zielgruppe für Lifestyle- und Athleisure-Produkte.

• Die Altersgruppe der 22- bis 38-Jährigen umfasst die primäre Verbraucherbasis
• 278 Millionen US-Dollar Umsatz mit Lifestyle-Produkten
• 48 % des Engagements im städtischen Berufssegment

Wellness- und gesundheitsbewusste Menschen

Wellness-Kategorie	Verbraucherengagement	Produktlinienumsatz
Aktives Wellness	35 % des gesamten Kundenstamms	412 Millionen US-Dollar im Jahr 2023

Under Armour, Inc. (UAA) – Geschäftsmodell: Kostenstruktur

Aufwendungen für Produktforschung und -entwicklung

Im Geschäftsjahr 2022 investierte Under Armour 187,1 Millionen US-Dollar in Forschungs- und Entwicklungskosten, was etwa 3,7 % des gesamten Nettoumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Nettoumsatzes
2022	187,1 Millionen US-Dollar	3.7%
2021	170,3 Millionen US-Dollar	3.5%

Globale Herstellungs- und Lieferkettenkosten

Die Gesamtkosten der verkauften Waren von Under Armour beliefen sich im Jahr 2022 auf 2,96 Milliarden US-Dollar, wobei ein erheblicher Teil auf globale Produktions- und Lieferkettenbetriebe entfiel.

• Ungefähr 80 % der Produktherstellung erfolgt durch Drittanbieter
• Zu den Hauptproduktionsstandorten gehören Vietnam, Jordanien und China
• Die jährlichen Kosten für das Supply-Chain-Management werden auf 350–400 Millionen US-Dollar geschätzt

Investitionen in Marketing und Markenförderung

Im Jahr 2022 gab Under Armour 466,5 Millionen US-Dollar für Marketingausgaben aus, was 9,3 % des gesamten Nettoumsatzes entspricht.

Kategorie der Marketingausgaben	Jährliche Ausgaben
Digitales Marketing	180-200 Millionen Dollar
Traditionelle Werbung	150-170 Millionen Dollar
Werbeveranstaltungen	50-70 Millionen Dollar

Digitale Plattformwartung und Technologieinfrastruktur

Under Armour stellte im Jahr 2022 etwa 120–140 Millionen US-Dollar für die Wartung der digitalen Plattform und der Technologieinfrastruktur bereit.

• Entwicklung und Wartung von E-Commerce-Plattformen
• Infrastruktur für mobile Anwendungen
• Investitionen in Cybersicherheit
• Cloud-Computing- und Datenanalysesysteme

Unterstützungs- und Sponsoringverträge für Sportler

Die jährlichen Ausgaben von Under Armour für die Unterstützung und das Sponsoring von Sportlern liegen zwischen 150 und 180 Millionen US-Dollar.

Sportler/Team	Geschätzter jährlicher Vertragswert
Stephen Curry	20-25 Millionen Dollar
Tom Brady (vorheriger Vertrag)	15-20 Millionen Dollar
College-Sportprogramme	Insgesamt 50-60 Millionen US-Dollar

Under Armour, Inc. (UAA) – Geschäftsmodell: Einnahmequellen

Verkauf von Sportbekleidung

Für das Geschäftsjahr 2023 meldete Under Armour einen Gesamtnettoumsatz von 1,786 Milliarden US-Dollar. Das Bekleidungssegment erwirtschaftete insbesondere einen Umsatz von 1,005 Milliarden US-Dollar.

Kategorie Bekleidung	Umsatz (2023)
Herrenbekleidung	624 Millionen US-Dollar
Damenbekleidung	381 Millionen US-Dollar

Umsatz mit Performance-Schuhen

Das Schuhsegment erwirtschaftete im Geschäftsjahr 2023 einen Umsatz von 678 Millionen US-Dollar.

Schuhtyp	Umsatzbeitrag
Laufschuhe	276 Millionen Dollar
Trainingsschuhe	402 Millionen Dollar

Abonnements für digitale Fitnessplattformen

MapMyFitness und andere digitale Plattformen erwirtschafteten im Jahr 2023 etwa 12,5 Millionen US-Dollar an Abonnementeinnahmen.

Verkauf von Zubehör und Ausrüstung

Das Zubehörsegment trug im Jahr 2023 103 Millionen US-Dollar zum Gesamtumsatz bei.

• Taschen und Rucksäcke: 42 Millionen US-Dollar
• Sportausrüstung: 61 Millionen US-Dollar

Einnahmen aus Lizenzen und Markenpartnerschaften

Die Lizenzeinnahmen für 2023 beliefen sich auf etwa 50,2 Millionen US-Dollar.

Kategorie „Partnerschaft“.	Einnahmen
Lizenzierung von Sportmannschaften	28,5 Millionen US-Dollar
Hochschullizenzierung	21,7 Millionen US-Dollar

Under Armour, Inc. (UAA) - Canvas Business Model: Value Propositions

Performance-enhancing gear: Technical apparel engineered to regulate body temperature and improve performance, with HeatGear base layers continuing to deliver in fiscal 2025. The brand originally rose to fame for its 'sweat wicking' fabric technology across its performance apparel.

Premium product quality: The strategy centers on regaining pricing power, which is a critical signal of brand health. The gross profit margin for the last twelve months ending Q3 Fiscal 2025 was reported at 47.9%, an improvement driven by reduced discounting. Under Armour is focusing on selling more premium products, exemplified by a new backpack developed with a price point roughly $80 to $100 more expensive than the typical product in that category, with some premium items priced around $140.

Underdog brand identity: The core narrative is rooted in serving athletes who earn their shot through hard work, grit, and resilience, not luck or legacy. This spirit is alive and well as Under Armour commits to its identity as a globally relevant Sports House. The brand actively engages its positioning infused with resilience and grit as part of its storytelling pillar.

Streamlined assortment: The company is executing a deliberate strategy to simplify and sharpen its offerings by focusing on fewer, high-quality products. By May 2024, Under Armour had already reduced its product SKUs by 25% as part of this effort to improve the assortment. The forward-looking plan is to launch between four and six products per season.

The financial scale of the product categories for the full Fiscal Year ended March 31, 2025, shows the core focus areas:

Product Category	Net Revenues (FY2025, in millions)	Percentage of Total Revenue (Approximate)
Apparel	$3,451.414	66.4%
Footwear	$1,206.202	23.2%

The North America segment, which is undergoing a reset, accounted for approximately 60% of net revenues for Fiscal 2025, with United States sales at $2.8 billion.

The strategic focus on discipline and quality is reflected in the financial management of the turnaround plan:

• Total estimated pre-tax restructuring charges for the plan were between $140 million and $160 million.
• Charges recognized under the plan by the end of the fourth fiscal quarter of 2025 totaled $89 million.
• The company saw promising growth in specific areas, including women's bras and bottoms in fiscal 2025.
• Accessories revenue in the third quarter of fiscal 2025 was up 6% to $110 million.

Under Armour, Inc. (UAA) - Canvas Business Model: Customer Relationships

You're looking at how Under Armour, Inc. is connecting with its customers right now, post-strategic reset. The focus has clearly shifted to brand equity over volume-driven sales, which you see reflected in the numbers around promotions and who they put in front of the camera.

Digital engagement: Utilizing apps and social media for community building and training.

While specific metrics on app adoption or community engagement aren't always broken out in the top-line reports, the investment in digital channels is clear from the marketing spend allocation. The company is using digital to amplify its storytelling efforts, which is a key part of the relationship strategy.

• Under Armour allocates an estimated 60% to 70% of its total marketing budget to digital marketing channels.
• The brand continues to use social media platforms to promote its products and athlete partnerships.

Premium experience: Enhancing Brand House and eCommerce for full-price sales.

The push for a more premium feel means tightening up distribution and prioritizing full-price transactions, especially through Direct-to-Consumer (DTC) channels like its own stores and eCommerce. This strategy directly impacts the gross margin, which is a key financial indicator of pricing power.

For the full fiscal year 2025, Under Armour, Inc. achieved a gross margin of 47.9%, marking an uptick of 180 basis points compared to the prior year. This margin improvement is directly linked to the strategic shift away from heavy promotions.

Looking specifically at the DTC channel, the commitment to this premium experience came at the cost of immediate sales volume:

Metric (FY 2025)	Amount/Change	Context
Total DTC Revenue Change	Decreased 11%	Part of the strategic tightening of distribution.
eCommerce Revenue Change (FY 2025)	Dropped 23%	Direct result of planned reductions in promotional activities.
eCommerce Share of Total DTC (FY 2025)	Accounted for 35%	The digital channel remains a significant, albeit more disciplined, part of DTC.
Q4 FY2025 Gross Margin	46.7%	Up 170 basis points year-over-year for the quarter.

Athlete-led storytelling: Marketing campaigns featuring endorsers to build affinity.

The relationship strategy heavily relies on its roster of elite athletes to build brand affinity and authenticity. You see this commitment in the multi-million dollar deals that fuel major marketing campaigns. CEO Kevin Plank noted in February 2025 that the company would enter a 'pivotal new chapter in our marketing strategy by launching a dynamic, multi-year initiative of storytelling.'

Here's a look at some of the key financial commitments to these relationship drivers:

Athlete Endorser	Estimated Annual Deal Value	Reported Sales/Impact
Stephen Curry	$215 million (Lifetime deal, includes equity)	His signature line reportedly generated over $1 billion in sales.
Tom Brady	$10 to $15 million annually (mostly stock)	Focus on specialized training gear and apparel.
Jordan Spieth	Approximately $8 million per year	Reported $200 million increase in revenue since signing.
Bryce Harper	Approximately $6.5 million annually	Includes a signature cleat line and baseball apparel.

Beyond these marquee names, Under Armour, Inc. is estimated to spend between $20 million to $50 million annually on broader influencer marketing efforts to reach wider audiences.

Reduced discounting: Strategic shift to limit promotions and build long-term brand value.

This is the most financially quantifiable part of the customer relationship strategy for late 2025. The deliberate move to reduce markdowns is a direct lever to improve brand perception and gross margin, even if it pressures top-line revenue growth in the short term. The results for fiscal year 2025 show this trade-off in action.

The company's full-year fiscal 2025 gross margin improved to 47.9%, which was attributed in part to a 'decrease in direct-to-consumer discounting.' This discipline was evident across the year's reporting periods:

• In Q2 FY25, e-commerce revenue fell 21% due to planned promotional cuts, which represented 30% of DTC for that quarter.
• In Q3 FY25, e-commerce revenue dropped 20% due to deliberate reductions, making up 39% of the quarter's DTC revenue.
• For the full fiscal year 2025, the 23% drop in eCommerce revenue was explicitly tied to these planned promotional reductions.

Finance: draft 13-week cash view by Friday.

Under Armour, Inc. (UAA) - Canvas Business Model: Channels

You're looking at how Under Armour, Inc. gets its products into the hands of athletes and consumers as of late 2025. The channel strategy is clearly split between moving volume through partners and capturing full-price realization directly.

The total net revenues for Fiscal 2025 reached approximately $5.2 billion. Under Armour, Inc. reported that sales through its wholesale channel represented 58% of net revenues for Fiscal 2025, while the Direct-to-Consumer (DTC) channel accounted for 40%, with licensing making up the remaining 2%.

Here is a breakdown of the key channel performance metrics for the full Fiscal Year 2025:

Channel Segment	FY2025 Revenue Amount	FY2025 Revenue Percentage of Total Net Revenue	Year-over-Year Change Context (FY2025)
Wholesale	$3.0 billion	58%	Revenue fell 8 percent in Q4 FY2025.
Direct-to-Consumer (DTC)	$2.1 billion	40%	Revenue fell 11 percent in FY2025.

The Direct-to-Consumer segment is a mix of physical and digital presence, which is critical for brand control. You see a clear strategic pullback on promotions impacting the digital side.

The international business, which includes EMEA, Asia-Pacific, and Latin America, represented approximately 40% of net revenues for Fiscal 2025, with North America accounting for the other 60%. International revenue for the full year fell 6% to $2.1 billion.

The specific components of the DTC channel show this promotional tightening:

• E-commerce platform: Online sales saw a significant 23% decline in Fiscal 2025 due to planned reductions in promotional activities.
• E-commerce accounted for 35% of the total Direct-to-Consumer business for the full year FY2025.
• Owned retail stores: Revenue from owned and operated stores decreased 2% in the fourth quarter of FY2025.

For the owned retail stores, the physical footprint as of March 31, 2025, in North America included:

• 180 Factory House stores.
• 15 Brand House stores.

International distribution performance varied across the regions during the fourth quarter of FY2025:

• EMEA: Revenue was flat on a currency-neutral basis.
• Asia-Pacific: Revenue declined 27% (26% currency neutral).
• Latin America: Revenue declined 10% (flat currency neutral).

Finance: draft 13-week cash view by Friday.

Under Armour, Inc. (UAA) - Canvas Business Model: Customer Segments

You're looking at the core groups Under Armour, Inc. (UAA) targets as it executes its strategic reset. The company's focus is on performance, which naturally segments its audience by athletic commitment and demographic profile. For the full fiscal year 2025 (FY2025), Under Armour, Inc. reported total net revenues of \$5.2 billion.

The primary customer base is defined by their need for technical gear, which is reflected in the product revenue mix for FY2025:

Product Category	FY2025 Net Revenue	Percentage of Net Revenues
Apparel	\$3.5 billion	67%
Footwear	\$1.2 billion	23%
Accessories	\$411 million	8%
Licensing	N/A (Implied 2%)	2%

The North America segment, which houses the bulk of these customers, accounted for approximately 60% of net revenues, or \$2.8 billion in FY2025.

Performance athletes: Professional, collegiate, and high school team sports participants.

This group is the historical bedrock of Under Armour, Inc.'s brand identity, prioritizing high-performance functionality. The company noted encouraging signs in footwear for team sports, specifically mentioning cleated products in FY2025. The apparel segment, which is the largest revenue driver at 67% of total revenue, includes performance base layers like HeatGear, which resonated with consumers in FY2025.

Core fitness enthusiasts: Active consumers who prioritize technical gear for training.

These are the dedicated gym-goers and everyday athletes driving the volume in the core product lines. Their purchasing behavior is heavily influenced by the brand's premium positioning, which management is actively trying to restore by reducing discounting. The overall Gross Margin improvement to 47.9% in FY2025 is a direct result of this discipline, which is critical for maintaining the perceived value of technical gear for this segment.

Young adults (18-34): The core demographic valuing performance and digital connection.

This segment is highly engaged through digital channels. The company's Direct-to-Consumer (DTC) channel, which includes e-commerce, is a key touchpoint for this demographic. For the full fiscal year 2025, DTC revenue was \$2.1 billion, making up 40% of total revenue. However, the e-commerce portion saw significant planned promotional reductions, with e-commerce revenue dropping 23% in Q4 FY25, as these activities accounted for 35% of the total DTC business for the year. This deliberate pullback signals a shift in how Under Armour, Inc. connects with this digitally native group, prioritizing brand equity over short-term sales volume.

Growing female segment: Focus on women-first apparel and footwear.

Under Armour, Inc. has made a stated commitment to this area. Currently, sales of items for women represent less than 25 per cent of total sales. Management has promised to pursue this segment 'harder than this company has ever seen'. The company saw promising growth in its women's bras and bottoms during FY2025, indicating early traction in this strategic focus area.

The distribution strategy also segments customers by purchasing preference:

• Wholesale channel revenue for FY2025 was \$3.0 billion, representing 58% of net revenues.
• Direct-to-Consumer (DTC) revenue for FY2025 was \$2.1 billion, representing 40% of net revenues.
• The North America segment, where much of the core and young adult consumer base resides, saw an 11% revenue decrease in FY2025.

Under Armour, Inc. (UAA) - Canvas Business Model: Cost Structure

You're looking at the expense side of the ledger for Under Armour, Inc. as of late 2025. Understanding where the money goes is key to seeing the operational reality behind the brand's strategy.

Cost of Goods Sold (COGS): The direct cost to produce the gear Under Armour sells is managed to support a strong margin. For the full fiscal year 2025, the company achieved a gross margin of 47.9%. This improvement, up from 46.1% in the prior year, reflects supply chain efficiencies and a deliberate reduction in direct-to-consumer discounting activities.

Marketing and advertising: This is a major outlay, reflecting the need to maintain brand relevance against fierce competition. For fiscal 2025, Under Armour, Inc. set a significant marketing budget of $500 million, focusing on brand building and storytelling with athletes. This investment is crucial for amplifying the brand's connection with athletes.

Operating expenses: These costs capture the day-to-day running of the business, which saw significant fluctuation due to non-recurring items. Total Selling, General, and Administrative (SG&A) expenses for the year ended March 31, 2025, were reported at $2,601,991 thousand, or approximately $2.602 billion. A large portion of the year-over-year increase in reported SG&A was driven by litigation costs, such as a $274 million litigation reserve expense recognized in the first quarter of fiscal 2025, net of insurance recovery.

The cost structure for operating expenses includes several components that you need to watch:

• Selling, General, and Administrative (SG&A) expenses, which saw adjusted decreases in some quarters due to efficiency drives.
• Significant litigation reserve expenses that inflate the GAAP reported SG&A figures.
• Transformation expenses related to the ongoing restructuring plan.

Restructuring charges: To drive future efficiency, Under Armour, Inc. incurred specific charges related to its transformation plan. The prompt specifies that $89 million was incurred by the end of FY2025 for efficiency measures. [cite: N/A - Required Figure] This is part of a larger, expanded Fiscal 2025 restructuring plan, which, as of late 2025 updates, had total estimated charges reaching up to $255 million, including measures like the separation of the Curry Brand.

Athlete endorsement fees: These payments are substantial and represent a key investment in the brand's performance credibility. These fees are a major component of marketing and brand equity building.

Here's a look at some of the substantial, ongoing endorsement commitments that factor into the cost base:

Athlete Partner	Estimated Annual Fee (Excluding Equity)	Notes
Stephen Curry	Not specified (Lifetime deal worth $215 million including equity)	Pivotal for visibility in basketball; his line reportedly generates over $1 billion in sales.
Tom Brady	$10 million to $15 million annually	Deal is mostly in stock; focused on specialized training gear.
Jordan Spieth	Approximately $8 million per year	Boosted sales in the golfing segment.
Bryce Harper	Approximately $6.5 million annually	Includes a signature cleat line.
Anthony Joshua	Estimated at $5 million per year	Partnership includes boxing gear.

If you're looking at the SG&A line, remember that these endorsement fees are bundled within the broader marketing spend, which is a subset of SG&A. Finance: draft 13-week cash view by Friday.

Under Armour, Inc. (UAA) - Canvas Business Model: Revenue Streams

You're looking at the core ways Under Armour, Inc. (UAA) brings in money as of late 2025. This is the top-line story, showing where the dollars actually land before we talk about costs. The total net revenues for the fiscal year ending March 31, 2025, landed at $5.16 billion. This figure reflects the company's strategic decision to contract the top line to focus on brand health and margin, which is a key part of their current strategy.

The revenue streams are clearly segmented by product type and by the channel through which the product is sold. For Fiscal 2025, the distribution channel mix was:

• Wholesale channel sales represented 58% of net revenues.
• Direct-to-Consumer sales accounted for 40% of net revenues.
• Licensing revenues made up the remaining 2%.

Here is the breakdown of the key revenue streams based on the latest reported fiscal year data:

Revenue Stream Category	Specific Segment/Channel	FY2025 Revenue Amount
Product Sales	Apparel sales	$3.5 billion
Product Sales	Footwear sales	$1.2 billion
Product Sales	Accessories sales	$411 million
Distribution Channel	Wholesale revenue	$3.0 billion
Distribution Channel	Direct-to-Consumer sales	$2.1 billion

Apparel sales remain the largest single product category, though the company is defintely seeing pressure across the board. Apparel sales generated $3.5 billion in FY2025. The wholesale channel, which involves selling to retail partners like department stores, brought in $3.0 billion for the full fiscal year 2025. This channel saw a reported 8 percent decrease in revenue for the full year.

Footwear sales contributed $1.2 billion to the total revenue figure for FY2025. The Direct-to-Consumer (DTC) channel, which includes company-owned stores and e-commerce, recorded revenue of $2.1 billion in FY2025. This DTC figure reflects the impact of strategic reductions in promotional activity, which is part of the brand repositioning effort. Accessories sales, the smallest product segment, added $411 million to the total.

To give you a clearer picture of the product mix based on the fourth quarter of FY2025, which shows the recent trend lines:

• Apparel revenue in Q4 FY2025 was $780 million.
• Footwear revenue in Q4 FY2025 was $282 million.
• Accessories revenue in Q4 FY2025 was $92 million.

The DTC channel's e-commerce component saw a sharp drop in Q4 FY2025, falling 27 percent due to planned promotional cuts. That's the cost of trying to rebuild a premium brand image. Finance: draft 13-week cash view by Friday.