Under Armour, Inc. (UAA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Under Armour ha revolucionado la industria de la ropa deportiva al transformarse de una empresa de desgaste de rendimiento simple en un ecosistema integral de acondicionamiento físico que combina sin problemas tecnología de ropa innovadora, plataformas digitales y experiencias de atletas personalizadas. Al aprovechar estratégicamente las tecnologías de telas de vanguardia, las asociaciones de fabricación global y una red robusta de seguimiento de acondicionamiento físico digital, Under Armour ha creado un modelo de negocio único que va mucho más allá Un enfoque holístico para el rendimiento y el bienestar.

Under Armor, Inc. (UAA) - Modelo de negocios: asociaciones clave

Asociaciones de fabricación estratégica

Under Armour mantiene asociaciones de fabricación con fábricas en múltiples países:

País	Instalaciones de fabricación	Porcentaje de producción
Vietnam	37 instalaciones contratadas	42% de la producción total
Porcelana	22 instalaciones contratadas	28% de la producción total
Jordán	5 instalaciones contratadas	12% de la producción total

Colaboraciones minoristas

Las asociaciones minoristas clave incluyen:

• Dick's Sporting Goods: 347 ubicaciones dedicadas de Shop in Shop en la tienda
• Kohl's: Acuerdo de distribución exclusivo para líneas de productos seleccionados
• Amazon: Asociación minorista digital que representa el 8% de las ventas directas a consumidores

Asociaciones tecnológicas

Las colaboraciones tecnológicas de Under Armour incluyen:

• Mapmyfitness: plataforma propiedad con 31 millones de usuarios registrados
• MyFitnessPal: 200 millones de usuarios registrados
• Endomondo: integración de la plataforma de seguimiento de fitness

Asociaciones de atletas y equipos deportivos

Categoría	Número de asociaciones	Inversión anual
Atletas profesionales	25 contratos de aprobación global	$ 285 millones anuales
Equipos deportivos universitarios	42 asociaciones universitarias	$ 67 millones anuales

Asociaciones de plataforma digital

El ecosistema digital de Under Armour incluye asociaciones con:

• Strava: 95 millones de atletas registrados
• Apple Health: Integración con el seguimiento de fitness iOS
• Google Fit: sincronización de datos multiplataforma

Under Armor, Inc. (UAA) - Modelo de negocio: actividades clave

Diseño e innovación de productos de vestimenta deportiva y calzado

En 2023, Under Armour invirtió $ 191 millones en investigación y desarrollo. El equipo de diseño de productos consta de 450 diseñadores e ingenieros.

Categoría de productos	Iteraciones de diseño anuales	Presupuesto de innovación
Ropa de rendimiento	127	$ 78.5 millones
Calzado de rendimiento	93	$ 62.3 millones
Accesorios	45	$ 24.2 millones

Investigación y desarrollo de telas de rendimiento avanzado

Under Armour mantiene 7 laboratorios de investigación dedicados a nivel mundial.

• Presupuesto de desarrollo de telas de tecnología Coldgear: $ 45.6 millones
• Investigación de tecnología de GireGear: $ 39.2 millones
• Innovación de tela de enfriamiento ISO-Chill: $ 33.7 millones

Plataforma de fitness digital y administración de aplicaciones móviles

Métrica de plataforma	2023 datos
Usuarios activos de mapmyrun	85 millones
Inversión anual de plataforma digital	$ 67.3 millones
Tamaño del equipo de desarrollo de aplicaciones móviles	124 profesionales

Campañas globales de marketing y posicionamiento de marca

Gastos de marketing en 2023: $ 453.2 millones

• Asignación de marketing digital: $ 203.4 millones
• Campañas de medios tradicionales: $ 149.8 millones
• Inversiones de patrocinio de atletas: $ 99.9 millones

Ejecución de estrategia minorista de comercio electrónico y omnicanal

Canal	Ingresos 2023	Índice de crecimiento
Directo al consumidor en línea	$ 1.2 mil millones	14.3%
Canales de socios minoristas	$ 2.4 mil millones	8.7%
Comercio electrónico internacional	$ 567 millones	11.5%

Under Armor, Inc. (UAA) - Modelo de negocio: recursos clave

Fuerte reputación de marca en el rendimiento de ropa atlética

El valor de la marca de Under Armour se estima en $ 3.4 mil millones a partir de 2023. Puntaje global de reconocimiento de marca de 78.2 en la categoría de rendimiento deportivo.

Métrico de marca	Valor
Valor de marca	$ 3.4 mil millones
Puntuación de reconocimiento de marca	78.2
Cuota de mercado global	5.8%

Tecnologías avanzadas de tejido de humedad y tela de compresión

Under Armour posee 214 patentes activas relacionadas con las tecnologías de tela a partir de 2023.

• Tecnología ColdGear®
• Tela HeatGear®
• Tecnología de tormenta
• Tela iso-chill

Red de aprobación de atletas extensa

Inversiones de patrocinio de atletas totales: $ 87.3 millones en 2022.

Categoría de atleta	Número de endosos
Atletas profesionales	42
Atletas olímpicos	18
Patrocinios de equipo	23

Ecosistema robusto de seguimiento de fitness digital

Plataforma MapMyfitness con 31.5 millones de usuarios registrados a partir del cuarto trimestre de 2022.

• Ingresos de la plataforma de acondicionamiento físico conectado: $ 54.2 millones
• Descargas de aplicaciones móviles: 7.3 millones en 2022
• Usuarios activos mensuales promedio: 2.1 millones

Cadena de suministro global e infraestructura de fabricación

Presencia de fabricación en 13 países con 232 fábricas contratadas.

Métrica de la cadena de suministro	Valor
Instalaciones de fabricación totales	232
Países con fabricación	13
Capacidad de producción anual	324 millones de unidades

Under Armor, Inc. (UAA) - Modelo de negocio: propuestas de valor

Ropa atlética de alto rendimiento para múltiples deportes y actividades

Under Armour genera $ 5.68 mil millones en ingresos anuales (2022) en múltiples categorías de ropa deportiva.

Categoría de productos	Porcentaje de ingresos
Ropa para hombres	42%
Ropa de mujer	28%
Ropa juvenil	15%
Calzado	15%

Tecnologías de telas innovadoras

Under Armour invierte $ 170 millones anuales en investigación y desarrollo para tecnologías de tela de rendimiento.

• Tecnología de Coldgear para el rendimiento del clima frío
• Tecnología de GreatGear para el rendimiento del clima cálido
• UA Rush Fabric con tecnología infrarroja

Seguimiento y recomendaciones de fitness personalizados

La plataforma MapMyfitness tiene 250 millones de usuarios registrados en todo el mundo.

Métricas de plataforma digital	Valor
Usuarios activos anuales	85 millones
Ingresos de fitness conectados	$ 42 millones

Diseño de ropa atlética premium

Precio de venta promedio para la ropa de rendimiento de Under Armour: $ 52.37.

Ecosistema de fitness integral

Distribución en más de 18,000 ubicaciones minoristas en todo el mundo.

• Ventas digitales directas al consumidor: 36% de los ingresos totales
• Presencia del mercado internacional en más de 60 países

Under Armor, Inc. (UAA) - Modelo de negocios: relaciones con los clientes

Experiencias personalizadas de seguimiento de acondicionamiento físico

La plataforma MapMyfitness de Under Armour tiene 200 millones de usuarios registrados a partir de 2023. El ecosistema de fitness conectado incluye aplicaciones como MyFitnessPal, Mapmyrun y Endomondo.

Plataforma	Usuarios registrados	Usuarios activos anuales
Mapmyfitness	200 millones	35 millones
Myfitnesspal	165 millones	27 millones

Programa de lealtad y beneficios de membresía

El programa UA Rewards de Under Armour ofrece:

• 5 puntos por $ 1 gastado
• Envío gratis para miembros
• Acceso temprano a los nuevos lanzamientos de productos

Compromiso directo a través de aplicaciones móviles y redes sociales

La aplicación móvil de Under Armor tiene 46.2 millones de descargas a nivel mundial. El compromiso de las redes sociales incluye 18.7 millones de seguidores de Instagram y 4.2 millones de seguidores de Facebook.

Comentarios de los clientes y mecanismos de mejora del producto

Canal de retroalimentación	Volumen de respuesta anual
Servicio al cliente en línea	1,2 millones de interacciones
Envíos de revisión del producto	385,000 revisiones

Construcción y apoyo de la comunidad atlética en curso

Métricas de compromiso de la comunidad:

• Atletas de la comunidad UA: 22,000
• Programa de embajador de la marca: 750 atletas profesionales
• Programas de capacitación digital: 15 categorías de entrenamiento diferentes

Under Armor, Inc. (UAA) - Modelo de negocio: canales

Tiendas minoristas oficiales de Under Armour

A partir de 2023, Under Armour opera 187 tiendas minoristas propiedad de la compañía a nivel mundial. Estas tiendas generaron aproximadamente $ 460 millones en ingresos directos de ventas minoristas.

Tipo de tienda	Número de tiendas	Distribución geográfica
Tiendas de la casa de la marca	107	Estados Unidos
Tiendas minoristas internacionales	80	Europa, Asia, Medio Oriente

Sitio web de comercio electrónico y plataformas móviles

Los canales de ventas digitales de Under Armour generaron $ 1.8 mil millones en ingresos en 2023, lo que representa el 36% de los ingresos totales de la compañía.

• Descargas de aplicaciones móviles: 22.5 millones de usuarios activos
• Tráfico del sitio web: 85 millones de visitantes mensuales únicos
• Tasa de conversión: 3.7% en plataformas digitales

Grandes minoristas de artículos deportivos

Under Armour distribuye productos a través de 15,000 socios minoristas mayoristas en todo el mundo.

Socio minorista	Volumen de ventas	Segmento de mercado
Dick's Sporting Goods	$ 325 millones	América del norte
Casillero	$ 210 millones	América del norte
Minoristas internacionales	$ 475 millones	Mercados globales

Mercados en línea

Under Armour vende a través de múltiples mercados en línea que generan $ 620 millones en ingresos anuales.

• Amazon: $ 380 millones en ventas
• Zalando: $ 125 millones en ventas
• Otros mercados: $ 115 millones en ventas

Canales de ventas digitales directos al consumidor

Las ventas digitales directas representan el 28% de los ingresos totales de la compañía, por valor de $ 1.4 mil millones en 2023.

Canal digital	Ganancia	Índice de crecimiento
Sitio web de la empresa	$ 980 millones	12.5%
Plataformas móviles	$ 420 millones	18.3%

Under Armor, Inc. (UAA) - Modelo de negocio: segmentos de clientes

Atletas profesionales y aficionados

A partir del cuarto trimestre de 2023, Under Armour reportó $ 1.63 mil millones en ingresos con una importante penetración del mercado en segmentos deportivos.

Categoría de atleta	Alcance del mercado	Inversión de productos
Atletas profesionales	37 atletas de la NFL patrocinados	$ 45.2 millones en avales de atletas
Atletas aficionados	El 62% de los equipos deportivos universitarios usan equipo UA	$ 28.7 millones en patrocinios de equipo

Entusiastas del fitness

Under Armour se dirige a los consumidores de fitness con desgaste de rendimiento especializado.

• 25-45 edad demográfica representa el 68% del segmento de acondicionamiento físico
• $ 523 millones en ventas de ropa de rendimiento en 2023
• Plataforma de fitness conectada con 250 millones de usuarios registrados

Consumidores de ropa deportiva casual

Segmento de consumo	Cuota de mercado	Gasto anual
Ropa casual	22% de los ingresos totales de UA	$ 356 millones en 2023

Jóvenes profesionales urbanos

Objetivo demográfico para productos de estilo de vida y athleisure.

• 22-38 El rango de edad comprende una base principal de consumidores
• $ 278 millones en ingresos por productos de estilo de vida
• 48% del compromiso del segmento profesional urbano

Bienestar y personas conscientes de la salud

Categoría de bienestar	Compromiso del consumidor	Ingresos de la línea de productos
Bienestar activo	35% de la base total de clientes	$ 412 millones en 2023

Under Armor, Inc. (UAA) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo de productos

En el año fiscal 2022, Under Armour invirtió $ 187.1 millones en gastos de investigación y desarrollo, lo que representa aproximadamente el 3.7% de los ingresos netos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos netos
2022	$ 187.1 millones	3.7%
2021	$ 170.3 millones	3.5%

Costos globales de fabricación y cadena de suministro

El costo total de bienes de Under Armour vendidos en 2022 fue de $ 2.96 mil millones, con una porción significativa asignada a las operaciones globales de fabricación y cadena de suministro.

• Aproximadamente el 80% de la fabricación de productos ocurre a través de contratistas de terceros
• Los lugares de fabricación primarios incluyen Vietnam, Jordan y China
• Gastos anuales de gestión de la cadena de suministro estimados en $ 350-400 millones

Inversiones de marketing y promoción de la marca

En 2022, Under Armour gastó $ 466.5 millones en gastos de marketing, lo que representa el 9.3% de los ingresos netos totales.

Categoría de gastos de marketing	Gasto anual
Marketing digital	$ 180-200 millones
Publicidad tradicional	$ 150-170 millones
Eventos promocionales	$ 50-70 millones

Mantenimiento de plataforma digital y infraestructura de tecnología

Under Armour asignó aproximadamente $ 120-140 millones para la plataforma digital y el mantenimiento de la infraestructura de tecnología en 2022.

• Desarrollo y mantenimiento de la plataforma de comercio electrónico
• Infraestructura de aplicaciones móviles
• Inversiones de ciberseguridad
• Sistemas de análisis de computación en la nube y datos

Contratos de aprobación y patrocinio de atletas

Los gastos anuales de respaldo y patrocinio de Atletas de Under Armour oscilan entre $ 150-180 millones.

Atleta/equipo	Valor de contrato anual estimado
Stephen Curry	$ 20-25 millones
Tom Brady (contrato anterior)	$ 15-20 millones
Programas de atletismo universitario	$ 50-60 millones en total

Under Armor, Inc. (UAA) - Modelo de negocios: flujos de ingresos

Ventas de ropa atlética

Para el año fiscal 2023, Under Armour reportó ingresos netos totales de $ 1.786 mil millones. El segmento de ropa generó específicamente $ 1.005 mil millones en ingresos.

Categoría de ropa	Ingresos (2023)
Ropa para hombres	$ 624 millones
Ropa de mujer	$ 381 millones

Ingresos de calzado de rendimiento

El segmento de calzado generó $ 678 millones en ingresos para el año fiscal 2023.

Tipo de calzado	Contribución de ingresos
Zapatillas	$ 276 millones
Zapatos de entrenamiento	$ 402 millones

Suscripciones de plataforma de fitness digital

MapMyfitness y otras plataformas digitales generaron aproximadamente $ 12.5 millones en ingresos por suscripción en 2023.

Venta de accesorios y equipos

El segmento de accesorios contribuyó con $ 103 millones a los ingresos totales en 2023.

• Bolsas y mochilas: $ 42 millones
• Equipo deportivo: $ 61 millones

Ingresos de licencias y asociación de marca

Los ingresos por licencias para 2023 fueron de aproximadamente $ 50.2 millones.

Categoría de asociación	Ganancia
Licencias del equipo deportivo	$ 28.5 millones
Licencia universitaria	$ 21.7 millones

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.