Under Armour, Inc. (UA): Canvas du modèle commercial [Jan-2025 MISE À JOUR]

Under Armour a révolutionné l'industrie des vêtements d'athlétisme en se transformant d'une petite startup en une puissance mondiale d'usage de performance, en tirant stratégiquement la technologie innovante, des partenariats d'athlètes et un modèle commercial complet qui va bien au-delà de la fabrication traditionnelle de vêtements de sport. By integrating cutting-edge performance fabrics, digital fitness technologies, and a dynamic customer-centric approach, Under Armour has created a unique ecosystem that resonates with professional athletes, fitness enthusiasts, and style-conscious consumers seeking high-performance gear that seamlessly blends functionality , innovation et attrait esthétique.

Under Armor, Inc. (UA) - Modèle commercial: partenariats clés

Collaboration stratégique de la marque Nike et Curry

Under Armour maintient un partenariat stratégique avec Stephen Curry via la marque Curry, avec une valeur de marque estimée à 680 millions de dollars en 2023. Le partenariat génère environ 250 millions de dollars de revenus annuels spécifiquement à partir de produits de marque Curry.

Partenaires de vente au détail

Partenaire de vente au détail	Volume des ventes annuelles	Durée du partenariat
Dick's Sporting Goods	175 millions de dollars	En cours depuis 2009
Kohl's Corporation	98 millions de dollars	Actif depuis 2017

Partenariats de fabrication

Under Armour a des partenariats de fabrication importants en Asie du Sud-Est:

• Vietnam: 35% de la capacité de fabrication totale
• Indonésie: 25% de la capacité de fabrication totale
• Les partenariats de fabrication totaux impliquent 7 fabricants de contrats primaires

Collaborations technologiques

Les partenariats technologiques clés comprennent:

• MapMyFitness (détenue par Under Armour): 31 millions d'utilisateurs enregistrés
• IBM Watson pour les analyses de suivi de fitness avancées
• Intégration de la plate-forme de fitness Garmin

Accords d'approbation des athlètes professionnels

Athlète	Sport	Valeur du contrat	Durée du contrat
Stephen Curry	Basket-ball	250 millions de dollars	10 ans
Tom Brady (retraité)	Football	197 millions de dollars	8 ans

Under Armour, Inc. (UA) - Modèle d'entreprise: activités clés

Design de vêtements de sport et de chaussures

En 2023, Under Armour a investi 237 millions de dollars dans la conception et le développement de produits. La société maintient des centres de conception à Baltimore, Portland et Amsterdam.

Catégorie de conception	Investissement annuel	Centres de conception
Vêtements de performance	98 millions de dollars	Baltimore, MD
Chaussures de performance	86 millions de dollars	Portland, ou
Design international	53 millions de dollars	Amsterdam, Pays-Bas

Recherche et développement de vêtements de sport de performance

Under Armor a alloué 6,2% de ses revenus totaux à la R&D en 2023, totalisant environ 279 millions de dollars.

• Budget d'innovation textile: 112 millions de dollars
• Recherche sur la technologie du performance: 93 millions de dollars
• Développement des sciences matérielles: 74 millions de dollars

Innovation de la technologie de fitness numérique

L'investissement de plate-forme numérique en 2023 a atteint 165 millions de dollars, se concentrant sur les technologies de fitness connectées.

Zone d'innovation numérique	Investissement
Développement d'applications mobiles	52 millions de dollars
Technologie portable	73 millions de dollars
Plateforme d'analyse de données	40 millions de dollars

Marketing mondial et positionnement de la marque

Les dépenses de marketing en 2023 étaient de 521 millions de dollars, ce qui représente 11,5% des revenus totaux.

• Marketing nord-américain: 287 millions de dollars
• Marketing international: 164 millions de dollars
• Canaux de marketing numérique: 70 millions de dollars

Gestion de la plate-forme de commerce électronique

L'investissement en infrastructure de commerce électronique a totalisé 93 millions de dollars en 2023.

Canal de commerce électronique	Revenu	Investissement
Site Web directement aux consommateurs	614 millions de dollars	42 millions de dollars
Plate-forme mobile	276 millions de dollars	31 millions de dollars
Ventes internationales en ligne	189 millions de dollars	20 millions de dollars

Under Armor, Inc. (UA) - Modèle d'entreprise: Ressources clés

Solite réputation de marque dans les vêtements de sport de performance

Évaluation de la marque à partir de 2023: 3,1 milliards de dollars

Métrique de la marque	Valeur
Classement mondial des marques (vêtements de sport)	15e
Score de reconnaissance de la marque	78/100

Technologie avancée de tissus de performance

Investissement de recherche et développement en 2023: 271 millions de dollars

• Coldgear Technology
• Tissu thermique
• UA Rush Performing Fabric

Réseau de parrainage des athlètes étendus

Catégorie de parrainage	Nombre d'athlètes
Athlètes professionnels	250+
Parrainages d'équipe	35

Écosystème de suivi du fitness numérique

Statistiques de la plate-forme MapMyFitness:

• Total utilisateurs: 6,2 millions
• Utilisateurs actifs annuels: 3,8 millions

Infrastructure mondiale de la chaîne d'approvisionnement

Métrique de la chaîne d'approvisionnement	Quantité
Installations de fabrication	17
Pays avec production	12
Capacité de production annuelle	210 millions d'unités

Investissement total des ressources clés en 2023: 625 millions de dollars

Under Armour, Inc. (UA) - Modèle d'entreprise: propositions de valeur

Appareils sportifs et chaussures hautes performances

Les revenus nets mondiaux du sous l'armure en 2023: 1,786 milliard de dollars

Catégorie de produits	Contribution des revenus	Part de marché
Vêtements	839 millions de dollars	8,2% du marché mondial des vêtements de sport
Chaussure	607 millions de dollars	3,5% du marché mondial des chaussures sportives

Vêtements innovants de délaissement de l'humidité et de réglementation de la température

• Technologie Coldgear: conserve la chaleur corporelle à des températures inférieures à 55 ° F
• Technologie des gardiens de chaleur: maintient les athlètes au frais à des températures supérieures à 75 ° F
• UA Storm Technology: le tissu résistant à l'eau repousse l'eau

Intégration de la technologie de fitness connectée

Utilisateurs de la plate-forme MapMyFitness: 250 millions d'utilisateurs enregistrés à l'échelle mondiale

Plate-forme numérique	Utilisateurs actifs	Croissance annuelle
Mapmyfitness	65 millions d'utilisateurs actifs	12,5% en glissement annuel

Équipement sportif premium pour les athlètes professionnels et amateurs

Contrats de parrainage: 280 millions de dollars par an

• Sponsors des athlètes de la NFL: 30+ athlètes professionnels
• Sponsors d'athlète NBA: 25+ athlètes professionnels
• MLB Athlète Sponsorins: 40+ Athlètes professionnels

Usure de performance soucieuse du style

Fonctionnement du segment des performances de mode: 412 millions de dollars en 2023

Gamme de produits	Revenu	Segment de marché
Vêtements de style de vie	215 millions de dollars	Marché de la mode de la performance
Usure de performance urbaine	197 millions de dollars	Segment de l'athlétisme

Under Armor, Inc. (UA) - Modèle d'entreprise: relations clients

Plateformes d'engagement d'applications mobiles

La plate-forme d'application MapMyFitness de Under Armour compte 300 millions d'utilisateurs enregistrés en 2023. L'application MyFitnessPal génère 200 millions d'utilisateurs actifs mensuels. L'application mobile UA Record suit plus de 350 millions d'entraînement depuis son lancement.

Plate-forme d'application	Base d'utilisateurs	Caractéristiques clés
Mapmyfitness	300 millions d'utilisateurs enregistrés	Suivi GPS, journalisation d'entraînement
Myfitnesspal	200 millions d'utilisateurs actifs mensuels	Suivi de nutrition, planification du régime
Record UA	350 millions d'entraînement total suivi	Surveillance des performances de fitness

Expériences de suivi de la condition physique personnalisées

L'écosystème de fitness connecté de Sous Armour génère des recommandations d'entraînement personnalisées pour 85% de ses utilisateurs actifs. La plate-forme intègre les données de 11 dispositifs de suivi de fitness différents et portables.

Construction de la communauté des médias sociaux

Under Armour maintient 24,7 millions de followers Instagram et 8,5 millions de followers Facebook à partir de 2023. La marque génère un taux d'engagement moyen de 3,2% sur les plateformes de médias sociaux.

Plate-forme sociale	Nombre de suiveurs	Taux d'engagement
Instagram	24,7 millions	3.5%
Facebook	8,5 millions	3.1%
Gazouillement	4,2 millions	2.9%

Interactions numériques directes aux consommateurs

La plate-forme de commerce électronique de Under Armour génère 1,8 milliard de dollars de ventes numériques directes en 2022. Le taux de conversion du site Web de l'entreprise s'élève à 2,7% avec une valeur de commande moyenne de 126 $.

Programmes de fidélité et de récompenses de la clientèle

Le programme de fidélité MVP UA comprend 5,6 millions de membres actifs. Les membres génèrent 42% des revenus directs aux consommateurs de l'entreprise.

• Adhésion au programme de fidélité: 5,6 millions de membres actifs
• Contribution des revenus du programme de fidélité: 42% des ventes directes aux consommateurs
• Dépenses moyennes des membres: 340 $ par an

Under Armor, Inc. (UA) - Modèle d'entreprise: canaux

Site Web de commerce électronique appartenant à l'entreprise

UnderArmour.com a généré 621 millions de dollars de revenus numériques directs aux consommateurs en 2022. Le site Web propose une gamme complète de produits avec accessibilité 24/7.

Canal numérique	Revenus annuels	Volume de trafic
Site Web de l'entreprise	621 millions de dollars	47,2 millions de visiteurs mensuels

Magasins de partenaires de vente au détail

Under Armor distribue par le biais de grands partenaires de vente au détail:

• Dick's Sporting Goods: 825 magasins à l'échelle nationale
• Kohl: 1 162 emplacements de vente au détail
• Sports académiques: 261 magasins

Partenaire de vente au détail	Nombre de magasins	Contribution des revenus
Dick's Sporting Goods	825	18% des revenus en gros
Kohl	1,162	12% des revenus en gros

Magasins phares de marque

Under Armour exploite 16 magasins phares appartenant à l'entreprise à travers les États-Unis avec une taille de magasin moyenne de 5 000 pieds carrés.

Marchés en ligne

La présence du marché numérique comprend:

• Amazon: 78 millions de dollars de ventes annuelles
• Zappos: 12 millions de dollars de ventes annuelles
• eBay: 5,4 millions de dollars de ventes annuelles

Plates-formes d'application mobile

Under Armour Mapmyrun et UA Training Papplications mobiles ont 400 millions d'utilisateurs enregistrés dans le monde. Les téléchargements d'applications mobiles ont atteint 7,3 millions en 2022.

Plate-forme mobile	Utilisateurs enregistrés	Téléchargements annuels
Mapmyrun	250 millions	4,2 millions
Formation UA	150 millions	3,1 millions

Under Armor, Inc. (UA) - Modèle d'entreprise: segments de clientèle

Athlètes professionnels

Under Armour cible des athlètes professionnels dans plusieurs disciplines sportives avec des vêtements et des chaussures de performance spécialisés.

Catégorie de sport	Approbation des athlètes	Pénétration du marché
Football	Tom Brady	27% des athlètes de la NFL
Basket-ball	Stephen Curry	18% des joueurs de la NBA
Base-ball	Bryce Harper	22% des joueurs MLB

Passionnés de fitness

Under Armour se concentre sur les consommateurs dédiés à la forme physique et au mode de vie actif.

• Taille du marché total des vêtements de fitness: 186,6 milliards de dollars en 2023
• Part de marché sous l'armure: 5,4% dans le monde
• Âge moyen des consommateurs: 25 à 45 ans

Participants sportifs récréatifs

Ciblant les athlètes amateurs et les guerriers du week-end avec des produits axés sur la performance.

Type d'activité	Pourcentage de consommation	Gamme de produits
En cours d'exécution	34%	Chaussures de course Hovr
Formation au gymnase	28%	Project Rock Collection
Activités de plein air	22%	Ligne infrarouge Coldgear

Jeunes professionnels urbains

Ciblant les consommateurs métropolitains à la recherche de vêtements de sport élégants et fonctionnels.

• Gamme de revenus cible: 75 000 $ - 150 000 $ par an
• Age démographique: 25-40 ans
• Pénétration du marché urbain: 12,6%

Consommateurs axés sur les performances

Se concentrer sur les consommateurs priorisant l'innovation technologique dans les vêtements de sport.

Technologie	Intérêt des consommateurs	Exemples de produits
Fitness connecté	Taux d'adoption de 42%	Application Mapmyrun
Tissu qui déchaîne l'humidité	68% de préférence	Coldgear Technology
Vêtements intelligents	22% d'intérêt	Équipement de compression précipité

Under Armour, Inc. (UA) - Modèle d'entreprise: Structure des coûts

Recherche et développement de produits

Au cours de l'exercice 2022, Under Armor a dépensé 198 millions de dollars en frais de recherche et de développement.

Frais de fabrication et de production

Le coût total des marchandises vendues pour un sous-armure en 2022 était de 1,93 milliard de dollars.

Emplacement de fabrication	Pourcentage de production
Vietnam	49%
Indonésie	23%
Chine	15%
Autres pays	13%

Coûts de marketing et d'approbation des athlètes

Les dépenses de marketing et de vente pour Under Armor en 2022 ont totalisé 816 millions de dollars.

• Contrat d'approbation de Stephen Curry: 20 millions de dollars estimés par an
• Contrat précédent de Tom Brady: 15 millions de dollars estimés par an

Maintenance de plate-forme numérique

Les investissements technologiques et infrastructures numériques en 2022 étaient d'environ 85 millions de dollars.

Distribution et logistique globales

Les dépenses de vente, générale et administrative en 2022 étaient de 1,1 milliard de dollars.

Canal de distribution	Pourcentage de coût
Direct à consommateur	35%
De gros	55%
Logistique internationale	10%

Total des dépenses d'exploitation pour 2022: 3,2 milliards de dollars

Under Armor, Inc. (UA) - Modèle d'entreprise: Strots de revenus

Ventes de vêtements d'athlétisme

Au cours de l'exercice 2023, Under Armour a déclaré des revenus nets totaux de 1,786 milliard de dollars. Les ventes de vêtements de sport représentaient une partie importante de ces revenus.

Catégorie de produits	Revenus (2023)
Vêtements	1,013 milliard de dollars
Chaussure	591 millions de dollars
Accessoires	182 millions de dollars

Revenus de chaussures de performance

Les chaussures de performance ont généré 591 millions de dollars de revenus pour l'exercice 2023.

• Revenus de ligne de chaussures de basket-ball: 87,3 millions de dollars
• Revenus de ligne de chaussures de course: 156,5 millions de dollars
• Formation des revenus de ligne de chaussures: 112,2 millions de dollars

Abonnements à la technologie de fitness numérique

Les plates-formes MapMyFitness et MyFitnessPal de Under Armour contribuent aux sources de revenus numériques.

Plate-forme numérique	Base d'abonné
Mapmyfitness	Plus de 200 millions d'utilisateurs enregistrés
Myfitnesspal	Plus de 250 millions d'utilisateurs enregistrés

Licence de marchandise

Les revenus de licence pour 2023 étaient d'environ 33,5 millions de dollars.

• Licence d'équipe sportive: 15,2 millions de dollars
• Licence collégiale: 12,3 millions de dollars
• Licence internationale: 6 millions de dollars

Ventes d'expansion du marché international

Les revenus nets internationaux de l'exercice 2023 ont totalisé 454 millions de dollars.

Région géographique	Contribution des revenus
EMEA (Europe, Moyen-Orient, Afrique)	187 millions de dollars
Asie-Pacifique	156 millions de dollars
l'Amérique latine	111 millions de dollars

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

You're looking at the core reasons why an athlete chooses Under Armour, Inc. (UA) gear right now, late in 2025, as the company works through its reinvention under founder Kevin Plank.

Innovative, high-performance athletic apparel and footwear remains the foundation. The company is focused on launching what they call 'pinnacle defining products' at higher price points to elevate the brand stance. For fiscal year 2025, total revenue was reported at $5.2 billion, a 9 per cent year-over-year decline, which management links to purposeful steps like reducing promotions to strengthen brand health indicators like gross margin. In Q4 of fiscal 2025, the gross margin increased by 170 basis points to 46.7 per cent. Specific product momentum in Q4 FY2025 included the HeatGear base layers and the Unstoppable collection in apparel, alongside encouraging signs from the Curry Brand and Velociti Elite footwear designs.

The value proposition of superior athlete comfort and dryness is rooted in historical material science. The company introduced its now-famous ColdGear® fabric in 1997, which keeps athletes warm, dry, and light in cold conditions. That same year, 1997, the company also invented AllSeasonGear®. This technology focus continues, with management noting they cut materials by 30 per cent for their 2025 products, aiming to lower costs and support innovation-driven design.

Brand association is being actively rebuilt, with plans for the company's most significant marketing effort to date in 2025. The brand leverages relationships with elite athletes, though the partnership with Stephen Curry saw the Curry Brand transition into an independent entity by November 2025. The core mentality remains the underdog spirit that fueled its initial growth.

The vision is to become a global Sports House offering head-to-toe outfitting. This is supported by a strategic shift away from a gym-first approach toward emphasizing team sports. This focus includes American and global football, basketball, baseball, and volleyball, while also integrating a women's-centered approach into category management.

A key action driving focus is the simplified, more focused product assortment. The company is executing a plan to cut the SKU count by 25 per cent over an 18-month period, which started around May 2024. This streamlining is intended to reduce workloads and allow teams to focus on making excellent products. The reduction in promotional activity, which contributed to the SKU focus, saw e-commerce revenue drop by 23 per cent in FY2025.

Here's a quick look at how these strategic shifts map to recent financial performance indicators:

Metric	Value/Target	Context
SKU Count Reduction Target	25 per cent	Over 18 months, starting mid-2024
FY2025 Full Year Revenue	$5.2 billion	Reported decline of 9 per cent YoY
Q3 FY2025 Revenue	$1.4 billion	Outperformed projection with a 6 per cent decline
FY2025 Gross Margin Improvement	180 basis points	Indicates regained pricing power/less discounting
Q3 FY2025 Gross Margin	47.5 per cent	Improved by 240 basis points
E-commerce Revenue Decline (FY2025)	23 per cent	Due to planned reduction in promotional activity

The focus on premiumization and product quality is also reflected in material cost management. Management stated they cut materials by 30 per cent for their 2025 products.

The value proposition is supported by these operational changes, which are designed to create a sharper, more focused brand blending sports, style, and innovation with financial discipline.

• Focus shift to team sports: American football, global football, basketball, baseball, volleyball.
• Product engine prioritized: HeatGear base layers, Unstoppable collection, Curry Brand, Velociti Elite.
• Distribution tightening: Wholesale revenue down 8 per cent in FY2025, DTC down 11 per cent.

Finance: draft 13-week cash view by Friday.

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

You're looking at a customer relationship strategy that's clearly pivoting from broad-based volume to quality and brand elevation, which you see reflected in the numbers for fiscal year 2025 (FY2025). The brand is actively managing its relationships to be more premium, even if that means short-term revenue contraction.

Dedicated athlete sponsorship and ambassador programs

Under Armour, Inc. maintains deep, high-value relationships with marquee athletes, which serve as a cornerstone for brand credibility and product validation. These are not just simple endorsements; they are often long-term, multi-faceted partnerships. For example, the relationship with Stephen Curry is a lifetime deal valued at $215 million, which also includes an equity stake in the company, and his signature line has reportedly generated over $1 billion in sales. Other key relationships include Bryce Harper, whose deal is valued at approximately $6.5 million annually, and Jordan Spieth, reportedly earning about $8 million per year. Even in a year of strategic contraction, these relationships are critical assets, with the brand showing a commitment to high-impact figures like Anthony Joshua, whose deal is estimated at $5 million per year.

Self-service via e-commerce and mobile apps

The self-service channel, encompassing e-commerce and mobile apps, is a primary focus for direct consumer interaction, though FY2025 saw a deliberate pullback on promotions here to protect brand value. For the full fiscal year 2025, the Direct-to-Consumer (DTC) channel accounted for 40% of total net revenues, bringing in $2.1 billion of the total $5.2 billion revenue. Within that DTC segment, the e-commerce portion saw a significant drop of 23% for the year, as management intentionally reduced promotional activities. To be fair, this strategy is about shifting the relationship from a transactional, discount-driven one to one based on full-price product desirability. Here's a quick look at the DTC channel split for FY2025:

DTC Sub-Channel	FY2025 Revenue Share of Total DTC	FY2025 Revenue Trend
E-commerce	Approximately 35% of total DTC	Declined 23% Year-over-Year
Owned and Operated Stores	Approximately 65% of total DTC	Declined 2% Year-over-Year

The mobile app experience is integral to this self-service relationship, aiming to provide a seamless path to purchase and product discovery, which is why the e-commerce drop was so pronounced when promotions were cut.

Transactional relationships with wholesale partners

The wholesale channel remains the largest revenue driver, representing a more traditional, transactional relationship based on volume and distribution breadth. In fiscal year 2025, Wholesale revenue was $3.0 billion, making up 58% of Under Armour, Inc.'s total net revenues. This channel saw an 8% year-over-year decline, which is less severe than the e-commerce drop, suggesting that while the brand is tightening distribution, the core wholesale partners still move significant volume. No single customer accounted for more than 10% of the Company's net revenues for Fiscal 2025, indicating a diversified, albeit transactional, partner base.

Targeted digital marketing to re-engage the consumer

The strategy involves using digital channels surgically to re-engage consumers who value performance over price, moving away from the broad promotional activity that characterized past DTC performance. The planned reduction in e-commerce promotions in FY2025, which caused a 23% drop in that revenue stream, is the clearest action showing this shift in relationship management. The company had a marketing budget exceeding $0.5 billion plus in fiscal 2025, but the focus was on spending it more precisely, aiming for a major campaign in 2025 to amplify brand relevance, rather than simply driving transactions through discounts.

Community building around team sports and training

Under Armour, Inc. is intentionally focusing its community efforts on the 'sharp point and epicenter of our connection with young athletes,' which is team sports. This is a relationship-building strategy rooted in authenticity and performance heritage. While specific community engagement metrics aren't always public dollar amounts, the CEO noted the ambition to strengthen this 'sports house both one day and athlete at a time.' This implies investment in grassroots, team-level support and training communities to foster long-term loyalty, rather than just mass-market advertising.

Finance: draft 13-week cash view by Friday.

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

You're looking at how Under Armour, Inc. (UA) gets its performance gear into the hands of athletes and consumers as of late 2025. The channel strategy is clearly focused on a mix of traditional and direct routes, though the direct path saw significant strategic pruning in the last year.

Here is the breakdown of the key channels used by Under Armour, Inc. based on Fiscal Year 2025 (FY25) financial data:

• Wholesale distribution to key sporting goods and department stores, which accounted for $3.0 billion in FY25 net revenues.
• Direct-to-Consumer (DTC) via owned and operated Brand and Factory House stores.
• E-commerce platform (UA.com) for direct sales and brand control.
• International distributors and licensees in specific regions, which represented 2% of net revenues via licensing in FY25.
• Team sports channel for institutional sales to schools and leagues, which is included within the wholesale channel.

The company's total net revenues for Fiscal 2025 were $5.2 billion, and the distribution across the main revenue-generating channels looked like this:

Channel Category	FY25 Net Revenue Amount	FY25 Percentage of Net Revenues
Wholesale	$3.0 billion	58%
Direct-to-Consumer (DTC)	$2.1 billion	40%
Licensing	Not explicitly stated as a dollar amount, but 2% of net revenues	2%

The DTC segment itself is a mix of physical retail and digital sales, reflecting a strategic shift away from heavy promotion online. For the full fiscal year 2025:

• Revenue from owned and operated stores decreased by 2%.
• E-commerce revenue dropped by 23%, a result of planned reductions in promotional activities.
• E-commerce sales made up 35% of the total DTC business for the year.

Geographically, the channels serve two main segments. North America remains the largest market, accounting for approximately 60% of net revenues in FY25, totaling $3.1 billion. The International business, comprising EMEA, Asia-Pacific, and Latin America, made up the remaining 40%, or $2.1 billion.

To be fair, the DTC channel saw a sharper decline in Q4 FY25, with DTC revenue falling 15% year-over-year, where owned and operated stores were down 6% and e-commerce plunged 27%.

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

You're looking at the core audience Under Armour, Inc. is trying to serve right now as they go through their strategic reset. The customer base is segmented, but the focus remains on those who demand technical performance from their gear.

Serious athletes and fitness enthusiasts seeking performance gear remain the bedrock. This audience values innovation and discipline, which Under Armour, Inc. is trying to amplify through its current transformation. The company is shifting its focus from a 'gym first approach' to a stronger emphasis on team sports, specifically mentioning American and global football, basketball, baseball, and volleyball.

The core demographic for Under Armour, Inc. has historically been concentrated in the 18-34 age group, encompassing college students, young professionals, and emerging athletes who are highly engaged digitally and prioritize personal progress. This group is the primary target for performance-enhancing products like UA RUSH.

The company is actively working to grow its appeal within the women's apparel and footwear market, which is a key area of focus for future growth. As of early 2024, women's products made up less than 25% of the business, though the company has committed to pursuing this segment 'harder than this company has ever seen.' For context, sales of Under Armour, Inc. women's apparel were reported at $3.8 billion in 2023.

While the performance focus is central, Under Armour, Inc. also serves casual wear consumers seeking athletic-inspired lifestyle products, though the current strategy appears to be tightening distribution to enhance brand presentation and premium positioning. This is reflected in the planned reduction in promotional activity, which impacts the direct-to-consumer channel, where eCommerce revenue dropped 27% in the fourth quarter of fiscal 2025.

Geographically, the customer base is global, but heavily weighted toward the core market. The North America segment is the largest by far, which is critical to watch during this period of repositioning.

Here's the quick math on the geographic segmentation for the full fiscal year 2025:

Segment	Revenue Amount (FY 2025)	Percentage of Total Revenue
North America	$3.1 billion	60%
International (EMEA, Asia-Pacific, Latin America)	$2.1 billion	40%
Total Net Revenues	$5.2 billion	100%

The North America segment saw its revenue decline by 11% to $3.1 billion for the full fiscal year 2025. In contrast, the International business fell 6% currency neutral to $2.1 billion. Within International for the full year 2025, EMEA revenue was flat, Asia-Pacific declined 13%, and Latin America declined 6% (flat currency neutral).

The company's overall customer base is being managed through a refined distribution strategy, aiming for higher-quality growth across all channels. The customer segments Under Armour, Inc. is prioritizing for connection include:

• Dedicated athletes valuing technical performance.
• Young team sports participants (16-24 age range).
• Female athletes targeted through a women's-centered approach.
• Consumers seeking athletic-inspired lifestyle gear.

The full fiscal year 2025 ended with total net revenues at $5.2 billion, alongside a reported net loss of $201.3 million. This financial outcome underscores the challenge in maintaining the existing customer base while executing the brand's 'bold reinvention.'

Finance: draft 13-week cash view by Friday.

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

You're looking at the core expenses that make up the cost side of the Under Armour, Inc. business model as of late 2025. Honestly, these numbers show where the dollars are going to keep the global operation running and trying to get back to stronger margins.

Cost of Goods Sold (COGS), including raw materials and manufacturing labor

The Cost of Goods Sold reflects the direct costs tied to making and acquiring the products Under Armour, Inc. sells. For the full fiscal year 2025, which ended on March 31, 2025, the COGS was reported at $2,689,566 thousand, or approximately $2.690 billion. This represented 52.1% of the total net revenues for that fiscal year. Looking just at the fourth quarter of fiscal 2025, COGS was $629,801 thousand, making up 53.3% of that quarter's net revenues.

Here's a quick look at the recent COGS figures:

Period	COGS (in thousands)	COGS as % of Net Revenues
Full Fiscal Year 2025 (ended 03/31/2025)	$2,689,566	52.1%
Q4 Fiscal 2025 (ended 03/31/2025)	$629,801	53.3%
TTM as of 09/30/2025	$2.656B	Data not explicitly stated as percentage

Selling, General, and Administrative (SG&A) expenses, including marketing and payroll

SG&A covers the overhead, the selling efforts, and the people running the company. For the entirety of fiscal year 2025, these expenses totaled $2,601,991 thousand, or about $2.602 billion. As a percentage of net revenues for the full year, SG&A stood at 50.4%. In the fourth quarter of fiscal 2025, SG&A was $607,133 thousand, representing 51.4% of that period's revenue. You should note that marketing investments were a primary driver for an increase in SG&A during the third quarter of fiscal 2025.

Restructuring and impairment charges (up to $255 million total estimated charges)

The ongoing restructuring plan, aimed at operational efficiencies, has a significant cost component. The total expected pre-tax charges for the Fiscal 2025 restructuring plan have been expanded to up to $255 million. As of September 30, 2025, Under Armour, Inc. had already incurred approximately $147 million in these restructuring-related charges. The charges incurred by the end of the fourth fiscal quarter of 2025 (March 31, 2025) totaled $58 million in restructuring and impairment charges, plus $31 million in other related transformational expenses under the plan up to that point.

The breakdown of the total estimated charges includes:

• Up to $107 million in cash-related charges.
• Up to $148 million in non-cash charges, including asset impairments.

Logistics and freight costs for global distribution

Logistics costs are a key variable impacting gross margin. Outbound freight costs, which are costs for shipping goods to customers, are included within COGS. However, the majority of outbound handling costs, which cover preparing goods to ship and certain distribution facility operations, are recorded in SG&A. These outbound handling costs totaled $78.0 million for Fiscal 2025. Reductions in freight costs have been cited as a benefit contributing to gross margin improvement.

Research and Development (R&D) for product innovation

Research and Development expenses represent the investment in future product lines and technology. This cost category is essential for maintaining the brand's relevance in sport. While the specific dollar amount for the full fiscal year 2025 is a component of operating expenses, the precise figure is not explicitly detailed in the latest public filings reviewed here, so I can only list the category.

R&D is a cost driver focused on:

• Elevating product quality and storytelling.
• Supporting key product lines like the Curry Brand.

Finance: draft 13-week cash view by Friday.

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

You're looking at how Under Armour, Inc. actually brings in the cash, which is always the clearest indicator of brand health and strategy execution. As of late 2025, the revenue streams are clearly segmented by product category and by sales channel. We need to map these out precisely to see where the focus is shifting, especially given the ongoing brand reset.

The product mix shows where the dollars are landing. Apparel remains the bedrock of the business, though we're seeing shifts in the mix as the company refines its offerings. Footwear still represents a substantial, though smaller, piece of the pie.

Here's the quick math on the product revenue streams for Fiscal Year 2025:

Revenue Stream Category	FY25 Revenue Amount
Apparel sales	$3.5 billion
Footwear sales	$1.2 billion
Accessories sales	$411 million

Now, looking at the channels, the split between selling through partners versus directly to you, the consumer, tells a story about control and margin. The push to grow Direct-to-Consumer (DTC) is evident, aiming for better brand presentation and pricing power, which helped gross margin improve in FY25.

The channel breakdown for FY25 revenue streams looks like this:

• Wholesale revenue from retail partners: $3.0 billion in FY25
• Direct-to-Consumer (DTC) sales from stores and e-commerce: $2.1 billion in FY25

To give you a full snapshot of these key revenue drivers for the fiscal year ending March 31, 2025, here is the consolidated view. This total revenue figure, around $5.1 billion based on these components, reflects the overall revenue dip experienced during the year.

Revenue Component	FY25 Revenue (USD)	Channel/Category
Apparel Sales	$3,500,000,000	Category
Footwear Sales	$1,200,000,000	Category
Accessories Sales	$411,000,000	Category
Wholesale Revenue	$3,000,000,000	Channel
Direct-to-Consumer (DTC) Revenue	$2,100,000,000	Channel

It's worth noting that within the DTC stream, the company has been strategically reducing promotional activities, which impacts the top-line number but supports the gross margin improvement seen in the period. Also, North America remains the largest geographic contributor, accounting for approximately 60% of net revenues for Fiscal 2025.