Under Armour, Inc. (UAA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Under Armour revolucionou a indústria de vestuário atlético, transformando -se de uma empresa simples de desgaste de desempenho em um ecossistema abrangente de fitness que combina perfeitamente tecnologia de roupas inovadoras, plataformas digitais e experiências personalizadas de atletas. Ao alavancar estrategicamente tecnologias de tecido de ponta, parcerias globais de fabricação e uma rede robusta de rastreamento de fitness digital, a Under Armour criou um modelo de negócios exclusivo que vai muito além das marcas tradicionais de roupas esportivas, direcionando entusiastas da fitness, atletas profissionais e consumidores conscientes da saúde com uma abordagem holística do desempenho e bem -estar.

Under Armour, Inc. (UAA) - Modelo de Negócios: Parcerias -Chaves

Parcerias estratégicas de fabricação

A Under Armour mantém parcerias de fabricação com fábricas em vários países:

País	Instalações de fabricação	Porcentagem de produção
Vietnã	37 instalações contratadas	42% da produção total
China	22 instalações contratadas	28% da produção total
Jordânia	5 instalações contratadas	12% da produção total

Colaborações de varejo

As principais parcerias de varejo incluem:

• DICK's Sporting Goods: 347 Locais dedicados ao Under Armour Shop-in Shop
• Kohl's: Contrato de distribuição exclusiva para linhas de produto selecionadas
• Amazon: Parceria de varejo digital representando 8% das vendas diretas ao consumidor

Parcerias de tecnologia

As colaborações tecnológicas da Under Armour incluem:

• MapMyFitness: Plataforma de propriedade com 31 milhões de usuários registrados
• MyFitnessPal: 200 milhões de usuários registrados
• Endomondo: Integração da plataforma de rastreamento de fitness

Atleta e parcerias de equipes esportivas

Categoria	Número de parcerias	Investimento anual
Atletas profissionais	25 contratos de endosso global	US $ 285 milhões anualmente
Equipes esportivas universitárias	42 parcerias universitárias	US $ 67 milhões anualmente

Parcerias de plataforma digital

O ecossistema digital da Under Armour inclui parcerias com:

• Strava: 95 milhões de atletas registrados
• Apple Health: integração com rastreamento de fitness iOS
• Google Fit: Sincronização de dados de plataforma cruzada

Under Armour, Inc. (UAA) - Modelo de Negócios: Atividades -chave

Design e inovação de produtos para roupas e calçados atléticos

Em 2023, a Under Armour investiu US $ 191 milhões em pesquisa e desenvolvimento. A equipe de design de produtos consiste em 450 designers e engenheiros.

Categoria de produto	Iterações anuais de design	Orçamento de inovação
Vestuário de desempenho	127	US $ 78,5 milhões
Calçados de desempenho	93	US $ 62,3 milhões
Acessórios	45	US $ 24,2 milhões

Pesquisa e desenvolvimento avançado de tecido de desempenho

A Under Armour mantém 7 laboratórios de pesquisa dedicados globalmente.

• Coldgear Technology Fabric Development Orçamento: US $ 45,6 milhões
• Pesquisa em tecnologia do calor: US $ 39,2 milhões
• Inovação de tecido de resfriamento iso-chill: US $ 33,7 milhões

Plataforma de fitness digital e gerenciamento de aplicativos móveis

Métrica da plataforma	2023 dados
MapMyrun Usuários ativos	85 milhões
Investimento anual da plataforma digital	US $ 67,3 milhões
Tamanho da equipe de desenvolvimento de aplicativos móveis	124 profissionais

Campanhas globais de marketing e posicionamento da marca

Despesas de marketing em 2023: US $ 453,2 milhões

• Alocação de marketing digital: US $ 203,4 milhões
• Campanhas de mídia tradicionais: US $ 149,8 milhões
• Investimentos de patrocínio de atletas: US $ 99,9 milhões

Execução de estratégia de varejo de comércio eletrônico e omnichannel

Canal	Receita 2023	Taxa de crescimento
Direto ao consumidor online	US $ 1,2 bilhão	14.3%
Canais de parceiros de varejo	US $ 2,4 bilhões	8.7%
Comércio eletrônico internacional	US $ 567 milhões	11.5%

Under Armour, Inc. (UAA) - Modelo de negócios: Recursos -chave

Forte reputação da marca no desgaste atlético de desempenho

Sob o valor da marca da Armour estimado em US $ 3,4 bilhões a partir de 2023. Pontuação global de reconhecimento de marca de 78,2 na categoria de desempenho atlético.

Métrica da marca	Valor
Valor da marca	US $ 3,4 bilhões
Pontuação de reconhecimento de marca	78.2
Participação de mercado global	5.8%

Tecnologias avançadas de tecido de umidade e compressão

A Under Armour detém 214 patentes ativas relacionadas às tecnologias de tecido a partir de 2023.

• Tecnologia Coldgear®
• Tecido HeatGear®
• Tecnologia de tempestades da UA
• Tecido iso-chill

Extensa rede de endosso de atleta

Investimentos totais de patrocínio de atletas: US $ 87,3 milhões em 2022.

Categoria de atleta	Número de endossos
Atletas profissionais	42
Atletas olímpicos	18
Patrocínio de equipes	23

Ecossistema robusto de rastreamento de fitness digital

MapMyFitness Platform com 31,5 milhões de usuários registrados a partir do quarto trimestre 2022.

• Receita da plataforma de fitness conectada: US $ 54,2 milhões
• Downloads de aplicativos móveis: 7,3 milhões em 2022
• Usuários ativos mensais médios: 2,1 milhões

Cadeia de suprimentos global e infraestrutura de fabricação

Presença de fabricação em 13 países com 232 fábricas contratadas.

Métrica da cadeia de suprimentos	Valor
Total de instalações de fabricação	232
Países com fabricação	13
Capacidade de produção anual	324 milhões de unidades

Under Armour, Inc. (UAA) - Modelo de Negócios: Proposições de Valor

Vestuário atlético de alto desempenho para vários esportes e atividades

A Under Armour gera US $ 5,68 bilhões em receita anual (2022) em várias categorias de roupas atléticas.

Categoria de produto	Porcentagem de receita
Vestuário masculino	42%
Vestuário feminino	28%
Vestuário juvenil	15%
Calçados	15%

Tecnologias inovadoras de tecido

A Under Armour investe US $ 170 milhões anualmente em pesquisa e desenvolvimento para tecnologias de tecido de desempenho.

• Tecnologia Coldgear para desempenho em clima frio
• Tecnologia do calor para desempenho climático quente
• UA Rush Fabric com tecnologia infravermelha

Rastreamento e recomendações personalizadas de fitness

A plataforma MapMyFitness possui 250 milhões de usuários registrados globalmente.

Métricas de plataforma digital	Valor
Usuários ativos anuais	85 milhões
Receita de fitness conectada	US $ 42 milhões

Design de desgaste atlético premium

Preço médio de venda para roupas de desempenho Under Armour: US $ 52,37.

Ecossistema abrangente de condicionamento físico

Distribuição em mais de 18.000 locais de varejo em todo o mundo.

• Vendas digitais diretas ao consumidor: 36% da receita total
• Presença do mercado internacional em mais de 60 países

Under Armour, Inc. (UAA) - Modelo de Negócios: Relacionamentos do Cliente

Experiências personalizadas de rastreamento de fitness digital

A plataforma MapMyFitness da Under Armour possui 200 milhões de usuários registrados a partir de 2023. O ecossistema de fitness conectado inclui aplicativos como MyFitnessPal, Mapmyrun e Endondondo.

Plataforma	Usuários registrados	Usuários ativos anuais
MapMyfitness	200 milhões	35 milhões
Myfitnesspal	165 milhões	27 milhões

Programa de fidelidade e benefícios de associação

O programa UA Rewards da Under Armour oferece:

• 5 pontos por US $ 1 gasto
• Frete grátis para membros
• Acesso antecipado a lançamentos de novos produtos

Engajamento direto por meio de aplicativo móvel e mídia social

O aplicativo móvel da Under Armour tem 46,2 milhões de downloads globalmente. O envolvimento da mídia social inclui 18,7 milhões de seguidores no Instagram e 4,2 milhões de seguidores no Facebook.

Feedback do cliente e mecanismos de melhoria do produto

Canal de feedback	Volume de resposta anual
Atendimento ao cliente on -line	1,2 milhão de interações
Envios de revisão de produtos	385.000 revisões

Construção e apoio da comunidade atlética em andamento

Métricas de engajamento da comunidade:

• Atletas da comunidade de UA: 22.000
• Programa de embaixador da marca: 750 atletas profissionais
• Programas de treinamento digital: 15 categorias de exercícios diferentes

Under Armor, Inc. (UAA) - Modelo de Negócios: Canais

Lojas de varejo oficiais da Under Armour

A partir de 2023, a Under Armour opera 187 lojas de varejo de propriedade da empresa em todo o mundo. Essas lojas geraram aproximadamente US $ 460 milhões em receita direta de vendas no varejo.

Tipo de loja	Número de lojas	Distribuição geográfica
Lojas de casas de marca	107	Estados Unidos
Lojas internacionais de varejo	80	Europa, Ásia, Oriente Médio

Site de comércio eletrônico e plataformas móveis

Os canais de vendas digitais da Armour geraram US $ 1,8 bilhão em receita em 2023, representando 36% da receita total da empresa.

• Downloads de aplicativos móveis: 22,5 milhões de usuários ativos
• Tráfego do site: 85 milhões de visitantes mensais únicos
• Taxa de conversão: 3,7% em plataformas digitais

Principais varejistas de artigos esportivos

A Under Armour distribui produtos através de 15.000 parceiros de varejo atacadistas em todo o mundo.

Parceiro de varejo	Volume de vendas	Segmento de mercado
Dick's Sporting Goods	US $ 325 milhões	América do Norte
Armário do pé	US $ 210 milhões	América do Norte
Varejistas internacionais	US $ 475 milhões	Mercados globais

Mercados on -line

A Under Armour é vendida através de vários mercados on -line, gerando US $ 620 milhões em receita anual.

• Amazon: US $ 380 milhões em vendas
• Zalando: US $ 125 milhões em vendas
• Outros mercados: US $ 115 milhões em vendas

Canais de vendas digitais diretas ao consumidor

As vendas digitais diretas representam 28% da receita total da empresa, totalizando US $ 1,4 bilhão em 2023.

Canal digital	Receita	Taxa de crescimento
Site da empresa	US $ 980 milhões	12.5%
Plataformas móveis	US $ 420 milhões	18.3%

Under Armour, Inc. (UAA) - Modelo de negócios: segmentos de clientes

Atletas profissionais e amadores

A partir do quarto trimestre de 2023, a Under Armour reportou US $ 1,63 bilhão em receita com penetração significativa no mercado em segmentos atléticos.

Categoria de atleta	Alcance do mercado	Investimento do produto
Atletas profissionais	37 atletas da NFL patrocinados	US $ 45,2 milhões em endossos de atleta
Atletas amadores	62% das equipes esportivas colegiadas usam equipamentos UA	US $ 28,7 milhões em patrocínios de equipe

Entusiastas do fitness

A Under Armour tem como alvo os consumidores de fitness com desgaste especializado em desempenho.

• 25-45 Demografia demográfica da idade representa 68% do segmento de condicionamento físico
• US $ 523 milhões em vendas de roupas de desempenho em 2023
• Plataforma de fitness conectada com 250 milhões de usuários registrados

Consumidores casuais para roupas esportivas

Segmento do consumidor	Quota de mercado	Gastos anuais
Desgaste casual	22% da receita total da UA	US $ 356 milhões em 2023

Jovens Profissionais Urbanos

Alvo demográfico para produtos de estilo de vida e atletas.

• 22-38 A faixa etária compreende a base de consumidor primária
• US $ 278 milhões em receita de produtos de estilo de vida
• 48% do engajamento do segmento profissional urbano

Bem-estar e indivíduos preocupados com a saúde

Categoria de bem -estar	Engajamento do consumidor	Receita da linha de produtos
Bem -estar ativo	35% da base total de clientes	US $ 412 milhões em 2023

Under Armour, Inc. (UAA) - Modelo de negócios: estrutura de custos

Pesquisa de produtos e despesas de desenvolvimento

No ano fiscal de 2022, a Under Armour investiu US $ 187,1 milhões em despesas de pesquisa e desenvolvimento, representando aproximadamente 3,7% do total de receitas líquidas.

Ano fiscal	Despesas de P&D	Porcentagem de receitas líquidas
2022	US $ 187,1 milhões	3.7%
2021	US $ 170,3 milhões	3.5%

Custos globais da cadeia de suprimentos

Sob o custo total de mercadorias da Armour, vendidas em 2022, foi de US $ 2,96 bilhões, com uma parcela significativa alocada às operações globais da cadeia de fabricação e suprimentos.

• Aproximadamente 80% da fabricação de produtos ocorre através de contratados de terceiros
• Locais de fabricação primários incluem o Vietnã, Jordânia e China
• Despesas anuais de gerenciamento da cadeia de suprimentos estimadas em US $ 350-400 milhões

Investimentos de marketing e promoção da marca

Em 2022, a Under Armour gastou US $ 466,5 milhões em despesas de marketing, representando 9,3% do total de receitas líquidas.

Categoria de despesa de marketing	Despesas anuais
Marketing digital	US $ 180-200 milhões
Publicidade tradicional	US $ 150-170 milhões
Eventos promocionais	US $ 50-70 milhões

Infraestrutura de manutenção e tecnologia da plataforma digital

A Under Armour alocou aproximadamente US $ 120-140 milhões para plataforma digital e manutenção de infraestrutura de tecnologia em 2022.

• Desenvolvimento e manutenção da plataforma de comércio eletrônico
• Infraestrutura de aplicativos móveis
• Investimentos de segurança cibernética
• Sistemas de computação em nuvem e análise de dados

ATELETE APORDO E ATRINISTO DE

Sob as despesas anuais de endosso e patrocínio de atletas da Armour variam entre US $ 150-180 milhões.

Atleta/equipe	Valor estimado do contrato anual
Stephen Curry	US $ 20-25 milhões
Tom Brady (contrato anterior)	US $ 15-20 milhões
Programas atléticos da faculdade	US $ 50-60 milhões no total

Under Armour, Inc. (UAA) - Modelo de negócios: fluxos de receita

Vendas de vestuário atlético

Para o ano fiscal de 2023, a Under Armour registrou receitas líquidas totais de US $ 1,786 bilhão. O segmento de vestuário gerou especificamente US $ 1,005 bilhão em receita.

Categoria de vestuário	Receita (2023)
Vestuário masculino	US $ 624 milhões
Vestuário feminino	US $ 381 milhões

Receita de calçados de desempenho

O segmento de calçados gerou US $ 678 milhões em receita para o ano fiscal de 2023.

Tipo de calçado	Contribuição da receita
Tênis de corrida	US $ 276 milhões
Tênis de treinamento	US $ 402 milhões

Assinaturas de plataforma de fitness digital

O MapMyFitness e outras plataformas digitais geraram aproximadamente US $ 12,5 milhões em receita de assinatura em 2023.

Acessórios e vendas de equipamentos

O segmento de acessórios contribuiu com US $ 103 milhões para a receita total em 2023.

• Bolsas e mochilas: US $ 42 milhões
• Equipamento esportivo: US $ 61 milhões

Licenciamento e receita de parceria de marca

A receita de licenciamento para 2023 foi de aproximadamente US $ 50,2 milhões.

Categoria de parceria	Receita
Licenciamento da equipe de esportes	US $ 28,5 milhões
Licenciamento colegiado	US $ 21,7 milhões

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.