Under Armour news and archive

Under Armour settles 434 million dollar lawsuit

Under Armour has agreed to a 434 million dollar settlement for a 2017 lawsuit initiated on claims that the sportswear manufacturer had not been honest with shareholders about its sales growth. CEO Kevin Plank is said to have deliberately reported better sales figures than the company had actually achieved in order to better align with Wall...

Business

University of Maryland and Under Armour extend partnership by 12 years

Under Armour has reaffirmed its commitment to a long-term partnership with the University of Maryland, announcing that it has extended the duo’s agreement for an additional 12 years through to 2036. Maryland and Under Armour first established their relationship at the beginning of the sportswear brand’s lifespan after its founder, Kevin Plank,...

BusinessFeatured

Under Armour announces restructuring and layoffs

Sportswear company Under Armour, Inc. has announced a restructuring strategy alongside the release of its annual results, for which net income almost halved and sales fell by several percent. The company's revenue came to 5.7 billion dollars, at a 3 percent year-on-year decline. The decline was largely due to worse results from the company's...

People

Yuron White joins Under Armour as SVP sportswear, run, basketball/Curry and collaborations

On April 29, 2024, Yuron White joined Under Armour as SVP, sportswear, run, basketball/Curry and collaborations. White, the company said in a media release, brings 25 years of experience working in sportswear, with deep expertise in footwear. Based out of the company’s Portland office, he will report to Yassine Saidi, the company’s chief product...

People

Under Armour founder Kevin Plank assumes CEO role

Under Armour has named Kevin Plank as president & chief executive officer, effective April 1, 2024. Plank will succeed Stephanie Linnartz. In connection with Plank's appointment, the company said, Dr. Mohamed A. El-Erian, an independent director since 2018 and lead director since 2020, will become the non-executive chair of the board. Plank will...

BusinessFeatured

Under Armour raises profit outlook amid declining sales

Third quarter revenues at Under Armour were down 6 percent or 7 percent currency neutral to 1.5 billion dollars. Updating its outlook, the company said fiscal year 2024 revenue is expected to be down 3 to 4 percent, tightening the previous expectation of a 2 to 4 percent decline. The company’s FY24 gross margin is expected to be up 120 to 130...

People

Under Armour names Kevin Ross as managing director of EMEA

Under Armour has appointed Kevin Ross as its new senior vice president, managing director of Europe, Middle East & Africa (EMEA). With nearly 20 years of experience growing high profile brands including Adidas, TaylorMade, Under Armour, and Yeti, the company said, Ross brings proven talent and regional expertise to the company. Joining on...

Business

Under Armour names new CPO and Americas president

Under Armour has announced two new leadership appointments, both of whom are set to join the company either at the end of the month or in February. Among the new arrivals is that of Yassine Saidi, who will be taking on the role of chief product officer, for which she has been tasked with building “winning product strategies” for each category...

Fashion

Under Armour partners with James Heal to tackle fibre-shredding

Under Armour is partnering with precision testing solutions supplier James Heal to address the invisible sustainability threat microfibres and microplastics pose to the environment. The sportswear brand is working with UK-based James Heal to make its microfibre-shred test available to the wider industry to help understand and mitigate the impact...

BusinessFeatured

Under Armour lowers revenue guidance

Second quarter revenue at Under Armour remained flat and declined 1 percent currency neutral versus the prior year at 1.6 billion dollars. For fiscal year 2024, revenue is expected to be down 2 to 4 percent versus the previous expectation of flat to up slightly, gross margin is expected to be up 100 to 125 basis points, operating income and...

Business

Under Armour names Gap veteran as chief supply chain officer

Sportswear giant Under Armour has appointed Shawn Curran to the role of chief supply chain officer after what it said was a comprehensive search and interview process. In the position, which he will take on from October 16, Curran will oversee end-to-end planning and go-to-market, product sourcing, manufacturing and quality, global vendor base...

Business

Under Armour names John Varvatos chief design officer

Sportswear giant Under Armour has announced the appointment of John Varvatos to the position of chief design officer, effective September 11. Varvatos, who will also be joining the brand’s board of directors, has already been consulting Under Armour since spring, but will now be stepping in to oversee the design direction across the company’s...