安德玛困局：相比失去库里，价格混乱更麻烦

Core Viewpoint - Under Armour is at a critical juncture for transformation, facing declining revenues and market challenges, particularly in the North American and Asia-Pacific regions [1][16]. Financial Performance - For the latest fiscal quarter ending September, Under Armour's revenue fell by 4.7% year-on-year to $1.33 billion (approximately 9.41 billion RMB), marking eight consecutive quarters of revenue decline [1]. - Revenue breakdown by region shows North America down 8.3% to $790 million, EMEA up 12.2% to $320 million, Asia-Pacific down 13.7% to $180 million, and Latin America up 14.6% to $50 million [1]. - As of November 27, 2025, Under Armour's stock price is $4.41 per share, with a total market capitalization of $1.869 billion (approximately 13.225 billion RMB), a significant drop from its peak market value of $22 billion (approximately 155.67 billion RMB) in 2015 [2]. Strategic Changes - Under Armour is undergoing a restructuring plan initiated by founder Kevin Plank, who returned as CEO in June 2024, with an 18-month timeline focusing on inventory reduction, price discipline, and profit maintenance [4]. - The company announced the separation from the Curry Brand, which will operate independently, as part of its strategy to concentrate on core business lines [4][14]. Market Challenges - In the Asia-Pacific region, Under Armour's sales fell by 13.7% to $180 million (approximately 1.274 billion RMB), indicating a struggle to maintain a strong market presence compared to competitors like Nike and Lululemon [16]. - The competitive landscape is tough, with domestic brands gaining market share and Under Armour facing issues with pricing inconsistencies that affect brand positioning [18][20]. Brand Perception - There are significant discrepancies in pricing between online and offline channels, leading to consumer dissatisfaction and questioning of brand value [20]. - Under Armour's brand image is under scrutiny, with criticisms regarding product quality relative to pricing, impacting its market appeal [20][21]. Leadership Changes - To address ongoing challenges, Under Armour appointed Chen Jianing as the new Vice President and General Manager for the China market, tasked with strategic planning and business operations [21][22].