安德玛困局：相比失去库里，价格混乱更麻烦丨运动变局

Core Viewpoint - Under Armour is at a critical juncture in its transformation, facing declining revenues and significant market challenges, particularly in the North American and Asia-Pacific regions [1][2][19]. Financial Performance - For the latest fiscal quarter ending September 30, Under Armour's revenue fell by 4.7% year-over-year to $1.33 billion (approximately 9.41 billion RMB), marking the eighth consecutive quarter of revenue decline [1]. - Revenue breakdown by region shows North America down 8.3%, EMEA up 12.2%, Asia-Pacific down 13.7%, and Latin America up 14.6% [1]. - As of November 27, 2025, Under Armour's stock price was $4.41 per share, with a total market capitalization of $1.869 billion (approximately 13.225 billion RMB), a decline of over 90% from its peak market value of $22 billion (approximately 155.67 billion RMB) in 2015 [2]. Leadership Changes and Strategic Plans - In June 2024, Under Armour's third CEO in three years, Stephanie Linnartz, resigned, and founder Kevin Plank returned to lead the company [3]. - Plank initiated an 18-month brand restructuring plan, which has already incurred $103 million in restructuring and impairment costs as of September 30 [3]. - The core strategy focuses on reducing inventory, maintaining price discipline, and concentrating resources on the most profitable business lines [3]. Brand and Market Challenges - Under Armour announced the separation from the Curry Brand on November 14, 2025, indicating a shift in focus as the brand struggles to maintain its market position [4][16]. - The company faces significant challenges in the Chinese market, with sales in the Asia-Pacific region down 13.7% to $1.8 billion (approximately 12.74 billion RMB), highlighting its struggle to compete with major brands like Nike and Lululemon [19]. - Price discrepancies between online and offline channels have led to confusion and dissatisfaction among consumers, impacting brand perception and positioning [24][26]. Competitive Landscape - The overall market for sports brands is becoming increasingly difficult, with competitors like Nike and Lululemon also experiencing sales declines [20]. - Domestic brands are gaining market share, with Anta and Li Ning reporting positive growth, while Under Armour's market presence continues to weaken [22][21]. - Under Armour's brand image is under scrutiny, with consumers questioning the value proposition of its products compared to competitors [26]. Management Response - In response to market challenges, Under Armour has appointed Chen Jianing as the new Vice President and General Manager for the China region, tasked with strategic planning and business operations [27]. - The company is looking for solutions to its ongoing issues, with expectations for Chen to address the brand's declining performance in the Chinese market [28].