昔日千亿运动巨头，10年市值蒸发1400亿，耗资18亿与库里分手

Core Viewpoint - Under Armour is at a critical juncture for transformation, facing declining revenues and market challenges, necessitating a strategic overhaul to regain its competitive edge [1][4]. Financial Performance - For the latest fiscal quarter ending September, Under Armour's revenue fell by 4.7% year-over-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%, EMEA up 12.2%, Asia-Pacific down 13.7%, and Latin America up 14.6%, with respective revenues of $790 million, $320 million, $180 million, and $50 million [1]. - As of November 28, 2025, Under Armour's stock price is $4.62 per share, with a total market capitalization of $2 billion (approximately 14.15 billion RMB), a significant drop from its peak market value of $22 billion (approximately 155.67 billion RMB) in 2015 [1]. Strategic Changes - Under Armour is undergoing a restructuring plan initiated by founder Kevin Plank, who returned as CEO, focusing on inventory reduction, price discipline, and profit maintenance [4]. - The company has incurred $103 million in restructuring and impairment costs as part of this plan [4]. - A significant move includes the separation from the Curry Brand, which will operate independently starting November 14, 2025, as part of the strategy to concentrate on core business lines [4][9]. Market Challenges - In the Asia-Pacific region, Under Armour's sales fell by 13.7% to $180 million (approximately 1.27 billion RMB), indicating a struggle to maintain market relevance compared to competitors like Nike and Lululemon [12]. - The brand faces issues with pricing inconsistency, leading to confusion among consumers regarding its market positioning [12][15]. - There are notable price discrepancies between online and offline sales channels, with significant differences reported for similar products, raising concerns about brand value and consumer perception [13][14][15]. Leadership Changes - To address market challenges, Under Armour appointed Chen Jianing as Vice President and General Manager for China, effective November 9, 2025, aiming to revitalize the brand's strategy and operations in the region [15].