Part 12/15:
Once a rising star comparable to Nike’s early days, Under Armour’s trajectory has been dismal over the past decade. At its peak in 2016, revenues hit $5 billion, and the stock surged. But overexpansion across lifestyle, performance, and women’s wear parts—without establishing a foothold in any—led to stagnation. Sales declined after 2017, and by 2021, they were closing stores and laying off staff.
Today, Under Armour’s revenues hover around $5 billion, similar to a decade ago, and its stock languishes at about $7 per share—down 80% from its peak. The brand exemplifies how rapid growth and hype can evaporate if strategic focus and market relevance decline.