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Under Armour SWOT & PESTLE Analysis

ID : 52342653| Sep 2020| 15 pages


Business Sector :Sports Goods

Operating Geography :USA, North America

About Under Armour :

Under Armour Inc. is a multinational firm founded in 1996 by Kevin Plank which sells sports shoes, accessories and apparel. In 1998, they moved to a new headquarter and warehouse in Baltimore. Under Armour went public in 2005. In 2007, they opened their first branded retail store in Annapolis, Maryland. They have acquired many fitness companies like MapMyFitness, Endomondo, MyFitnessPal, etc. which has strengthened their presence in the fitness training domain. Under Armour won the Gold award in the 'Best Press Event' category of the 2018 Ex awards- the world’s largest recognition program for experiential marketing. This award was received for the “Unlike any” campaign of Under Armour, where top 5 female athletes’ stories were recited as poetry. As of 2020, Under Armour has a workforce of over 16,000 employees across its facilities.
All athletes faced discomfort with their T-shirts that got soggy and uncomfortable on sweating; Kelvin Plank being a football player himself, endeavored to solve this problem by designing T-shirts made up of a high -quality fabric that stayed dry and fresh even after absorbing sweat. The quality of product not only solved athletes’ problem but became Under Armour’s unique selling proposition or USP for which it continues to outstand in the market. Under Armour's mission statement reads “To make all athletes better through passion, design and the relentless pursuit of innovation.” The vision statement of Under Armour reads “To Empower Athletes everywhere”.

Under Armour Revenue :

US$ 5.30 billion (FY ending Dec 31st, 2019) (y-o-y growth of 3%)
US$ 5.19 billion (FY ending Dec 31st, 2018)

Ownership / Major shareholders :

As of April 2018, the major shareholders of the company are as follows –
1) Wellington Management Company (13.04%)
2) The Vanguard Group, Inc. (8.33%)
3) Harris Associates (3.99%)
4) Bares Capital Management (3.81%)
5) BlackRock Fund Advisors (3.78%)

Competitive Analysis of Under Armour

The SWOT/TOWS analysis is a structure, utilized to estimate a company's competitive stance by identifying its internal strategic factors like strengths and weaknesses, external strategic factors like opportunities and threats. Precisely, Under Armour’s SWOT analysis is a niche evaluation model that assesses the internal and external factors and their impacts on the company's micro and macro environment.
Under Armour is an American company producing apparels (sports and casual), footwear, and accessories. Its key geographic locations are North America, EMEA, Asia Pacific and Latin America, each with revenue contributions of 76.5%, 9.4%, 8.7% and 3.6% respectively, in 2017. The core competency of the company is the unparalleled range of high-quality T-shirt it offers, which keeps the athletes’ dryer, lighter and comfortable even in extreme weather conditions. High-quality apparels, innovative marketing strategies, broad portfolio of products, multiple distribution channels, exponential growth in revenues, increase in stock prices are all key strengths of Under Armour. Its core competencies have helped Under Armour attain, competitive advantage over its competitors from the apparel and footwear industry. Acquisitions of the digital app, a nutrition app, and fitness app have made Under Armour the largest digital health and fitness company on the globe.
Unlike its biggest competitors (Nike, Adidas, etc.,) Under Armour’s key weakness is it has few stores and limited presence in diverse markets. The company is highly dependent on the American market for revenue. Some of the other weaknesses of Under Armour are lack of product customization, high pricing of their products limits their potential buyers and lack of many women subscribers to the brand. Augmentation in diversified markets, an extension to other sports, further innovation to increase the product line, expansion of target market from Men and Women to Kids, trending demand for healthier lifestyle and expected growth in sports apparel market are some of the major opportunities for Under Armour that can help accomplish sustainable growth.
The star product of Under Armour, its high-quality sweatproof t-shirts have become easy to imitate and competitors with higher brand recognition have launched similar products affecting sales of the company and devising a huge threat to Under Armour’s bottomlines.
Under Armour SWOT/TWOS analysis is presented below in the SWOT Matrix followed by the descriptive analysis:
1. Broad product portfolio across apparel and sportswear
2. Multiple distribution networks
3. Strong revenue growth over the years
4. Marketing and promotion strategy allowing exposure to consumers
1. Limited geographic diversification
2. Substantial portion of sales from large wholesale customers
1. Growing Markets in Asia-Pacific region
2. Well-positioned to access fast growth industries
3. Popularity of E-commerce and M-commerce
4. Positive outlook in the US athletic footwear market
5. Women are a significantly untapped segment in activewear marketplace
6. Designing spacesuits in partnership with Virgin Galactic
1. Threat from increasing competition
2. Impact of rise in wages for Asian workers
3. Impact of Covid-19 and other pandemics on supply chain
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Detailed SWOT Analysis of Under Armour



1. Broad product portfolio across apparel and sportswear: Initially, Under Armour offered a variety of products in clothing product line, but currently they offer a wide range of products across apparel, footwear, accessories, etc. In 2019, sales of apparel, footwear and accessories represented 66%, 21% and 8% of net revenues, respectively. Licensing arrangements and revenue from our Connected Fitness business represented the remaining 5% of net revenues. The broad spectrum of products minimizes the risks of being dependent on a particular product category. Third-party companies in collaboration with product development teams produce these products. This methodology helps them to direct their efforts towards product development, fit, climate and end use.

2. Multiple distribution networks: Under Armour sells its product through various distribution networks. The company primarily uses wholesale channels like national and regional sporting goods chains, independent and specialty retailers, department store chains, institutional athletic departments, leagues and teams to generate sales. Apart from this, the company sells its products directly to customers through its brand and factory house outlets and also via its e-commerce websites. In FY2019, revenue from wholesale, direct to consumer, licensing and Connected Fitness channels represented 60%, 34%, 3% and 3% of net revenues, respectively. In countries where Under Armour does not have operations, they sell their products via licensing. The multiple distribution networks help the company to expand its market presence.

3. Strong revenue growth over the years: Under Armour has reported strong growth and impressive investor returns over the past few years. Its revenues have increased more than twice from $2.3 billion to $5.3 billion in just a span of 6 years. To continue the growth, Under Armour is planning to restructure the company around category management to streamline the operations. This integrated global model will lead to shared accountability between categories, regions and functions. Revenue for FY2020 is going to be impacted by the Covid-19 pandemic impact and Under Armour is assessing a potential 2020 restructuring initiative to rebalance its cost base to further improve profitability.

4. Marketing and promotion strategy allowing exposure to consumers: Under Armour mainly promotes and markets its products by making them accessible to high-performing athletes and teams at the professional level as well as at the high school and collegiate level. the company initiates outfitting agreements, professional, club, and collegiate sponsorship, individual athlete and influencer agreements which enables the company to sell directly to team equipment managers and individual athletes. Under Armour products are thus seen directly being used high-performing athletes on the fields by other consumers through medium like the internet, television, magazines and live at sporting events. This lends Under Armour products an on-field authenticity unachievable through any advertising campaign. The company is also the official supplier of footwear and gloves to the NFL. A partnership with NBA further ensures that the company is able to use NBA athletes in game uniforms while promoting products, including basketball footwear.


This section is available only in the 'Complete Report' on purchase.


This section is available only in the 'Complete Report' on purchase.


This section is available only in the 'Complete Report' on purchase.

Major Competitors :

  • Nike
  • Lululemon
  • Outdoor Voices
  • Lulemon Athletica
  • Fila
  • Puma
  • New Balance
  • Adidas Group
  • Crossfit
  • Reebok

Major Brands :

  • Under Armour
  • Speedform shoe
  • ColdGear Infrared
  • Under Armour Scent Control
  • Coldblack

Key Business Segments / Diversification :

Under Armour
Footwear Casual Clothing Sportswear
Sports Accessories

Recent Acquisition / Mergers / Alliance / Joint Ventures / Divestitures :

Open Table Preview
Business Segment
Objective/Synergy Achieved
IBM Personal health and fitness2016Partnership Under Armour through IBM wished to create an app which helped athletes to have fitness and health insights.
MyfitnessPalDiet and Exercise Tracker 2015AcquisitionThe deal was closed for $475 million to help make a better digital ecosystem for its athletes.
Mount Saint Mary UniversityCollege2015AllianceSaint Mary’s selected under armour as the offical intercollegiate athletic outfitter
Source: Company website and other reliable sources. The detailed table is available in the Complete Report.
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Check Out Analysis of Other Relevant Companies

The SWOT and PESTLE Analysis report provides the following key benefits:
1. Employing strategic tools, SWOT and PESTLE, to study the major internal and external factors affecting Under Armour
2. The SWOT/TOWS Analysis- comprising of the comprehensive analysis of Under Armour Strengths, Weaknesses, Opportunities and Threats
3. Mark strategic initiatives that were taken by Under Armour, to stay ahead of its peers and competitors and attain a competitive advantage
4. The PESTLE analysis of the apparel and footwear industry, highlighting the factors that encourage and restrict the global apparel and footwear market.
5. Application of the PESTLE/ PESTEL/ STEEPL Analysis for in-depth analysis of all external factors namely, political, economic, social, technological, legal and environmental and highlighting their consequence on the operation of Under Armour
6. Penetrations into Under Armour’s business diversification, eliciting its key business segments and highlighting its major competitors
7. A concise overview of Under Armour’s founders, its corporate headquarters, owners & stakeholders, and revenue jumps. This is accompanied with comprehensive company analysis to gain insight about company information, company profile, business model, business plans and marketing strategy
8. Insights into Under Armour 's share price, mergers and acquisitions, strategic partnerships and alliances, that Under Armour subscribed with deal valuations and the business goals or synergies that were achieved with them
9. Discussion of Under Armour’s USP or unique selling proposition, mission statement and vision statement
10. The SWOT and PESTLE report helps track key facts like market value, market segmentation, diversification, mergers, and acquisitions etc. about the Under Armour Co.
11. Synopsis of Under Armour’s business model, in addition to analysis of key business segments and business case study
12. A glimpse into the Under Armour’s key performance indicators, success factors, value proposition and core competencies
References used in Under Armour Analysis Report

1. Under Armour Annual Report 2018 -

2. How Rising Labor Costs in China Could Change Everything -

3. Under Armour Wants to Have It Both Ways -

4. Under Armour CEO adds his name to those leaving Trump's manufacturing council -

5. Closing The Loop On Sustainable Fashion -

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Under Armour SWOT & PESTLE Analysis - SWOT & PESTLE.COM

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Copyrights and Disclaimer

Under Armour SWOT and PESTLE analysis has been conducted by Siddhesh Suhas Salkar and reviewed by senior analysts from Barakaat Consulting - an Ezzi IT and Business Consulting venture.

Copyright of Under Armour SWOT and PESTLE Analysis is the property of Barakaat Consulting. Please refer to the Terms and Conditions and Disclaimer for usage guidelines.

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