Under Armour

Baltimore performance-apparel company that added footwear. Running is a side business next to the apparel core.

Watchlist

Founded: 1996
Website: underarmour.com
HQ: USA
Manufacturing: Vietnam,Indonesia
Ownership type: Public
Status since: 2026-07-28

Ownership

Public (NYSE: UAA Class A / UA Class C non-voting). Founder-controlled: Kevin Plank holds unlisted super-voting Class B — ~65% of votes on ~12% economic interest (2023 disclosure). Plank returned as President & CEO April 2024 and remains as of mid-2026.

Why Watchlist

Seven contract manufacturers make substantially all of its footwear — concentration without ownership. Founder voting control cuts both ways: no activist can force a fix, and no activist can force churn either. Watchlist as category default.

Reversibility

What would change our verdict

Churn language in a future 10-K; further manufacturer concentration; Plank exit or control-structure change.

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Investigation · July 29, 2026

Same Shoe, Different Factory

Nike does not make Nike shoes. Four contractors it does not own build 59% of them. Adidas outsources almost 100%. The fastest-growing brand in running buys its shoes on individual purchase orders, with no commitment at all. Two majors still own a factory. Plus the ones still worth buying.

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