Milwaukee
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Wasn’t sure where to put this. Under Armour going under, now trying to back out of deals. They already pulled out of their MLB deal recently.
Under Armour Partnerships in Trouble
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boger2337
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Wow... they had probably one of the most extreme rides for a clothing company of recent memory.
Went from no one knowing about them. To every 7-15yr old boy wearing Steph Curry shoes and the Rock having his own label with them. To basically bankruptcy.
Wow.
Milwaukee
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Yea, they lost 580M 1st qtr 2020 I believe. That’ll kill almost any company.
boger2337
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I wish we had a contract like that with Adidas! Sheesh
Milwaukee
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Yea they completely overpaid for UCLA, 260M is nuts. They signed UCLA and Utah in 2016, I believe they paid 50M for Utah and 260M for UCLA.
boger2337
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Who the hell did they think they were getting?! The entire PAC12?! the average kid nowadays only knows UCLA for being an LA school and near the beach.
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Yeahhh.... a half billion in loses could bankrupt even some countries... crazy.
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Under Armour says it is terminating its 15-yr, $280M agreement with UCLA
"We have been paying for marketing benefits that we have not received for an extended time period," the company said in a statement. "The agreement allows us to terminate in such an event and we are exercising that right."
https://www.cbssports.com/college-f...al-with-ucla-over-lack-of-marketing-benefits/
"We have been paying for marketing benefits that we have not received for an extended time period," the company said in a statement. "The agreement allows us to terminate in such an event and we are exercising that right."
https://www.cbssports.com/college-f...al-with-ucla-over-lack-of-marketing-benefits/
wrmathis
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Techster
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UA has been in financial trouble for some time. UCLA was part of their push to partner up with "brand names" to push their brand and it didn't work. It appears they are walking back some financial obligations to save money...and the Covid situation didn't help. Nike, who is far more financially sound than UA, just had a loss of 47% sales in North America alone, and overall revenue is down by 38%:
https://finance.yahoo.com/news/nike-posts-surprise-loss-covid-040212308.html
If Nike took a hit, you can only guess at how much trouble UA is in.
https://finance.yahoo.com/news/nike-posts-surprise-loss-covid-040212308.html
If Nike took a hit, you can only guess at how much trouble UA is in.
Milwaukee
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boger2337
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Wonder how bad Adidas is doing.
Milwaukee
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That’s the big question.
JacketOff
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Auburn has literally lost money in their UA deal. Their deal included $10M in UA stock that was valued at only $2.3M in 2017, who knows what it looks like now. Wouldn’t surprise me if Auburn got the jump and tried to sever the deal themselves.
I hate how Nike essentially has a monopoly on major sports apparel. 3 of the big 4 pro leagues wear Nike unis, and over 2/3 of Power 5s also do. Lifestyle brands and retail sales killed good uniform design. Uniforms are now designed to sell merchandise instead of look good on the field.
No they thought they were getting all of China. UCLA brand is huge there.