Under Armour designs, markets, and sells performance apparel, footwear, and accessories globally. Apparel accounted for 68% of net revenues in FY26, featuring franchises like HeatGear and ColdGear, while footwear and accessories represented 22% and 8% respectively. Under Armour distributes products through wholesale channels, including sporting goods and department stores, and direct-to-consumer (DTC) channels, which comprise e-commerce and 443 company-operated stores. North America is the company's largest market, generating approximately 58% of FY26 net revenues, with additional operations across EMEA, Asia-Pacific, and Latin America. Under Armour sources manufacturing from third-party contract partners, with 30% of volume from Vietnam, 20% from Jordan, and 15% from Indonesia. Management is executing a turnaround strategy centered on brand premiumization and SKU rationalization, having already reduced SKU counts by 25%. This strategy aims to increase average selling prices by reducing promotional activity and shifting toward product-led marketing. Under Armour reorganized its operations around specific sport categories to improve accountability. Under Armour uses its Factory House outlet stores as a clearance channel for excess inventory to protect pricing integrity in its full-price Brand House and wholesale channels.