Last Updated on September 23, 2023 by Reiner Chase
Under Armour alternatives include Nike, Adidas, PUMA, New Balance, and ASICS. Nike is the market leader, with a market cap of over $190 billion. Adidas is second, with a market cap of over $70 billion. Under Armour is third, with a market cap of around $3 billion. PUMA, New Balance, and ASICS are all smaller players but still significant competitors.
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Top 10 Under Armour Competitors In 2023
1. Nike Inc.
Leading the pack is Nike Inc., consistently one of the most formidable competitors in the sports apparel market. Despite the prevailing market volatilities in 2023, Nike’s brand remains strong, thanks to its focus on innovation and successful marketing strategies.
2. Adidas AG.
The German-based company, Adidas AG, continues to be a strong competitor with a significant global presence. Their commitment to sustainable production practices and their diverse product line make them a fierce rival of Under Armour.
3. Puma SE.
Another significant competitor originating from Germany is Puma SE. Known for its lifestyle and sports-oriented products, Puma holds a substantial market share, posing a tough competition to Under Armour.
4. New Balance Athletics, Inc.
American company New Balance Athletics, Inc. offers collections across a wide range of sports, capitalizing on their comprehensive line of athletic footwear.
5. Columbia Sportswear Company.
Renowned for outdoor gear and apparel, Columbia Sportswear Company maintains a healthy competition with Under Armour. Their distinct focus on outdoor sports apparel sets them apart.
6. Lululemon Athletica Inc.
Lululemon Athletica Inc. is a Canadian company primarily known for yoga and running apparel. Their focus on niche markets offers a unique competitive edge.
|4||New Balance Athletics||USA|
|5||Columbia Sportswear Company||USA|
7. Sketchers U.S.A., Inc.
Primarily known as a footwear brand, Sketchers U.S.A., Inc. has expanded its product line to include sportswear, giving Under Armour a run for its money.
8. ASICS Corporation.
Japanese company, ASICS Corporation, focuses on high-quality sports gear. Their global reach and reliable product quality make them a strong opponent.
9. VF Corporation
VF Corporation houses a spectrum of brands, including Vans, The North Face and Timberland, each contributing to its competitive stance.
10. Reebok International Limited
Owned by Adidas, Reebok International Limited stands as a key player in the international sports apparel and footwear industry.
|7||Sketchers U.S.A., Inc.||USA|
|10||Reebok International Limited||England|
How Under Armour Makes Money
Under Armour makes money primarily through the sale of athletic apparel, footwear, and accessories. The company sells its products through a variety of channels, including its own retail stores, wholesale retailers, and its e-commerce platform.
Under Armour’s apparel segment is the largest contributor to revenue, accounting for over 65% of total sales in fiscal year 2023. The company’s footwear segment is the second-largest contributor to revenue, accounting for over 25% of total sales. Under Armour also sells a variety of accessories, including bags, socks, and hats.
Under Armour’s business model is based on selling high-quality, performance-enhancing products to athletes and fitness enthusiasts. The company’s products are designed to help athletes perform at their best and to stay comfortable during their workouts. Under Armour also invests heavily in marketing and advertising to promote its brand and its products.
Here is a more detailed breakdown of how Under Armour makes money:
- Wholesale sales: Under Armour sells its products to a variety of wholesale retailers, including sporting goods stores, department stores, and specialty retailers. This is the company’s primary sales channel.
- Direct-to-consumer sales: Under Armour also sells its products directly to consumers through its own retail stores and e-commerce platform. This channel is becoming increasingly important to the company, as it allows Under Armour to maintain more control over its brand and its customer experience.
- Licensing: Under Armour also licenses its brand to other companies, which produce and sell Under Armour-branded products. This is a smaller contributor to revenue, but it helps to raise brand awareness and generate additional income.
Under Armour’s revenue has grown steadily in recent years, but the company has faced some challenges in recent quarters. The company has been impacted by the COVID-19 pandemic and by supply chain disruptions. However, Under Armour remains a strong brand with a loyal customer base. The company is well-positioned to continue to grow its revenue and profitability in the years to come.
|Nike||1964||Beaverton, Oregon, US||76,700|
|Skechers||1992||Manhattan Beach, California US||13,100|
|Fila||1911||Seoul, South Korea||1000|
|New Balance||1906||Boston, Massachusetts, US||5,497|
|ASICS||1949||Kobe, Hyogo, Japan||9,039|
|Hanesbrands||2006||Winston-Salem, North Carolina, US||63,000|
|VF||1989||Denver, Colorado, US||50,000|
Frequently Asked Questions
1. What Are The Products Of Under Armour, And Where Is The Headquarter Located?
Under Armour produces and sells sport and casual apparel, footwear, and accessories. It is an American company with its headquarters in Baltimore, Maryland, US.
2. Is Under Armour Better Than Its Competitors?
Under Armour has had a very fast-paced growth since its inception. A company can be grown fast only if its products are better than its competitors.
3. How Does This Company Make Money?
The company has its business in three major segments; apparel, footwear, and accessories. The company gets 67 % revenue from apparel, 20% from footwear, 8% from accessories, and the rest from licenses to partners.