News Briefs – Page 3
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News briefs
UA releases its first NFTs
Like Nike and Adidas before it, Under Armour is embracing non-fungible tokens (NFTs). The American sportswear company has released 2,974 of them, each a digital replica of the Genesis Curry Flow shoe that Steph Curry was wearing on Dec. 14, when he broke the NBA’s record for total three-point shots. ...
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News briefs
Under Armour in talks with a new Russian franchisee
Under Armour confirms a report that it is in negotiations with a new potential franchise partner to develop its Brand House retail format in Russia. The first stores may be opened in Russian shopping centers in the autumn of 2022, according to local sources. The new franchisee would take over ...
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News briefsUnder Armour partners with El Corte Inglés for its new sports-focused store in Barcelona
Under Armour has opened a new 500-square-meter space in the centrally located department store of El Corte Inglés at Portal del Angel in Barcelona, which is being remodeled to focus on sports brands, with UA acting as the main partner. It also hosts the first Nike Live store in Europe, ...
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News briefs
UA supporting Baltimore’s bid for World Cup
Under Armour is now one of 16 companies and organizations helping its home city of Baltimore, Maryland, make a pitch to host the 2026 FIFA World Cup. Some 17 American cities are currently in contention. The other companies are Brown Advisory, Fila, State of Maryland, Sport and Entertainment Corporation of ...
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News briefs
Under Armour redeems bonds worth $159.1m
Starting on Aug. 23, Under Armour will be redeeming about $159.1 million worth of convertible 1.50 percent senior notes due 2024, exchanging them with certain noteholders for cash or shares. They will also be paid for accrued unpaid interest. The transaction will cover about 68 percent of the outstanding principal ...
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News briefs
Adidas replaces UA as sponsor of the University of Hawaii
Adidas is taking over the sponsorship of the University of Hawaii from Under Armour in two stages, following a negotiated buyout of the latter’s $10.2 million five-year deal with the school that was originally set to expire in June 2022. The Three Stripes will be the school’s sponsor for apparel ...
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News briefs
Under Armour celebrates Pride Month
For several years, Under Armour has been pursuing a policy of standing for equality through its “Unified” program, which helps to create a safe, friendly and empowering workplace for people who identify as LGBTQ. Unified is now one of nine “Teammate Resource Groups,” or TRGs, described as networks of more ...
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News briefs
Under Armour will redeem $250m worth of notes
To further boost its liquidity, while reducing its annual interest payments by about $3.75 million, Under Armour is exchanging half of the $500 million in convertible senior notes that it issued last spring with cash and Class C common shares. The bonds being redeemed currently yield an annual interest of ...
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News briefs
Moody’s upgrades Under Armour’s outlook and liquidity rating
Following as similar recent move by Standard & Poor’s, Moody’s has revised its outlook for Under Armour to positive from negative because of its improved operating performance, especially in North America, and better credit metrics and liquidity. The agency has upgraded its speculative grade liquidity rating for UA to SGL-1 ...
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Shareholder suit against UA may proceed
Following Under Armour’s acceptance of a $9 million settlement with the Securities and Exchange Commission (SEC) earlier this month, Baltimore federal court judge Richard Bennett has ruled that a long-running consolidated shareholder suit against the company can go forward. The suit, which names the company and its former CEO Kevin ...
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News briefs
Under Armour debuts omnichannel presence in the Middle East
Under Armour is launching an e-commerce platform in the Middle East, in collaboration with two technology partners, Emakina and Fluent Commerce. The American sports company has already more than 30 brick-and-mortar stores in the Middle East region, where it is distributed by Athlocity, including a newly inaugurated flagship store in ...
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News briefs
S&P upgrades Under Armour’s outlook
The outlook for Under Armour has been changed by Standard & Poor’s from negative to stable based on the company’s improved financial metrics, while its issuer credit rating has been kept at BB. S&P expects UA’s debt/Ebitda ratio to decline from 2.7 times in 2020 to below 2.0 times by ...
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News briefs
UA to pay $9m in fines for misreported revenues
The U.S. Securities and Exchange Commission (SEC) is levying $9.0 million in fines on Under Armour for “misleading investors as to the bases of its revenue growth and failing to disclose known uncertainties concerning its future revenue prospects.” The misdeeds occurred over a year and a half, from the third ...
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News briefsUA scales back plans for its new global headquarters
Under Armour plans to have a new headquarters in place by 2025 on the 50-acre waterfront property it acquired in Port Covington, South Baltimore, from Kevin Plank in 2016. Its design takes its cues from the pandemic’s lockdowns, mixing office with home working, and scales back initial plans for nearly ...
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News briefs
Adidas is one of the Top 10 companies for corporate reputation
Adidas has ranked 7th in “The 2021 Global RepTrak 100,” a ranking of corporate reputation for companies with global revenues above $2 billion, compiled by The RepTrak Company, a reputation data and insights company based in Boston. Lego Group has taken the top spot, followed by Rolex, in the second ...
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News briefs
Under Armour outlines specific environmental pledges
Under Armour (UA) has announced three specific commitments to reduce the impacts of its operations on the environment. Firstly, the company has committed to reduce absolute scope 1, 2 and 3 greenhouse gas (GHG) emissions by 30 percent by 2030 from a 2018 base year - a science-based emissions target ...
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News briefs
Under Armour will donate sports apparel via Maro Itoje
Under Armour has signed an endorsement deal with the England rugby star Maro Itoje. With his support, it will be donating £1 million (€1.2m-$1.4m) in sports apparel to Kit Us Out, a charity operating out of the U.K. that provides sporting goods for poor children around the world. UA’s donation ...
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News briefs
Foot Locker has a new CFO, earns praise from Moody’s
Moody’s has confirmed Foot Locker’s positive Ba1 corporate family rating, in spite of Covid’s effects on its business, considering that its liquidity is very good. Other assets are its scale, geographic diversification and well-recognized brand names. Key risks are the chain’s narrow focus on the fashion-sensitive premium athletic footwear and ...
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News briefs
New finance director for Under Armour EMEA
Under Armour is going to relocate Chris Goodall from Panama to Amsterdam to serve as financial director of the company for the EMEA region. The former financial planning and analysis manager at Hackett London had been appointed to a similar role at UA in Panama in 2015, with responsibility for ...
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News briefsOdlo’s new CFO comes from Under Armour
Source: Odlo Abe Yasser Effective May 1, 2021, finance specialist Abe Yasser will take over as Odlo International’s chief financial officer from Adrian Schürmann, who is leaving the company after joining it in 2015. During his tenure, Schürmann helped manage Odlo’s change in ownership in May 2020. ...
