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Under Armour to slash 2% of global workforce

US-based sportswear brand Under Armour is carrying out a restructuring that will include job cuts, as it reveals it made a loss in its second quarter.

The restructuring involves terminating facilities and leases, as well as job losses affecting around 2% of the business’s global workforce. This equates to roughly 300 roles, since the brand’s current headcount is 15,000. It is thought that half of the positions affected are based in Baltimore.

Under Armour reported a 9% increase in second quarter revenue to $1.1bn (£833m), but posted a net loss of $12m (£9m) for the three months ending June 30.

However, outside North America, international revenue jumped 57% to represent 22% of total revenue. Its EMEA revenue was up 57%.

Under Armour said the restructuring forms part of a bid to become more consumer-led, moving from a mainly wholesale focus to a more direct-to-consumer focus.

Under Armour chairman and chief executive Kevin Plank said: “We are utilising 2017 to ensure that operations across our diverse portfolio of sport categories, distribution channels and geographies are optimised as we are building a stronger, faster and smarter company.”

He added: “More than doubling our business over the last three years has required significant investments and resources to build our brand.”

Under Armour operates an outlet in Portsmouth, according to its website. Its UK stockists include Sports Direct.

It was reported in January that Under Armour was seeking a flagship store in London.

Read about how Under Armour is preparing for battle in the UK here 

Readers' comments (1)

  • JJB Sports does not exist anymore so cannot be a stockist of Under Armour.

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