Delving into the evolution of Under Armour Incorporated (UA) from a promising contender in the sportswear industry to a company that aggressively pursued adjacency expansions to fuel its growth, only to encounter a failed growth strategy, this case outlined the corporate turnaround of UA under the leadership of Stephanie Linnartz. Linnartz joined the company as chief executive officer CEO on February 27, 2023, and embarked on a three-year turnaround strategy dubbed “protect this house 3.” On February 27, 2024, after a year at the helm, Linnartz found herself confronted with a difficult situation: UA’s shares had declined by about 8 per cent to US$8.89. Balancing the core and adjacencies while addressing the company’s immediate financial concerns posed a formidable challenge for the CEO’s leadership.
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