While some athletic apparel brands — like Lululemon and Gap’s Athleta — are flourishing in 2020 as work-from-home leads to comfier style, Under Armour’s tough year continues. The brand announced last week it will lay off approximately 600 people.
Those layoffs could cost the company $235 million, including $135 million in contract termination fees. Following a revenue drop in the second quarter — 41% year-over-year — Under Armour has projected a drop of up to 25% in revenue in the second half of the year.
Other Apparel News:
- Kanye West tweeted Adidas and Gap wouldn’t give him a board seat, saying “Black board seats matter.” Both companies made commitments in June to hire more Black and Latinx employees and have deep partnerships with West and the Yeezy name. West’s tweet brought further attention to the fact approximately only 10% of new board seats in 2019 went to Black directors.
- After 15 years with Nike, global soccer star Neymar is making the switch to Puma — financials not disclosed. The 28-year-old Paris Saint-Germain forward ended his $100 million Nike deal two years early.
