Under Armour is collapsing — And Kevin Plank has to take the blame

Under Armour is facing a significant downturn, with founder and CEO Kevin Plank being held responsible for the company's struggles. Plank, who has been a constant presence at the company, recently returned as CEO, displacing his chosen successor. Under his leadership, the company has experienced a sharp decline in sales across various segments, including a 10% drop in North America and an 11% decrease in footwear sales.

The company's performance contrasts starkly with competitors like Lululemon and Nike, highlighting Under Armour's challenges in innovation and market adaptation. Plank has announced a new strategy to revitalize the business, including reducing stock keeping units by 25% and implementing cost cuts. However, analysts remain skeptical about the turnaround plan's effectiveness, given the company's recent track record and the competitive landscape.