Solved a real problem for hardcore athletes with compression moisture-wicking shirts. Picked a few fitness categories and executed obsessively. Hit $400M in sales within a decade and overtook Adidas as #2 in the U.S.
Hubris set in. Instead of focusing on apparel, they spent hundreds of millions buying fitness apps to become a "tech company." CEO got political on TV, alienating Steph Curry. They bet heavy on dying malls and missed the athleisure trend that made Lululemon explode. Started discounting through TJ Maxx, killing the premium brand perception.
Stock down 74% from peak. Revolving door of CEOs. Founder Kevin Plank back in charge trying to rebuild basics. Still huge but uncool — now an afterthought behind Nike, Lululemon, and emerging brands.
