Under Armour ECONOMIC

Target: Under Armour, Inc. Research date: 22 October 2026 Evidence period: Historical records through October 2026 Scope: Commercial, financial, operational, sourcing, and ownership relationships involving Israel and internationally recognized occupied territories.

Supply Chain & Sourcing Relationships

Manufacturing structure

In fiscal 2026, Under Armour reported manufacturing apparel and accessories through 40 primary independent contract manufacturers operating in 17 countries. Approximately 65% of apparel and accessories products were manufactured in Jordan, Vietnam, Indonesia, and Cambodia. Seven primary contract manufacturers produced substantially all footwear, primarily in Vietnam and Indonesia.¹

The company’s FY2026 filing states that it sells apparel, footwear, and accessories in the Middle East and Africa through independent distributors, establishing a distribution model relevant to its Israeli commercial operations.¹

Named Israeli commercial intermediary

Sport & More Ltd identifies itself as an Israeli importer and distributor representing Under Armour alongside Saucony, Reebok, Diadora, Le Coq Sportif, Merrell, Feetures, and Mikasa. Its company description reports approximately 150 employees working across sourcing, logistics, merchandising, marketing, sales, and retail for its wider brand portfolio; an Under Armour-specific employee count is not disclosed.²

The official Israeli Under Armour website identifies Sport & More Ltd, Israeli company number 516794161, as the operator of the website and seller of branded sports apparel and footwear. Its privacy-policy disclosure was updated on 17 August 2025.³

Historical distribution relationship

A 2012 [pre-2020] Israeli trade publication identified Grundman & Co. as the exclusive Israeli distributor of Under Armour and described an expansion into fitness facilities with an estimated investment of NIS 5 million. The current status of that historical agreement is unknown, while contemporary website records identify Sport & More as the Israeli e-commerce operator.^{4, 3}

Importer-of-record structure

Sport & More’s self-description establishes that it conducts import and distribution activity in Israel, but the available documents do not identify the importer of record for individual Under Armour shipments or demonstrate that Sport & More is owned by Under Armour.^{2, 3}

Israeli agricultural suppliers

No public evidence identified of procurement from Mehadrin, Hadiklaim, Galilee Export, Agrexco successors, or other named Israeli agricultural exporters.

Seasonal sourcing

No public evidence identified of recurring Israeli agricultural procurement during December–April or any other seasonal window.

Possible Israeli textile-manufacturing relationship

A third-party boycott directory published in September 2025 alleges that Under Armour is a customer of Israeli apparel manufacturer Delta Galil Industries. The directory does not establish a dated purchase order, named supplying factory, shipment record, or contractual value.⁵

An April 2025 S&P Global Ratings Maalot assessment of Delta Galil identifies customers including Skims, Nike, Victoria’s Secret, Calvin Klein, and Walmart, but does not identify Under Armour among the customers named in its business-risk discussion. This does not conclusively exclude a commercial relationship because the customer list is not exhaustive.⁶

Delta Galil’s February 2026 financial announcement similarly identifies other major brand customers and reports FY2025 revenue of approximately $2.119 billion. That disclosure does not independently substantiate the alleged Under Armour supply relationship.⁷

Under Armour’s FY2026 filing describes its independent manufacturing model but does not identify Delta Galil as a named supplier. No independently verified factory-level relationship or settlement-origin supply connection was established from these records.^{1, 5}

Other indirect or white-label sourcing

No public evidence identified of Israeli-origin materials entering Under Armour products through a verified Israeli subcontractor, white-label manufacturer, or third-party sourcing intermediary.

Product Origin, Labeling & Regulatory Compliance

Product categories

Under Armour’s Israeli online store sells branded apparel, footwear, bags, headwear, socks, and other sporting accessories. The merchandise categories are consistent with the company’s disclosed global product activities.^{8, 1}

Settlement-origin products

No public evidence identified establishing that Under Armour-branded products sold in Israel or elsewhere were manufactured, sourced, or labeled as originating from a West Bank settlement, East Jerusalem settlement, or the occupied Golan Heights.

Country-of-origin labeling enforcement

No public evidence identified of an Under Armour-specific DEFRA enforcement notice, customs penalty, regulatory determination, or judicial ruling involving goods incorrectly labeled as originating from Israel or occupied territories.

Corporate labeling policy

No public evidence identified of a publicly stated Under Armour policy specifically addressing the sourcing or labeling of goods manufactured in Israeli settlements.

Traceability and supplier compliance

Under Armour’s FY2026 Form 10-K describes manufacturing controls, supplier standards, and evaluation of manufacturing partners. It does not provide a settlement-specific product-origin assurance or a complete geographic breakdown of every subcontracted component.¹

In its 2025 conflict minerals report, Under Armour disclosed receiving responses from all 33 surveyed direct material suppliers within its conflict-minerals inquiry. This inquiry concerns designated minerals in applicable manufactured products and does not establish the geographic origin of all apparel, footwear, or Israeli-market merchandise.⁹

Regulatory compliance findings

No public evidence identified of a settlement-origin labeling breach by Under Armour or its named Israeli e-commerce operator.

Investment, Capital & Financial Exposure

Foreign direct investment

Under Armour’s FY2026 Form 10-K discloses international distribution and operations, including independent distributors serving Middle Eastern markets. The filing does not separately identify an Israeli factory, owned warehouse, data centre, research facility, or material real-estate investment.¹

Israeli operating subsidiaries and acquired identity

The FY2026 significant-subsidiaries exhibit identifies Under Armour Europe B.V. in the Netherlands, Under Armour Retail, Inc. in Maryland, UA Global Sourcing Limited in Hong Kong, Under Armour International Holdings Limited in Hong Kong, and Under Armour Global Limited in Cyprus. No Israeli-incorporated entity appears among the disclosed significant subsidiaries.¹⁰

The exhibit expressly permits omission of subsidiaries below its reporting materiality threshold; consequently, the significant-subsidiaries list does not establish that no smaller Israeli subsidiary exists.¹⁰

No public evidence identified of an Israeli operating company acquired by Under Armour or held through a controlling ownership stake. No acquisition date, consideration, ownership percentage, manufacturing location, or Israeli subsidiary employee count could therefore be established.

Israeli R&D and innovation facilities

No public evidence identified of an Under Armour-owned Israeli research laboratory, accelerator, innovation centre, or Israeli Innovation Authority grant.

Ownership and controlling shareholders

Under Armour’s July 2026 definitive proxy reports that Kevin A. Plank beneficially controlled approximately 64.6% of the company’s combined voting power as of 29 May 2026, reflecting the voting rights attached to his Class B shares and other holdings.¹¹

The same proxy reports Fairfax Financial Holdings and affiliates as beneficial owners of approximately 45.3 million Class A shares, BlackRock-related entities as beneficial owners of approximately 20.1 million Class A shares, and Vanguard-related entities as beneficial owners of approximately 10.9 million Class A shares, using the respective reporting dates identified in the proxy.¹¹

Under Armour’s corporate governance disclosure identifies Mohamed A. El-Erian as chair of the board and Kevin Plank as president and CEO. The board also includes individuals with backgrounds in finance, business management, sports administration, and other industries.¹²

On 15 April 2025, Under Armour announced the appointment of Dawn N. Fitzpatrick, Eugene D. Smith, and Robert J. Sweeney to its board.¹³

Controlling-principal investments

No public evidence identified of an Under Armour-specific Israeli investment by Kevin Plank, his family-controlled entities, Mohamed El-Erian, or the other reviewed executives and directors that can be attributed to Under Armour’s corporate economic activity.

Institutional-shareholder portfolios

The proxy confirms ownership stakes held through Fairfax, BlackRock, and Vanguard-related entities. It does not establish that the Israeli investments, if any, of those independent institutional groups are owned or financed by Under Armour.¹¹

No public evidence identified of direct Under Armour holdings in Israeli-domiciled publicly traded companies, Israeli sovereign bonds, Israel-focused investment funds, or Israeli defence manufacturers.

Financing the Israeli state

Under Armour’s FY2026 filing describes its corporate borrowing arrangements, credit facilities, debt securities, and ordinary financing activities. No Israeli sovereign-debt underwriting, Israel Bonds distribution, direct settlement lending, or military-operation insurance underwriting relationship is identified in those disclosures.¹

Corporate financial filings

The company’s FY2026 Form 10-K was filed with the SEC on 19 May 2026 for the fiscal year ended 31 March 2026, providing the financial reporting basis for the current corporate and investment assessment.¹⁴

Operational Presence & Market Activity

Israeli commercial operations

The official Israeli Under Armour e-commerce website was active during the October 2026 research period and offered branded merchandise for sale in Israeli shekels. Sport & More Ltd was identified in the site’s legal documentation as its commercial operator.^{8, 3}

The Israeli Under Armour store directory lists six branded locations: Haifa Bay, Ashkelon, Nof HaGalil, Zichron Yaakov, Holon, and Beersheba. The directory documents addresses and telephone numbers for those locations.¹⁵

Under Armour’s international store locator independently lists six Israeli stores, including Globus Center, Beer Sheva, Hutzot Outlet, Ha’Sayarim, Ofer Center, and Zichron Outlet.¹⁶

These contemporary retail listings establish continuing commercial activity after 19 July 2024 and after November 2024, although they do not establish the precise opening date of each location.^{15, 16}

Settlement nexus

The six locations in the reviewed Israeli store directory are identified with Ashkelon, Beersheba, Haifa Bay, Holon, Nof HaGalil, and Zichron Yaakov. None of those six listings establishes a store within a West Bank or Golan Heights settlement.¹⁵

No public evidence identified of an Under Armour-branded store, distribution warehouse, sourcing facility, or franchise location operating within an identified Israeli settlement.

No public evidence identified of settlement-specific deliveries, military-base concessions, institutional sales, or supplier contracts involving occupied territories.

Employment

Sport & More describes approximately 150 employees across its multi-brand Israeli business. This figure is not attributable solely to Under Armour.²

No public evidence identified of the number of employees directly employed by Under Armour, Inc. within Israel or of Under Armour-specific staffing across the six listed Israeli stores.

Tax and regulatory registration

The Israeli e-commerce website identifies Sport & More Ltd under Israeli company number 516794161. This confirms a named local commercial operator, but does not disclose the amount of VAT, corporation tax, payroll taxes, or customs duties paid in connection with Under Armour merchandise.³

Market positioning

Under Armour’s FY2026 annual report describes the Middle East and Africa as territories served through independent distributors. Israel is not separately identified as a strategic operating segment in the company’s regional financial reporting.¹

The company’s FY2026 shareholder communication characterises EMEA as a region in which it is protecting its existing position and pursuing selective expansion, without separately characterising Israel’s commercial significance.¹⁷

Corporate retail activity

In its August 2026 quarterly release, Under Armour reported 438 company-owned and operated stores globally at 30 June 2026, comprising 196 North American locations and 242 international locations. These figures do not establish that the separately listed Israeli stores are company-owned.¹⁸

Government and military procurement

No public evidence identified of a direct Under Armour contract with the Israel Defense Forces, Israeli Ministry of Defence, Israeli Police, or an Israeli government procurement authority.

Military employment policies

No public evidence identified of an Under Armour-specific Israeli reservist salary supplement, military-leave subsidy, or military personnel employment programme.

Charitable matching

No public evidence identified of an Under Armour-specific charitable contribution, corporate grant, or employee matching payment to an Israeli settlement organisation or military-support charity.

Corporate Structure & Foundational Ties

Founding and incorporation

Under Armour, Inc. was incorporated in Maryland in 1996. Its FY2026 Form 10-K identifies its principal executive offices as 101 Performance Drive, Baltimore, Maryland 21230.¹

The company was not founded or incorporated in Israel according to its reported corporate history, and its disclosed principal executive offices are in the United States.¹

Headquarters and management

Under Armour’s corporate governance materials identify Kevin Plank as president and CEO and Mohamed El-Erian as board chair. Its FY2026 filing identifies Baltimore, Maryland, as its principal executive-office location.^{12, 1}

No public evidence identified of a principal management headquarters, dual headquarters, or legacy corporate headquarters in Israel.

Israeli-Nexus Floor factual indicators

The company’s SEC incorporation record identifies Maryland as its jurisdiction of incorporation, while its disclosed principal executive offices are located in Baltimore, Maryland.¹

The 2026 proxy identifies Kevin Plank as controlling approximately 64.6% of combined voting power and records significant holdings through Fairfax, BlackRock, and Vanguard-related entities. The reviewed ownership records do not establish Israeli beneficial control.¹¹

No public evidence identified of Under Armour holding Israeli corporate tax residency or Israeli Preferred Technology Enterprise status.

Corporate structure

The FY2026 significant-subsidiaries exhibit identifies entities incorporated in the Netherlands, Maryland, Hong Kong, and Cyprus. It does not identify a significant subsidiary incorporated in Israel.¹⁰

State ownership and appointments

No public evidence identified of an Israeli government equity holding, Israeli state-appointed director, or governance instrument granting an Israeli public authority special rights over Under Armour.

Government contracts and critical infrastructure

No public evidence identified of Under Armour being designated an Israeli critical infrastructure operator or holding a verified Israeli public-sector infrastructure concession.

Structural governance

Under Armour’s 2026 proxy describes its multiple share classes, including Class B shares carrying ten votes per share and Class C shares without voting rights. Those mechanisms explain Kevin Plank’s voting control; the disclosed structure does not identify any special voting or governance right held by the Israeli state.¹¹

Supply-chain executive responsibility

In October 2023, Under Armour appointed Shawn Curran as chief supply chain officer, with responsibility encompassing sourcing, manufacturing, logistics, customs, warehousing, and sustainability. This establishes corporate responsibility for global supply-chain management but does not identify any Israel-specific sourcing agreement.¹⁹

Governance continuity

The company publishes annual reports, proxy materials, governance documents, and SEC filing access through its official investor resources. These documents provide the principal public record for assessing changes to corporate control and group structure.²⁰

Profit Repatriation & Economic Contribution

Global and regional revenue

Under Armour reported FY2026 consolidated revenue of approximately $4.966 billion, compared with approximately $5.164 billion in FY2025.¹

For FY2026, the company reported approximately $1.181 billion of EMEA revenue, $2.859 billion from North America, $719 million from Asia-Pacific, and $234 million from Latin America, before corporate adjustments. Israel-specific revenue was not separately disclosed.²¹

The company reported approximately $2.832 billion of FY2026 wholesale revenue, $2.054 billion of direct-to-consumer revenue, and $107 million of licensing revenue globally. These disclosures do not allocate the relevant amounts to Israel.²¹

Israeli-market revenue

No public evidence identified of Under Armour’s independently disclosed annual wholesale revenue, royalty income, licensing revenue, or direct-to-consumer revenue specifically attributable to Israel.

Local commercial economic activity

Sport & More’s operation of the Israeli online store and its declared import and distribution activities establish local commercial transactions involving Under Armour-branded products. The reviewed sources do not quantify Under Armour-specific local turnover or the contractual division of revenue between the Israeli operator and the brand owner.^{3, 2}

Profit repatriation

Under Armour’s FY2026 Form 10-K reports approximately $277.6 million of cash and cash equivalents held by foreign subsidiaries at 31 March 2026, including approximately $263.3 million classified as indefinitely reinvested. These are aggregate international figures and do not identify funds held in or repatriated from Israel.¹

The same filing reports approximately $965.5 million of accumulated undistributed foreign-subsidiary earnings, including approximately $399.4 million intended for indefinite reinvestment. These balances cannot be attributed to Israeli operations without additional country-level disclosure.¹

No public evidence identified of Under Armour-specific dividend payments, royalty remittances, management charges, or transfer-pricing flows from Sport & More or another identified Israeli commercial intermediary to Under Armour group companies.

Tax contribution

No public evidence identified of the annual Israeli VAT, corporation tax, customs duties, payroll tax, or other fiscal contributions attributable specifically to sales of Under Armour-branded products.

Israeli economic ecosystem

Sport & More identifies Under Armour as one of several international brands within its Israeli import and distribution portfolio, with commercial functions extending across sourcing, logistics, marketing, and retail.²

The six stores listed by the Israeli website establish a branded retail presence, but the examined records do not disclose Under Armour’s Israeli market share, employment impact, or sector ranking.¹⁵

No public evidence identified of an Israeli government designation of Under Armour as a nationally significant employer, strategic manufacturer, essential service provider, or critical infrastructure operator.

Historical and contemporary continuity

A historical Israeli marketing article documents an Under Armour distribution relationship in 2012 [pre-2020], while the 2025–2026 distributor and retailer records establish contemporary commercial activity under Sport & More. The records do not establish the contractual continuity or timing of any transfer from Grundman & Co. to Sport & More.^{4, 3}

Outstanding financial evidence

No public evidence identified of a transaction-level reconciliation linking Under Armour’s international wholesale or licensing receipts to Sport & More’s import records, Israeli store receipts, bank transfers, or statutory financial statements.