Under Armour’s unofficial restructuring has claimed another executive and Wall Street isn’t exactly taking it in stride.Shares of the athleticwear company fell 5.8 percent in after-hours trading to $11.36, a fresh low, after Under Armour said it’s parting ways with Peter Ruppe, its senior vice president of footwear. The move comes about three weeks after WWD reported that Ben Pruess, president of sports fashion, is leaving the brand. Ruppe joined Under Armour almost exactly three years ago after spending 26 years in various executive positions with Nike, including some focused on footwear and product development.A company spokeswoman declined to specify any reason for Ruppe’s departure, but said Ryan Drew is set to assume the role of head of footwear. Drew currently serves as vice president and general manager of Under Armour’s global basketball division.Kevin Plank, Under Armour’s founder and chief executive officer, said in August the company was “pivoting” as once consistently double-digit growth has slowed in recent months and sales in North America have dwindled next to stiff competition from Nike and Adidas.The de facto restructuring plan came within weeks of Patrik Frisk, a veteran of VF Corp. and Aldo, coming on as president and chief operating officer. Under Armour made a number of other management changes around that time, including naming a chief technology officer and a chief supply chain officer.Although change has now been in the works for the better part of this year, Under Armour is still struggling and further executive and operational shifts seem likely.During the third quarter, the company saw revenue fall by 5 percent to $1.4 billion, driven by an 8 percent decline in apparel sales and relatively flat footwear and accessories sales. Net income fell to $54.2 million from $128.2 million a year ago, partially impacted by $89 million in costs related to the ongoing restructuring plan.Plank said at the time that “we understand the issues that put us in this position” and characterized 2017 as “a reset” for the company — which posted quarterly growth of more than 20 percent for more than six years starting in 2010. He alluded to “growing pains” and upcoming changes for Under Armour as “a brand, company and culture.” Footwear, one of Under Armour’s biggest areas of focus for expansion and marketing led by a multimillion dollar and multiyear deal with basketball star Stephen Curry, has been called out repeatedly for lackluster performance. Footwear sales during the third quarter rose 2.2 percent to $285 million.When discussing the results at the end of October, Frisk said the category “is falling short of our expectations,” citing lack of demand in North America. He added that Under Armour is “working diligently to proactively fine-tune our footwear playbook and ensure we deliver the right innovation, style and price-to-value equation at the right place and at the right time.”Frisk alluded to a stronger focus going forward on running footwear, which he sees as Under Armour's “biggest long-term growth category.”For More, See:Nike, Under Armour, Lululemon Facing Dwindling Ath-leisure TrendUnder Armour Sees Retail as a GameAdidas Targets Greater China Among Lands of Opportunity
For its next men’s wear collection, @roberto_cavalli will show as a special guest at #PittiUomo, running from June 12-15. The brand, which has Florence in its roots, will relaunch its men’s wear collection, which will be presented separately from women’s wear for the first time since Paul Surridge was appointed creative director in May. #wwdnews #wwdfashion (📷: @aitorrosasphoto)
“I was making the guacamole when my scout saw me,” says model @stuckinteenage on being discovered just six months ago while working at @chipotlemexicangrill. Since then Williams has signed with @dnamodels, walked in her first show at @calvinklein and landed on the cover of @vogueitalia – a high point of any model’s career. To read @lisajlockwood’s full interview with the model on her experiences thus far, head to WWD.com – link in bio. (📷: George Chinsee)
“I love the idea of dialogue, period. It’s where I’ve always gotten my inspiration from: hearing other women speak, their journeys and their paths,” said @hereisgina, who delivered the keynote speech at the @sxsw conference for @createcultivate, the online platform and conference series for women. For her two panels, Rodriguez chose female empowering, female-led and female entrepreneurs to focus on. Head to WWD.com to read more about her thoughts on Time’s Up, growing up in a family of women and why we “need a girls’ club.” #wwdeye #sxsw (📷: @jgreenery)
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.