Under Armour Brand Audit: US Owner, Indian Licensee, Prices

Under Armour reaches Indian buyers through an exclusive distributor and licensee rather than its own sales operation, and its Indian shelf is footwear-led and premium-priced. Forty product records were read in full on India’s largest fashion marketplace on 15 September 2026: country of origin was declared on all forty, mostly Vietnam, while the manufacturer line was blank on thirty-two and read “Under Armour” or “UNDER ARMOUR” on the other eight.

Snapshot

Brand owner

Under Armour, Inc., Baltimore, Maryland, listed on the New York Stock Exchange as UAA and UA

Global revenue

US$5.0 billion for the year ended 31 March 2026, down 4%; net loss US$495.6 million

Asia-Pacific revenue

US$719.1 million, down 4.8% on the year before

What its annual report says about India

It sells to distributors in India and several other countries where it has no direct sales operations

Indian distributor and licensee

Underdog Athletics India Private Limited, CIN U52520DL2021PTC380151, incorporated 15 April 2021, formerly TCNT Athletics India Private Limited

Indian subsidiary

Under Armour India Trading Private Limited, CIN U51909DL2018FTC340615, incorporated 16 October 2018, a subsidiary of a company incorporated outside India

What the register carries on revenue

₹227.01 crore at the distributor for FY2025, up 27%; ₹2.4 crore at the subsidiary, which reports four employees

Manufacturer line

Blank on 32 of 40 records; the other eight name the brand and no address, read 15 September 2026

Declared country of origin

Vietnam 32, China 4, Jordan 2, Philippines 1, Indonesia 1 — declared on all forty

Sellers of record

Underdog Athletics India Pvt Ltd on 17 of 40, another seller on 23 of 40

What the shelf sells

Footwear-led: 57 sports shoes and 14 casual shoes in 100 listings, against 12 T-shirts and 6 caps

Price band in India

Premium — median MRP ₹7,999, median price actually paid ₹5,324 across 100 listings, read 15 September 2026

Decided Indian court outcomes

Four decrees for the brand against sellers of counterfeit goods, and one recorded settlement

What Under Armour’s listings declare

Forty Under Armour records were read on 15 September 2026. The manufacturer line was blank on 32. The eight that were filled carried “Under Armour” or “UNDER ARMOUR” and nothing beside them.

What that reading does and does not mean

Three limits belong next to it. A declaration a shopping page does not show is not a declaration a seller did not make: what was read is a marketplace panel, and the box may carry more. Nobody has ruled on any of these listings. And this is not a finding against anyone — it is one shopfront’s display on one day.

How other international brands present the same panel on Indian listings is covered brand by brand in our Hugo Boss and Diesel audits.

The line that is filled in, and filled in accurately

Origin is declared on all forty records — Vietnam 32, China 4, Jordan 2, Philippines 1, Indonesia 1 — and it matches what the company tells its own regulator.

The annual report for the year ended 31 March 2026 puts apparel with 40 contract manufacturers in 17 countries, about 65% of it in Jordan, Vietnam, Indonesia and Cambodia, and substantially all footwear with “seven primary contract manufacturers, operating primarily in Vietnam and Indonesia”. The shelf is footwear-led, and Vietnam on 32 records is what that predicts. Under Armour makes nothing itself and names no factory, but this field and the filing agree.

How Under Armour reached India

Two trade publications, a day apart in April 2022, use one phrase for what followed: Underdog Athletics is Under Armour’s “exclusive distributor and licensee” for India, with Tushar Goculdas as its managing director. Both put 28 Brand House stores in 18 cities, run through franchise partners, and an intention of ten new stores a year.

Those figures are four and a half years old and no current store count could be established, so nothing here multiplies them forward. The term of the licence, the royalty and the category scope are published nowhere, and are not guessed at.

The small company and the large one

Under Armour’s annual report puts India in one sentence.

…distributors in New Zealand, Taiwan, India and other countries in Southeast Asia where we do not have direct sales operations.

The Indian register sits beside that sentence rather than against it. Under Armour India Trading Private Limited was incorporated on 16 October 2018, is filed as a “subsidiary of company incorporated outside India”, holds ₹9.5 crore of paid-up capital and is registered under “other wholesale”. A register mirror puts its FY2025 revenue at ₹2.4 crore on four employees.

The list of significant subsidiaries filed with that report names five companies — Netherlands, Maryland, Hong Kong twice, Cyprus — and no Indian one. That absence proves less than it looks, because such a list is filed to a significance threshold, and five entities for a US$5 billion company is a threshold rather than a group tree. It says Under Armour does not treat the Indian company as significant, not that it is not a subsidiary.

Next door sits the distributor. Underdog Athletics India Private Limited was incorporated on 15 April 2021 as TCNT Athletics India Private Limited — the CIN is unchanged, which is what ties the two names together. A register mirror puts its FY2025 revenue at ₹227.01 crore, up 27%, on roughly 26 employees.

Both figures are what registry mirrors carry rather than audited accounts, the mirrors date their last filings a year apart, and neither publishes a profit figure, so this page prints none.

The two counters behind the shelf

The seller of record was Underdog Athletics India Private Limited, the brand’s published distributor and licensee, on 17 of the 40 records, and another seller on the other 23.

What Under Armour costs in India

We sampled 100 distinct listings from a 3,593-item shelf on 15 September 2026. The median MRP was ₹7,999 and the median paid ₹5,324 — 70.7% of the tag, with 85 of the hundred reduced across 34 MRPs and 11 discount rungs.

Under Armour sits in the middle of that table, level with Decathlon — which sells its own goods at a third of the median MRP.

Why this page prints no India-versus-America gap

Under Armour sells the same garment under one style number in both markets. Style 1361524, the HeatGear Armour compression long-sleeve top, lists in America at US$40.00, before sales tax. No Indian price for that style was taken on 15 September 2026.

What stands behind the performance claims

Under Armour markets its fabrics under technology names. The table sets out how its pages describe each one.

On the pages read on 15 September 2026, the technology and product pages cite no test method or published figure for HeatGear, ColdGear, UA Storm, Iso-Chill, the compression range or the UPF 50+ rating.

The UPF rating

One claim on this rail carries a number. The UA Explor UPF long-sleeve crew is sold as “UPF 50+”, and the brand merchandises a whole “UPF 50+ Sun Protection” department. UPF is a rating against a recognised scale, and the one figure of this kind Under Armour prints on a garment.

The material claims, dated

The sustainability pages say about 40% of fabrics in apparel and accessories were “made from materials capable of being recycled” as at the end of 2021. Beside it sit targets: circular design in half of products by 2027, 75% low-shed fabric by 2030, and a 75% cut in single-use plastic packaging by 2025, read in September 2026 with no outcome reported.

On the pages read in September 2026, the outside body named there is the Fair Labor Association, a labour standards organisation.

Can a buyer tell a real one?

Not from anything the brand was found to publish for this market. No serial number, hologram, QR code, scratch panel, verification page or list of authorised Indian sellers for Indian buyers was found on 15 September 2026. The practical checks are the declaration on the box and the name of the seller of record.

What the courts have decided

Under Armour enforces its mark in India: the Delhi High Court has decreed four of its suits against sellers of counterfeit goods since 2023.

Damages across the four come to ₹19,05,000. Three were decided without the other side appearing, which belongs in the same breath: an undefended decree means the defendant did not turn up, not that the case was tested both ways.

The limits, plainly. Each outcome was on the matter as it then stood, against the parties before that court. Nobody has ruled on the listings this page read, on the declarations above, or on anyone selling today, and none of it is a finding against anyone else. Sixty-one matters carrying the brand’s name sit on the case-law record and not all of them were read, so no clean sheet is claimed.

What the advertising record shows

India’s advertising council publishes the complaints it has decided, and nothing on that record names Under Armour or Underdog Athletics India Private Limited. The record was read on 20 September 2026.

Two limits go with it. The council is a self-regulatory body rather than a statutory regulator, so nothing it decides binds anyone. And the record covers complaints decided up to that day: nobody has ruled on any advertisement running now.

Common questions

References

1. Under Armour, Inc., Form 10-K for the year ended 31 March 2026 — the distributor sentence on India, the 40 primary contract manufacturers in 17 countries, and the seven footwear manufacturers in Vietnam and Indonesia
2. Under Armour, Inc., Exhibit 21.01, significant subsidiaries — the five entities named, including Under Armour Europe B.V.
3. Under Armour fiscal 2026 results release, 12 May 2026 — revenue US$5.0 billion, net loss US$495.6 million, Asia-Pacific US$719.1 million
4. Under Armour India Trading Private Limited, register mirror — CIN, incorporation date, the foreign-subsidiary classification and capital
5. Under Armour India Trading Private Limited, second register mirror — FY2025 revenue ₹2.4 crore, four employees, and Under Armour Europe B.V. as parent
6. Underdog Athletics India Private Limited, register mirror — CIN, incorporation on 15 April 2021, the former name TCNT Athletics India Private Limited, and capital
7. Underdog Athletics India Private Limited, second register mirror — FY2025 revenue ₹227.01 crore, up 27%, and roughly 26 employees
8. SGB Media, 20 April 2022 — Underdog Athletics appointed “the exclusive distributor and licensee for the brand in India”, and the subsidiary arrangement that ran from 2019
9. Devdiscourse, 19 April 2022 — the same phrase, the 28 Brand House stores in 18 cities, the ten-stores-a-year intention, and the people named on both sides
10. Under Armour Inc, CS(COMM) 126/2019, Delhi High Court, 24 August 2023 — decree, perpetual injunction and damages of ₹8,00,000
11. Under Armour Inc, CS(COMM) 280/2022, Delhi High Court, 16 October 2023 — summary judgment, permanent injunction and damages of ₹3,05,000
12. Under Armour, Inc, CS(Comm) 233/2021, Delhi High Court, 18 January 2024 — permanent injunction, damages of ₹5,00,000 and costs of ₹22,000
13. Under Armour Inc, CS(Comm) 428/2023, Delhi High Court, 18 July 2024 — summary judgment against the second defendant, damages of ₹3,00,000, and the settlement recorded on 3 June 2024
14. Under Armour technology page — the descriptions of HeatGear, ColdGear, UA Storm and Iso-Chill
15. UA HeatGear Armour compression long sleeve, style 1361524 — the American list price of US$40.00 and the product-page claim wording
16. UA Explor UPF long sleeve crew, item 6009205 — the published “UPF 50+” rating
17. Under Armour sustainability pages — the 40% “capable of being recycled” wording as at end 2021, the 2027, 2030 and 2025 targets, and the Fair Labor Association affiliation