PF is the man in charge. The man with the plan. What is it? Reverse some of KPs dumb decisions and shrink? Or is there something more thoughtful?
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The reason VF Corp would buy UA is that VF is a company that looks at apparel brands like investments in a diverse and risk-adjusted portfolio. When structuring a portfolio one doesn't seek to fill it with straight garbage but one should also not fill it with all very expensive and unpredictable investments. Predictable value buys are needed - this is to properly spread risk rounding out the whole portfolio. So, if UA is to be a predictable Reebok, Fila, or Champion as the previous poster has opined, then VF might have a spot for it in their portfolio... pending they can get it for a price that works for their projected returns. VF owns Sperry for example. Would you wager that Sperry will start crushin' it in the near future?... probably not... but they have a predictable customer base and a decent brand so they are a good medium risk value buy.
Why on earth would VF want a red-headed step child to Nike/Adi? UA is Reebok, Champion, Fila etc... It was a fashion trend and will come and go out of fashion, struggling with these other brands for fourth place (behind Skechers). VF knows better.
Like I said 10 months ago and this poster said 5 months ago- UA will be sold to VF Corp. It's a matter of time.
Think about it from KP's perspective: At this point he's in over his head. He is an excellent salesman that can grow and market a brand like none other, he is not interested in the mundane aspects of running a mature company... plus he's plenty rich now so it's time to get out and move on to continue playing to his strengths. That said, he can't just mic drop because his exit plan is Baltimore area real estate mogul where reputation is important... so the tapered exit with PF should save face.
The plan is to prime the company for sale to VF Corp.