How To Save Performance? Under Armour Invited Economists To Act As "Think-Tank".

Famous economist Mohamed Erian (Mohamed El-Erian)

For the past two years, there has been no marked improvement in the performance downturn.

R had to make more attempts.

On August 7th, the US sports brand announced the new member of the board of directors, the former CEO of PIMCO, the world's largest bond fund, and the Mohamed El-Erian, the chief economic adviser of the current Allianz Group.

He will formally join the Under Armour board in October 1st. The main task is to improve the company's operation and enhance its financial management capability and help the US brand to reverse its declining trend.

Mohamed Erian said in a statement, "

I have grown up to be one of the largest sports brands in the world. I am honored to join the board and work with the management team to create long-term performance growth and return for shareholders.

In 1958, Mohamed Erian was born in Egypt, graduated from University of Cambridge, and subsequently received Master of economics and Ph. D. from University of Oxford.

In 2008, he published an economic book, When Markets Collide, which has entered the bestseller list of the New York Times and the Wall Street journal.

In 2016, she continued to publish a new book, "The Only Game in Town".

Before joining the Pacific Investment Management Company (PIMCO), headquartered in California, in 1999, Erian served as an IMF economist.

Since then, he has worked for Salomon Smith Barney, Citigroup and President and chief executive officer of Harvard Management Co. (Harvard Administration Company), Solomon.

In his past career, he was best known as PIMCO, former CEO, the world's largest bond fund, and chief economic adviser of Allianz Group.

From the perspective of public information, he focuses on topics in the global macroeconomic and financial field.

"We are very pleased to welcome Erian to our board of directors," Kevin Plank, chief executive of Under Armour, said at a press conference. "Erian is very popular in the international, macroeconomic and financial fields. He will further promote our pformation, bring better operation, financial management and shareholder returns, and promote the development of the brand in the world."

At the end of July and the second quarter of 2018, the latest report showed that global sales increased by 7% to $1 billion 180 million over the same period, benefiting from the outstanding performance of international business.

However, during the period, the net loss of Under Armour expanded to $95 million 500 thousand, and the situation is still not considerable.

From the market situation, the brand's sales in North America increased by 2% to 843 million US dollars.

This is the first time that Under Armour has grown locally in the past year.

International revenue remained good, and sales rose 28% over the same period last year.

Growth was 31%, and Asia's growth was 34%.

For the full year of fiscal year 2018, Under Armour estimated global sales growth of about 3% to 4%, while North American sales fell by a median figure, and international growth is expected to exceed 25%.

Analysts are still weak for the performance outlook for the rest of the year.

It is worth noting that a month ago, two investors sued 11 incumbent or former Under Armour executives, including chief executive Kevin Planck.

Investors alleged that in 2016, before and after the bankruptcy of the cooperative retailers, executives deliberately desalinated their potential impact on the company, and "made false and misleading statements about the vitality, sustained growth and income of Under Armour".

Mohamed Erian's accession is expected to enhance Under Armour's financial analysis and performance expectations.