Under Armour wants to sell MyFitnessPal app: Report
Under Armour acquired MyFitnessPal for $475M in February 2015
Embattled sports apparel brand Under Armour is looking to part ways with MyFitnessPal just five years after its acquisition, according to a report Tuesday.
Under Armour is actively seeking buyers for the app, The Information reported, citing sources with knowledge of the matter. MyFitnessPal allows users to keep track of their workouts, activities and diet plans.
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“Consistent with company policy, we don’t comment on speculation or market rumours,” Under Armour said in a statement to FOX Business.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UAA | UNDER ARMOUR INC. | 6.69 | -0.16 | -2.34% |
Under Armour shares fell more than 4 percent in trading on Tuesday. The company’s stock is down more than 50 percent so far this year.
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Under Armour acquired MyFitnessPal for $475 million in February 2015. The company spent more than $700 million on various digital acquisitions as part of a long-term strategy to build an engaged online community of shoppers.
In 2018, Under Armour disclosed a data breach affecting 150 million MyFitnessPal users. The company said usernames, hashed passwords and email addresses related to user accounts were exposed in the breach.
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Under Armour sales have declined in recent quarters amid tough competition from rivals such as Nike and Adidas and the ongoing impact of the coronavirus pandemic. The company has struggled to adapt to an industrywide shift from performance-based apparel to athleisure and fashion-forward clothing lines.