1.
GEB 6895
12/5/2013
MIKAELA LATIMER JEN MCGURK
REBECCA MCKELLIPS SOPHIE MICHELOT

2.
TABLE OF CONTENTS
INTRODUCTION
3
INDUSTRY INFORMATION
3
KEY ISSUES
4
OVERAL MARKET
5
INDUSTRY TRENDS
6
INDUSTRY VALUATION DRIVERS
7
COMPANIES’ GOALS
7
CHALLENGES
8
OVERVIEW OF PERFORMANCE
9
BUSINESS STRATEGIES
9
HOW THEY MAKE MONEY
10
FIRM DIFFERENCES IN BUSINESS MODEL
11
SUSTAINABLE COMPETITIVE ADVANTAGES
12
RECOMMENDATIONS
13
APPENDIX I
15
APPENDIX II
16
APPENDIX III
17
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3.
INTRODUCTION
Our final group project focuses on the industry dynamics and company strategies of
Under Armour and lululemon. Both Under Armour and lululemon are focused on high
quality-innovative performance athletic apparel products. Their product offerings place
the companies in a niche market and differentiate themselves from their competitive set.
We took a careful look at what made the competing firms operate successfully and made
strategy based recommendations for increased growth and profitability.
INDUSTRY INFORMATION (see Exhibit 1)
The performance apparel industry is made up of companies that design and sell
clothing, footwear and accessories. The product categories include basics to luxury items.
Traditionally, apparel companies wholesale large quantities of goods to retailers, who in
turn mark the items up and sell them to consumers for a profit. However, the lines are
becoming increasingly blurred between wholesalers and retailers because most apparel
companies now operate using both functions. Apparel companies establish retail divisions
so that they are given complete control over a line’s image and identity through branding
and merchandising. Retail stores are more profitable than wholesaling because the
middleman is eliminated. However, this increases the risk by having physical store
locations and managing inventory as to avoid markdowns ("Sport clothing and,").
The Internet is an important platform for retailers because consumers are becoming
increasingly more web-savvy. Ecommerce does not entail expensive storefronts and
related staffing so they are more profitable than traditional brick-and-mortar businesses.
Metrics that apparel retailers use to identify success are year-to-year sales, “comparable-
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store” sales, and sales-per-square-foot to measure how efficiently a retailer utilizes
floor space. Retailers’ success is visible in their reported gross and operating margins.
These margins are influenced by factors such as markdowns, promotions, and SG&A
expenses. Product mix also plays a roll in determining profitability as accessories generally
have a higher profit margin since they are one-size-fits-all ("Global retail sports," 2012).
The sports apparel industry is in the maturity phase of the industry (see Exhibit 1).
Newcomers such as lululemon are in the growth phase as they are focused on building
brand recognition. This approach has created a lucrative niche resulting in stolen market
share from major sports apparel leaders.
KEY ISSUES
The recession hurt the industry in the five years leading to 2013. Consumer
spending on sporting and athletic goods fell, causing retail stores to decrease inventory.
However, consumers are becoming increasingly aware of the health benefits associated
with exercise and a healthy lifestyle. Because of this increased awareness, more consumers
are investing in athletic wear, which is expected to boost revenue in 2013("Global retail
sports," 2012).
Another key issue is that the international market remains volatile. Demand for sportswear
is largely driven by trends at the retail level. Fluctuating consumer preferences between
sporting activities play a main role in determining goods manufactured by the industry.
The demand for athletic goods has generally remained constant due to little shift in
demographics. However, demand is expected to weaken in the next decade as the average
age of the population increases. This trend is linked to the notion that older
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consumers are less likely to participate in sports. There are also many substitutions
to sportswear (Bhayani , 2013).
Keys to success include inventory control, quality control, ability to adopt new
technology and a strong brand name.
OVERALL MARKET
Under Armour and lululemon athletica’s major competitors in the industry are Nike
and Adidas AG/Reebok. With the exception of lululemon athletica, all of these competitors
offer footwear. It is estimated the global sports apparel market will grow at a CAGR of 4%
from 2012-2019. (Trefis, 2013)
Nike designs, develops and markets high-quality footwear, apparel, equipment and
accessories. They sell their products in company-owned stores, online and at a mixture of
independent distributors and licensed operators in over 180 countries. Nike’s sales are
expected to rise modestly in 2013. Nike’s supply chain is vertically integrated. The
company has attempted to improve its revenue during the recession through cost cutting
strategies, resulting in improved profit margins. Nike currently enjoys a 47% market share
of the domestic footwear industry ("Sporting goods wholesaling," 2013).
Adidas AG has had a significant presence in the US market since the 1950s. They operate
company-owned stores, through licensed retailers and online. Adidas’ share of the industry
continues to grow, reflecting their strong brand name. Reebok is the second leading
manufacturer of footwear with a market share of sixteen percent. Reebok became part of
Adidas sportswear group in 2005. In 2009, Adidas Group went from a vertically
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integrated brand to a functional multi-brand structure for both brands. Reebok and
Adidas both outsource production. Adidas focus has been on marketing and distribution
that is catered to each country’s buying habits. Adidas/Reebok’s strategy is broad
differentiation. Adidas targets soccer and basketball players, whereas Reebok is popular
with fitness and fashion consumers ("Sporting goods wholesaling," 2013).
INDUSTRY TRENDS (see Exhibit 2)
According to the National Recreation and Park Association (NRPA), as household
income increases fitness inactivity decreases. It is also reported that there has been a 7.3
percentage rise in running/jogging since 2010. According to the Sporting Goods
Manufacturers Association, there was a 2 percent increase in overall participation in
outdoor sports such as camping and hiking from 2010 to 2011 ("Nrpa," 2012).
As the PESTL model shows, there is a trend toward healthier, more active lifestyles,
with older demographics and women becoming more active. Consumers are more healthconscious and older demographics in the US, the EU, Japan, and other developing countries
across Latin America and Asia, which increases the consumer base of which retailers can
sell products to. The retail industry is shifting as work processes and working
environments adapt to older workers’ needs since the youth population of workers ages 30
and under is declining and those over 50 increases, particularly in developed economies
("To cope with," 2011). Rising price of raw materials as well as high oil and logistics costs
increases the cost of goods and decreases profit margins ("Soaring fuel prices," 2011).
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Increasing wages in BRIC countries also decreases profit margins ("Finding elusive
labor," 2013). Globalization levels are increasing, especially through e-commerce (Shah,
2013).
INDUSTRY VALUATION DRIVERS
We established that lululemon and UnderArmour operate in the performance sports
apparel industry. We believe that the industry valuation drivers are:
The annual revenue generated by each firm, as well as their annual growth rate
(CAGR): these two indicators testify the dynamism of a company and its ability to
increase its sales.
The number of locations where products are distributed: whether the distribution is
organized through external retailers or through corporate-owned stores, the
number of locations distributing the products gives an indication of the geographic
coverage of a firm and its ability to reach customers.
The brand image and the sport sponsorship: brands belonging to the performance
apparel industry have to convey a specific marketing story toward their customers
(actual and potential). The brand image is highly linked to sports sponsorship (for
instance, athletes and sports events for UnderArmour, yoga teachers and yoga
events for lululemon).
COMPANIES’ GOALS (see Exhibits 3 & 4)
The goals stated by each company can be found in the Appendix. Overall, we can underline
that the main objective of Lululemon is to provide favorable conditions to reach a
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sustainable growth, whereas Under Armour is increasing its efforts toward global
expansion and manufacturing capacity.
CHALLENGES (see Exhibit5)
Both companies are facing different challenges in the attainment of their goals:
lululemon:
The lack of brand recognition: lululemon remains a brand for yoga fans and
female consumers.
The fierce competition: powerful companies such as The Gap and Nike are
attacking lululemon target market threatening the firm’s growth.
The difficulty of reaching new markets and offering diverse products.
UnderArmour:
The necessary international expansion: UnderArmour remains a North American
brand., with 94% of net revenues in North America. (UnderArmour, 2012) The firm
needs to build global brand recognition and directly compete with other local
brands.
The reinforcement of the distribution channels: UnderArmour is dependent upon
sports retailers and faces competitors such as Nike directly on store shelves.
The conquest of new markets: UnderArmour needs to intensify its efforts in the
footwear market to successfully compete.
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OVERVIEW OF PERFORMANCE (see Exhibits 6 & 7)
Both companies have seen tremendous growth over the past years. The following is a
summary of performance:
Growth dynamism: lululemon seems to have reached a first hurdle in its growth
since the creation of the company. The company’s profitability is slightly decreasing,
showing the necessity for lululemon to sustain its economic growth through product
diversification and geographic expansion. UnderArmour on the other hand
maintains its revenue growth; and forecasts to maintain continued growth at a
staggering 5 year compound annual rate of 19.3%. (UnderArmour, 2012)
Profitability evaluation: lululemon is strikingly profitable; we attribute this to its
product margins. UnderArmour shows more stability in its profitability ratios; sales
have increased year over year, while holding cost of goods sold relatively stable,
final net income is at 7% of net revenues or $12,844,447,000. (UnderArmour, 2012)
Both companies are relative dwarfs in the sports apparel industry: the percentage of
market share owned by both companies can be explained by the plethora of
competitors in the industry and the lack of global coverage from both firms.
BUSINESS STRATEGIES (see Exhibit 8)
lululemon
lululemon utilizes a generic differentiation business strategy. Before opening a store
the company opens a “showroom” where educators interact with guests through yoga and
fitness classes to understand customers in their target market.
Therefore management
and products differ from store to store. This practice proved successful and has created a
loyal customer following due to the unique experience and products provided in each store.
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lululemon is focused on creating sustainable future growth and expanding globally as a
multi-channel and multi-brand organization.
This will be completed through the
company’s heavy investment in product research and development. The product line is
designed to withstand five years of use and utilizes patented fabric. lululemon’s vision is to
“elevate the world from mediocrity to greatness by focusing on quality over quantity”.
Under Armour
UnderArmour also utilizes a generic differentiation business strategy. Before entering a
new product category the company thoroughly investigates it’s viability and competitive
advantage, which has resulted in major successes. This practice has created a highly
successful product base, which consumers will want to return to.
UnderArmour is focused on creating revenue growth and expanding globally. This will
be completed through the company’s heavy investment in product research and
development.
UnderArmour’s
vision
is
to
“To
empower
athlete
everywhere”(UnderArmour, 2012), will be achieved through their expansion in
eCommerce, their increased global presence and their technologically advanced product
line.
HOW THEY MAKE MONEY
lululemon
lululemon products are only available through their 226 worldwide stores, showrooms, in
select studio partners, and online. The product line includes yoga inspired clothing and
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accessories for women, men and youth.
The following programs are sources of
company revenues:
Wholesale program–partner with leading fitness and yoga studios.
Yoga hard goods program– supply studios essentials (i.e. yoga mats, blocks and
straps).
Team sales program– offer teams technical athletic gear.
Valuation can be achieved by increasing dollars per transaction, number of
transactions, reach, brand recognition/awareness, and gaining market share.
Under Armour:
UnderArmour products are available online and through major distribution outlets. The
product lines consist of mens, womens, and childrens clothing and accessories.
UnderArmour is expanding in footware products, and performance technology. While
UnderArmour is expanding in growth every year consistently, 94% of all revenue remains
from North America exclusively. (UnderArmour, 2012)
FIRM DIFFERENCES IN BUSINESS MODEL (see Exhibit 9)
lululemon and Under Amour have successful business models where their quality products
create value for consumers. Over the last three years, both companies have achieved 25%
sales growth. In order to continue at this pace, the companies will need to grow their
customer base and consider backward vertical integration. This can be achieved for
lululemon by gaining sales from aboard, creating a more expansive male product line, and
entering the production and fabric manufacturing industry. For Under
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Armour, overseas sales and growth is important and key to increased profits, growth,
and expansion in the women’s product line and increased sales direct to consumer through
retail outlets and eCommerce business.
SUSTAINABLE COMPETITIVE ADVANTAGES (see Exhibit 10)
lululemon’s sustainable competitive advantages include their brand image, culture, and
reputation for high quality products.
This advantage was created by the company’s first
mover positioning of their signature “Luon” fabric. The fabric uniqueness enabled the
company to charge a premium price and set itself apart from the competition.
Additionally, the company has developed a loyal customer base that has grown quickly
due to the lack of competition in the Yoga apparel industry. As a result, lululemon is
considered a lifestyle brand. lululemon does not use traditional marketing and advertising
techniques. Instead, lululemon partners with running clubs and other social activities to
gain brand recognition. Their retail stores provide up to $1000 of free products to yoga
teachers, fitness instructors and others to market their product lines. The company also
offers in-store yoga classes to build trust and loyalty among its consumers. Through this
innovative marketing strategy lululemon is able to maintain an advantage over brands that
create a similar product for half the price.
UnderArmour has created a sustainable competitive advantage in their technological
innovations, their brand image, their relentless pursuit to arm every athlete, and their
commitment to quality. The company has developed a loyal consumer base, and is
continuing to expand that base in North America. Ffuture growth will be focused on global
expansion.
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RECOMMENDATIONS
lululemon:
Intensifying geographic expansion through stores openings in North America, and in
the foreign markets already targeted by the firm: this will accompany the growth of
the company and improve its brand awareness.
Diversifying its revenue sources by aggressively targeting new businesses and new
markets: lululemon has to impose its brand among men’s business, young women
business, and adapt its products to other sports and plus size consumers. These are
major sources of missed revenues for the company and will provide the company’s
desired growth.
Increasing its brand awareness and loyalty: lululemon must continue its efforts in
terms of product innovation to increase its customer value proposition and
eliminate competition.
Focus on quality: the company's products had a major manufacturing defect. This
led to a costly product recall. Moving forward, lululemon must focus on quality in
order to charge a premium price for their products. This will enable the firm to
continue to command their premium price and reduce rivalry among their
competitors.
UnderArmour:
Boost sales and gain market share: to beat the competitors (such as Nike, Adidas,
Reebok) Under Armour must continue to develop cutting edge, innovative products
that appeal to all genders and ages.
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Improving the distribution of its products: UnderArmour has to ensure its products
can be easily accessed and purchased by customers.
Expanding its operations abroad: UnderArmour must create brand awareness in
foreign markets, and give a more global dimension of its sponsorship policy.
Expand its product line to include accessories and footwear. This is a segment of the
business that is lacking and should be addressed for continued growth of the
product line.
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APPENDIX I
LULULEMON ANNUAL INCOME STATEMENT
LULULEMON ANNUAL BALANCE SHEET
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APPENDIX II
UNDER ARMOUR ANNUAL INCOME STATEMENT
UNDER ARMOUR ANNUAL BALANCE SHEET
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APPENDIX III
EXHIBIT 1: INDUSTRY LIFE CYCLE
High sales and profits
Emphasis on lower costs and price competition
Fight for market share with high promotional
expenditures (sponsorship)
High degree of differentiation in products lines
EXHIBIT 2: PESTEL ANALYSIS
P
Political: FDI policies.
E
Economic:
Increasing oil and logistics costs.
Raw materials price increase.
Increasing wages in BRIC countries.
S
Socio-cultural:
Increase in demand for sports-style apparel and favorable demographic conditions
throughout Asia are expected to boost the sports apparel market.
Trend toward healthier, more active lifestyles, with older demographics and women
becoming more active. More health-conscious older demographics in the US, the EU, Japan,
and other developing countries across Latin America and Asia.
T
Technological: Increasing trend of global e-commerce.
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EXHIBIT 3: LULULEMON’S GOALS FROM THE 2013 ANNUAL REPORT
1.
Open 38 new stores in North America by 2014, and 5 men’s only stores
2.
Expand our activities abroad through the opening of 5 new stores in Australia and New
Zealand by 2014, and 10 showrooms in Asia and Europe by 2016
3.
Increase eCommerce sales by 5% in FY 2014
4.
Increase social media presence to 1 Million likes on Facebook page by FY 2014
5.
Increase revenues by 5% during FY 2014, through the introduction of new product
technologies, expanded product categories(bags, underwear, outerwear), and
product ranges with new athletic activities (tennis, golf, cycling, swimming).
EXHIBIT 4: UNDERARMOUR’S GOALS FROM THE 2013 ANNUAL REPORT
1.
To increase revenue by $4 billion by 2016
2.
To generate $500 million of revenue through two platform innovations: Charged Cotton
and Storm
3.
To increase revenue from men’s business by $1.5 billion by 2016
4.
To increase revenue from women’s business by $960 million by 2016
5.
To increase revenue from youth’s business by $470 million by 2016
6.
To increase revenue from footwear’s business by $600 million by 2016
7.
To expand operations abroad: in Asia (China, Japan, South Korea, Hong Kong), Latin
America (Mexico, Brazil, Panama, Chile), Europe (UK, Germany, France, Benelux), Australia.
The goal is to get 12% of revenues from international sales by 2016.
8.
To develop direct-to-customer sales through the opening of 141 stores by 2016, and
ecommerce growth
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EXHIBIT 5: SWOT ANALYSES
Lululemon:
S
O
Brand Loyalty
Great future growth model
Fabric technology patents
Technological advances in product lines
Continuously producing new products, with
a faster turnaround time versus industry
average
Sports apparel industry is projected to
continue growing
Rising utilization of eCommerce
Expansion of product line to include larges
size ranges, and footware
Emerging markets are increasing customer
base, as disposable income increases
W
Top Management Issues
Customer Perceived Quality Issues
Limited Global penetration
Dependence on third party suppliers
Limited marketing and advertising scope
T
Low barriers to entry
Cannibalization of customer base, as low
switching costs occur
Fashion trends rapidly change
More consumers are cost conscious after
the recession
Global wage increases
UnderArmour:
S
Highly focused on innovation
High brand recognition, utilizing
endorsements and athlete groups
Sustained profitability and continued
growth
Broad product base
O
Sports apparel industry is projected to
continue growing
Rising utilization of eCommerce
Expansion of product line to include larges
size ranges, and footwear
Emerging markets are increasing customer
base, as disposable income increases
W
T
Dependence on third party suppliers and
distributers
Global presence and growth is minimal, with
very little global brand recognition
Lean implementation and cost cutting
measures have been a low priority
Differentiation efforts to distance competitors
have been minimally successful
Low barriers to entry
Cannibalization of customer base, as low
switching costs occur
Fashion trends rapidly change
More consumers are cost conscious after
the recession
Global wage increases
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EXHIBIT 6: OVERVIEW OF PERFORMANCE
Performan
ce measure
Growth
profit
margin
(%)
Operating
profit
margin
(%)
Net profit
margin
(%)
Return on
assets
Return on
equity
Return on
investment
Changes in
working
capital
EPS
Market
share
Lululemon
Ratio
UnderArmour
Trend
Ratio
Trend
54.04

-1.63 pts
48.28

+0.36 pts
25.33

-2.14 pts
11.52

+0.15 pts
18.13

-1.68 pts
6.88

-0.14 pts
27.84

- 2.56
11.98

-0.42
31.82

-4.53
17.18

+ 4.78
30.71

-4.34
15.7

+0
-32.3

13.7 in 2011
+9.1

-146 in 2011
1.85

-0.01
1.38

+0.17
0.69%
1.36%
EXHIBIT 7: SHARES PERFORMANCE
Lululemon:
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UnderArmour:
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EXHIBIT 8: STRATEGY FORMULATION
ARENAS: Where will we be
active?
Lululemon
UnderArmour
1) Which product category?
Sports bars, tanks, tops, jackets, hoodies,
outerwear, pants, crops, shorts, skirts, bags,
headwear, socks & underwear, yoga mats
Apparel, footwear, accessories,
licensing revenues
2) Which market segments?
Women, men, young girls, yoga fans, runners
Women, men and youth
3) Which geographic areas?
Canada, USA, Australia, New Zealand, Hong
Kong, United Kingdom
Canada, USA, Europe, Asia

Clothes design


Product design

Marketing and sales

Service and distribution

Internal development

Outsourcing of manufacturing

Internal distribution system

5) Which value-creation stages?
6) VEHICLES: How will we get
there?


Fabric innovation
Performance monitoring
technology

Product design

Marketing and sales

Distribution and
eCommerce
Internal development
Technical fabrics
4) Which core technologies?

Outsourcing of
manufacturing

Internal distribution system
Image: self-fulfillment, love,
communication, travel, sunshine,
friendship, happiness, goal setting,
breathing, sweating




Price: cf table below


7) DIFFERENTIATORS: How will
we win?

Product reliability: sustainable
products, high quality, innovation
Heatgear for when it’shot
Coldgear for when it’s cold
Allseasongear for between
extremes
All available in
compression, athletic, and
loose fits


Fast moves to become public

Premium prices due to proprietary
product features and high-quality
service
8) STAGING: What will be our
speed and sequence of moves?
9) ECONOMIC LOGIC: How will
we obtain our returns?

Continue growth, and YOY
growth
Premium prices due to
proprietary product
features and high-quality
service
Conquest of North America first, then
Western countries and Asia

Conquest of North America
first, then Western
countries and Asia

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EXHIBIT 9: FIRM DIFFERENCES IN BUSINESS MODEL
Customer Value
Proposition
Lululemon
Under Armour
Target Customer
Female, male, and youth who practice
yoga, tennis, cycling, golf, swimming, and
dance. Appeals to wealthy clientele due
to price point.
Men, women, and youth who are pro or amateur
athletes, military personnel, and college teams.
Target sports football, basketball, baseball, hockey,
soccer, skiing, and golf.
Job To Be Done
Clothing that appeal to individuals who
want to be protected from sweat and odor
while practicing yoga.
Clothing that appeal to individuals who want to be
protected from sweat and odor while playing sports.
Offering
Solely corporate owned stores.
Corporate owned and products are wholesaled to
sporting goods retailers.
Revenue Model
Niche market, price premium, higher
margins.
Niche market, price premium, higher margins
Key
Resources
and Processes
Technologically advanced fabrics,
designed and manufactured internally.
People
Technology,
products
Designers, marketing staff, ambassadors.
Fabrics- Luon, Swift, Luxtreme, Natural
Blends, and Mesh and Liners
Corporate owned stores and ecommerce
that reaches multinational markets.
Channels
Brand
Mission
Vision
Advanced fabrics, strict inventory control, vendor
code of conduct for decreased overseas
manufacturing liability.
Designers, marketing staff, and sponsors.
Coldgear, HeatGear, Protect this House, Armour 39
3rd party, suppliers, manufacturers, and retailers.
High quality innovative products.
Every product must make athletes better. That’s our
guarantee.
The lululemon athletica manifesto is a set
of inspirational sayings that guide our
culture.(lululemon, 2012)
Considered the same as the above mission
statement(lululemon, 2012)
To Make all athletes better through passion, design
and the relentless pursuit of innovation (Under
Armour, 2012)
To empower athlete everywhere (Under Armour,
2012)
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EXHIBIT 10: VIRS ANALYSIS
Lululemon:
Resource/Capability
Valuable?
Rare?
Difficult to
imitate?
Without
substitutes?
Innovative Fabrics
Yes
Yes
Yes
No
Brand image
Yes
Yes
Yes
Yes
Trademarks
Yes
No
No
No
Yes
No
No
No
Culture
Yes
Yes
Yes
Yes
Reputation
Yes
Yes
Yes
Yes
Resource/Capability
Valuable?
Rare?
Difficult to
imitate?
Without
substitutes?
Innovative
Technologies
Yes
Yes
Yes
No
Brand image
Yes
Yes
Yes
Yes
Quality
Yes
Yes
No
No
Retail Operations
No
No
No
No
Competitive
Disadvantage
Culture
Yes
Yes
Yes
Yes
Sustainable
competitive
advantage
Reputation
Yes
Yes
Yes
Yes
Sustainable
competitive
advantage
Retail Operations
Implications for
competitiveness?
Temporary
competitive
advantage
Sustainable
competitive
advantage
Competitive
parity
Competitive
parity
Sustainable
competitive
advantage
Sustainable
competitive
advantage
UnderArmour:
Implications for
competitiveness?
Temporary
competitive
advantage
Sustainable
competitive
advantage
Temporary
competitive
advantage
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