BALTIMORE _ Under Armour may be looking to shed MyFitnessPal, its fitness and nutrition app and website, as it scales back during a slowdown made worse by coronavirus-related revenue losses.
A potential sale of the app was reported Tuesday by The Information, a business technology news website. The athletic apparel brand has not confirmed the report, which the website attributed to two people familiar with the matter.
"We don't comment on speculation or market rumors," the company said in an email Tuesday.
The sports apparel maker acquired San Francisco-based MyFitnessPal for $475 million in 2015, part of a series of purchases of digital fitness apps it hoped would boost its social media presence and help sell workout gear and shoes.
Last year, the company reported between 40 million to 50 million monthly active Connected Fitness users, making up about 3% of annual revenue.
The brand has looked to apps that track fitness and diet as a key growth area, both an advertising vehicle and a way to engage customers through digital subscriptions.
It first ventured into fitness tracking in 2011 with a biometric device called Armour39. Then in 2013 it acquired MapMyFitness. Around the same time it took on MyFitnessPal in 2015, Under Amour also acquired fitness app Endomondo, based in Copenhagen, Denmark, for $85 million.
When the pandemic hit, the company already had been struggling for several years with faltering sales in its key North American market and was working through a turnaround. Reeling from losses and store shutdowns this year, the company is looking to cut costs.
Last week it acknowledged plans to suspend its record $280 million contract to outfit UCLA athletes over 15 years.
