{"id":5326,"date":"2025-11-19T10:52:47","date_gmt":"2025-11-19T09:52:47","guid":{"rendered":"https:\/\/monocle.lu\/?p=5326"},"modified":"2025-12-10T02:01:03","modified_gmt":"2025-12-10T01:01:03","slug":"le-billet-remet-les-gants","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2025\/11\/19\/le-billet-remet-les-gants\/","title":{"rendered":"\u00ab\u00a0Le Billet remet les gants\u00a0\u00bb"},"content":{"rendered":"\n\n\n
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LE BILLET DE MONOCLE<\/u><\/strong><\/p>\n

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Il y a un point commun entre Kevin Plank, le fondateur d\u2019Under Armour,<\/strong>\u00a0et moi, c\u2019est qu\u2019on est n\u00e9 la m\u00eame ann\u00e9e. Pour le reste \u00e7a diverge et comme il n\u2019y pas d\u2019action Charles Monot list\u00e9e sur le New York Stock Exchange, on va plut\u00f4t parler de lui.<\/p>\n

Plank c\u2019est un gars qui en veut : ancien joueur de foot US \u00e0 l\u2019universit\u00e9 du Maryland, \u00e0 vingt-quatre ans il en a marre des t-shirts en coton tremp\u00e9s sous les \u00e9pauli\u00e8res et bricole dans son sous-sol un tissu technique qui garde au sec<\/strong>. Il appelle \u00e7a Under Armour, et il commence \u00e0 vendre ses prototypes directement depuis le coffre de sa voiture. Rapidement, les \u00e9quipes universitaires mordent \u00e0 l\u2019hame\u00e7on. En 1999, le film d\u2019Oliver Stone l\u2019Enfer du Dimanche sur le monde du football am\u00e9ricain avec Al Pacino comme entra\u00eeneur star montre les maillots Under Armour \u00e0 l\u2019\u00e9cran : le buzz est lanc\u00e9.<\/p>\n

D\u00e9but 2000, la marque devient un vrai ph\u00e9nom\u00e8ne. Elle incarne la performance, la hargne, l\u2019Am\u00e9rique des battants. En 2005, Under Armour entre en bourse, les ventes grimpent, les campagnes sont percutantes, les athl\u00e8tes stars s\u2019encha\u00eenent \u2014 Tom Brady, Stephen Curry, Jordan Spieth. Le slogan \u201cProtect This House\u201d devient un cri de ralliement. Au top, fin 2015, Under Armour a \u00e9t\u00e9 multipli\u00e9 par 10 en bourse depuis son introduction et vaut $17.5 Mds. M\u00eame Nike tremble.<\/strong><\/p>\n

Mais apr\u00e8s le sommet, la pente. \u00c0 partir de 2016, la croissance se tasse. Le streetwear et les sneakers dominent, et Under Armour reste coinc\u00e9e dans son image \u201ctranspiration et muscu\u201d. En parall\u00e8le, plusieurs enqu\u00eates financi\u00e8res<\/strong> \u00e9clatent : le D\u00e9partement de la Justice et la SEC (le gendarme boursier am\u00e9ricain) soup\u00e7onnent la marque d\u2019avoir artificiellement gonfl\u00e9 ses chiffres de vente en transf\u00e9rant des revenus d\u2019un trimestre \u00e0 l\u2019autre pour impressionner Wall Street. La r\u00e9putation d’Under Armour en prend un coup.<\/p>\n

Kevin Plank quitte le poste de PDG en 2019<\/strong>, remplac\u00e9 par Patrik Frisk. L\u2019entreprise restructure, coupe dans ses d\u00e9penses, ferme des boutiques. Puis arrive la pand\u00e9mie : coup dur \u2013 mais peut \u00eatre celui qui d\u00e9clenche ce fameux \u00ab coup de pied du fonds \u00bb, le coup de talon qu\u2019on donne pour remonter \u00e0 la surface..<\/p>\n

Il y a dix huit mois, le retour : Kevin Plank, qui d\u00e9tient toujours un quart du capital, reprend les manettes. John Varvatos, ex-Creative Director de Ralph Lauren est nomm\u00e9 responsable du design<\/strong>. C\u00f4t\u00e9 financier, pour rassurer les investisseurs apr\u00e8s les gitaneries du pass\u00e9, le board est revu avec l\u2019arriv\u00e9e d\u2019administrateurs au pedigree immacul\u00e9 \u2013 Mohamed El Erian de Pimco ; un ancien amiral, l\u2019ex-patron de Soros Fund etc..).<\/p>\n

Pour l\u2019instant le march\u00e9 n\u2019y croit pas. Il n\u2019y croira que quand il verra les chiffres mais il faudra attendre : apr\u00e8s des ann\u00e9es de mauvaise gestion de la marque, il faut d\u00e9j\u00e0 la nettoyer cette marque, et en termes de produit, et en termes de distribution. C\u2019est peut \u00eatre cela qui cr\u00e9e l\u2019opportunit\u00e9 : Under Armour est valoris\u00e9 aujourd\u2019hui moins de 0.4x les ventes contre x2.0 pour les concurrents Nike et Deckers (qui d\u00e9tient UGG et HOKA) [graph ci dessous].\u00a0<\/strong><\/p>\n

Plank a remis les gants. Il faudra \u00eatre patient donc j\u2019adapte la taille (0.50% pour commencer) mais content de suivre mon fr\u00e8re de mill\u00e9sime.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Positions<\/u><\/strong><\/p>\n

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Au 12 Novembre, Monocle (part A) est \u00e0 +3.10% sur 2025 et \u00e0 +4.15% en annualis\u00e9 sur 3 ans.<\/p>\n

2024: +1.14%
\n2023: +7.67%
\n2022: -1.92%
\n2021: +4.23%
\n2020: +6.44%<\/p>\n

Sur les sept publications de la semaine, 5 ont surpris \u00e0 la hausse (Affirm +5% Galapagos +3%, Sharkninja +12%, ShitFour+3% et Snap +12%) mais elles n\u2019ont pas pes\u00e9 assez lourd face aux d\u00e9culott\u00e9es prise par Bumble et Duolingo qui ont chacune perdu un quart de leur valeur. J\u2019avais augment\u00e9 la position de Duolingo \u00e0 3% juste avant la publication en voyant que le gros fonds de tech Baillie Gillford \u00e9tait mont\u00e9 de 7 \u00e0 12% du capital. Ce n’\u00e9tait pas le moment.<\/p>\n

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Pourtant les publications de ces deux derni\u00e8res n\u2019\u00e9taient pas si mauvaises. Les valorisations des deux aujourd\u2019hui me semblent d\u00e9connect\u00e9es donc on va patienter.<\/p>\n

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Pour se remettre de cette semaine merdique, une cuill\u00e8re de Buffett<\/strong>, sortie de sa lettre publi\u00e9e il y a deux jours :<\/p>\n

\u00ab Une observation peut \u00eatre int\u00e9ress\u00e9e : je suis heureux de dire que je me sens mieux \u00e0 propos de la deuxi\u00e8me moiti\u00e9 de ma vie que de la premi\u00e8re.<\/strong> Mon conseil : ne vous flagellez pas \u00e0 cause d\u2019erreurs pass\u00e9es \u2014 apprenez-au moins un peu d\u2019elles et passez \u00e0 autre chose. Il n\u2019est jamais trop tard pour vous am\u00e9liorer. \u00bb<\/p>\n

A 53 ans, si tout se passe bien \u2013 je touche du bois \u2013 je dois encore \u00eatre dans la premi\u00e8re moiti\u00e9, ce qui me laisse esp\u00e9rer le meilleur pour la seconde !<\/p>\n

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LE BILLET DE MONOCLE Il y a un point commun entre Kevin Plank, le fondateur d\u2019Under Armour,\u00a0et moi, c\u2019est qu\u2019on est n\u00e9 la m\u00eame ann\u00e9e. Pour le reste…<\/p>","protected":false},"author":8,"featured_media":5328,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"\nMonocle - "Le Billet remet les gants"<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monocle - "Le Billet remet les gants"\" \/>\n<meta property=\"og:description\" content=\"LE BILLET DE MONOCLE Il y a un point commun entre Kevin Plank, le fondateur d\u2019Under Armour,\u00a0et moi, c\u2019est qu\u2019on est n\u00e9 la m\u00eame ann\u00e9e. 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