The growth in college sports and player branding (NIL) drives merchandise sales, directly benefiting apparel companies like Under Armour (UAA) through its sponsorship deals with top universities.

Mentioned alongside Lululemon as a successful brand that combined performance with fashion, tapping into the 'performance is luxury' trend.

The financial 'arms race' in college sports represents a significant tailwind for apparel companies like Under Armour that sign lucrative sponsorship deals with universities.