You can't blame Under Armour CEO Kevin Plank for being honest. While he's aware of his competitors, Plank made it known about his opinion of Adidas.
"Spending more money is no strategy, right? And we’re not going to compete with our dumbest competitor either," he said, via KicksOnFire.
Plank wasn't done there, either.
"[adidas] will chase the old… they will chase the old model. And we’ve got good competitors in our space, but we also see some things that are a bit irrational from the way we see. So chasing and bidding someone up is not the goal; the race to the bottom is not the goal that we have. So that we think that in order to spend our money you will still see us go after the right assets, the appropriate assets, and we’ll spend to get those assets. But you’ll also see us take a different approach, which we think [wearables] is. This is a different voice, a different communication, a different handshake with the Under Armour consumer."
Plank was then asked if Adidas was straight up this "dumb competitor."
"Specifically, I don’t when mind you quoting me. I didn’t say it. But I don’t like them. No, I like them. I don’t like the other guys [Nike?] either but that’s my job."