Under Armor’s meteoric rise to the top is a flawless example of executing of a revolutionary concept.
Under Armor is an American sports equipment company known for manufacturing footwear, sports, and casual apparel. The revered sports equipment firm is often credited with revolutionizing the sports apparel segment by creating a microfiber-derived t-shirt that proved beneficial for athletes across the globe tackling a torrid work environment. A detailed and clear-cut plan of action executed by founder and CEO Kevin Plank worked wonders for the growth and expansion of Under Armour, with its market valuation estimated to be a whopping $10.8 billion in recent times. From battling financial difficulties at the beginning to becoming a billion-dollar enterprise, Under Armor’s success story is an inspiring tale of hard work and commitment.
4 A Game-Changing Revelation
The inception of the Under Armor involved a clear-cut business plan that successfully flourished over the years.
Kevin Plank’s stint as the University of Maryland football team captain led to a startling revelation that helped nurture his career as an entrepreneur. Plank’s superior observational skills detailed the ability of compression shorts to remain dry even after athletes’ sweaty on-field practice routine, leading to the invention of his patented moisture-wicking gear.
3 A Treacherous Path To Success
Kevin Plank’s objective was as clear as day and oozed potential. The budding entrepreneur would use his savings derived from his stint as a T-shirt salesman at concerts to fund his newfound business venture and would even go as far as to use his credit card debt to secure a decent backing needed to sustain his business operations .
In the way forward for his business venture, he soon encountered a dark patch. The budding entrepreneur’s tireless efforts to make it big in the business sector would prove futile, as, by year’s end, Kevin Plank was shattered financially.
However, Plank’s unrelenting desire to execute a potentially game-changing enterprise would begin to bear fruit, with his first $17,000 sale to Georgia Tech proving to be a confidence booster for the entrepreneur.
Under Armor’s second year in business would prove significantly more successful, with a sizable $100,000 sale in product to twelve notable NFL teams opening the doors for large-scale expansion.
2 The Emergence Of Under Armour
With a steady stream of success coming Plank’s way and his growing enterprise, Under Armor began its expeditious ascend to mainstream attention and market domination.
The rapidly expanding American sports company would begin to supply uniforms for the 1999 sports drama film Any Given Sunday and would even execute various national advertising campaigns that refined their public relations for the better.
Several big-money sports teams, retailers, and even revered sports personals like Tom Brady and Randall Cobb would begin to associate themselves with the rapidly growing business venture, with Under Armor gracefully evolving into a multi-million dollar corporation in the years to come.
Plank’s definitive thought process and overwhelming success would take the sports equipment segment by storm, with Nike, Gildan Activewear, and even Columbia sportswear taking notice of the sustained growth of the Under Armor moniker.
By 2002, the hugely profitable business enterprise was carried in over 2,500 retail stores, with Under Armor on the cusp of becoming the leading sports equipment firm globally.
1 Becoming A Recognized Name In The World Of Sports
Under Armour’s steady climb to the top of the summit of success culminated into gargantuan sales figures over $4 billion.
Kevin Plank’s out-of-the-box thinking and superior decision-making abilities as an entrepreneur did wonders for his business empire and personal net worth, with a strong workforce of over 6,000 employees turning the wheels of the flourishing business enterprise like a well- oiled machine.
Under Armor has successfully refined its product portfolio to suit the times, with the likes of their sportswear, footwear, and casual apparel line detailing the firm’s versatile business approach.
However, the sports equipment firm’s calling card remains its revolutionary microfibre-derived T-shirt that keeps athletes cool in a torrid environment. While the of their diverse product portfolio is deemed a direct result of the massive popularity garnered by the shirt itself.
Kevin Plank has revolutionized the sports equipment segment with authority. Under Armor today is an established name in the competitive segment and is easily one of the most innovative and subversive firms with an enormous market value and annual turnover. Kevin Plank’s struggle and undeterred perseverance to establish the Under Armor moniker details clarity when it comes to the plan of action, with the inevitable success of the firm giving the likes of established sports apparel companies like Nike and Adidas a run for their money. The brand’s goodwill and monetary emolument is stronger than ever, and one can expect their steady expansion rate to snowball further in the near future.
Sources: Fundable, Business Insider, Fox Business
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