One of the most difficult things you can ever do is start a business from the ground up and watch it grow. This is because it takes a lot of sacrifice, money, time, and patience to get it to the point where it can stand on its own. Things become even more difficult when you enter a flooded industry where everyone believes it is the best industry for them.
The clothing industry is one of these industries. While there are many opportunities, without the right tools, creativity, and personnel, this can be the most difficult business to break into.
Under Armour was fortunate enough to be able to overcome the challenges of starting a new company. The company specializes in footwear, casual wear, and sportswear. Kevin Plank, who was only 24 years old at the time, humblely founded the company on September 25, 1996.
Today, the company has expanded significantly, with offices in various locations around the globe. Baltimore, Maryland is home to their global headquarters. They also have offices in Amsterdam, which serves as their European headquarters. They also have offices in cities such as Paris, San Francisco, Santiago, Austin, Jakarta, Mexico City, New York City, and Panama.
So, how familiar are you with Under Armour? If not much, we’ve compiled everything you need to know about Under Armour’s net worth in 2021, including a wiki and detailed information. So, if you’re ready, here’s everything we know about Under Armour so far.
|Legal Name:||Under Armour, Inc.|
|Headquarters Regions:||Baltimore, Maryland, United States|
|Number of Employees:||17000+|
|Area served:||United States of America and world|
|Products of Company:||sports equipment company|
|Net Worth in 2021:||$5 Billion|
The beginning of Under Armour
Kevin Plank decided to start Under Armour from the ground up on September 25, 1996. He was only 24 years old when he founded this company and was serving as the special teams captain for the University of Maryland football team. In his grandmother’s basement in Washington, D.C., he started the company. He spent a lot of time traveling with only his clothes in the trunk of his car. He was a big fan of the East Coast, and he spent a lot of time there.
He was fortunate enough to sell his first team for $17,000 at the end of 1996. He could finally leave his grandmother’s basement and relocate to Baltimore. He, on the other hand, was initially unable to secure a permanent location and was forced to move from one location to another. He thought Tide Point was the best place to be when he got the space there.
He was frustrated by having to constantly change out of the sweat-soaked T-shirts he wore under his jersey. After noticing that his compression shorts didn’t get wet during practice, he came up with the idea of making a T-shirt out of moisture-wicking synthetic fabric. After graduating from the University of Maryland, he created his first prototype.
Evolution of Under Armour
He gave it to his teammates at Maryland University as well as friends who had to play in the NFL as a way of publicizing the prototype. This T-shirt was still missing something, so he decided to improve it by incorporating moisture-wicking microfibers into the design. His goal was to create a T-shirt that kept athletes cool, dry, and light. With time, this T-shirt grew in popularity, and when Oakland Riders quarterback Jeff George was photographed wearing an Under Armour mock turtleneck on USA Today, people took notice.
This marked the beginning of his T-shirt sales. Georgia Tech’s equipment manager placed an order for ten shirts. As a result, he received a fantastic contract from NC State and Arizona State. Football teams in Division 1 also offered him a contract.
Many players praised the T-shirt, and as a result, many people expressed interest in trying it on. They were able to launch several new apparel lines in the same year, including TurfGear, AllseasonGear, ColdGear, and StreetGear, to name a few.
By the end of 1996, the company had sold 500 HeartGear shirts for a total of $17,000. By 1997, he had received over $100,000 in orders and had a contract in Ohio to complete the work.
Achievements and Awards
Under Armour is a company that has developed and grown at a rapid pace in a relatively short period of time. As a result, it has received a lot of attention in the market and has received a lot of awards and nominations. Among them are the Footwear News Achievement Award and the ‘Brand of the Year Award.’ In 2014, they also won the ‘Marketer of the Year Award.’
Under Armour’s Net Worth and Earnings in 2021
Under Armour has grown to be a well-known brand with products sold all over the world. Their net worth is estimated to be around $5 billion as of 2021. They’ve amassed all of this money through various sales, and things are only going to get better in the coming year.
Kevin Plank is a very resourceful individual who knows how to make the most of every opportunity that comes his way. Under Armour has grown to become a multibillion-dollar company in less than 20 years, and he is still striving to improve it.
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