|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 2022:||$5 Billion|
Building a company from scratch and watching it grow is one of the most difficult things you can ever do. This is because, it needs a lot of sacrifice, finances, time, and patience before you are sure that it is finally able to stand on its own. Things get even tough when you venture in an industry that is flooded and everyone feels it is the best industry for them.
One of these industries is the clothing industry. Although it is true there is a lot of potentials, without the proper tools, creativity, and personnel, this can be the most frustrating business to get in.
For Under Armour, they were lucky enough to rise through the challenges of starting up a new business. The company deals with footwear, casual and sports apparel. A company that was humbly founded by Kevin Plank on 25th September in 1996, who at the time was just 24 years of age.
Today, the company has really grown and has offices in different parts of the world. Their global headquarters is located in Baltimore, Maryland. They have additional offices in Amsterdam which is the European headquarters. They also have offices in Paris, San Francisco, Santiago, Austin, Jakarta, Mexico City, New York City and Panama City among others.
Well, how well do you know about Under Armour? If not much, we have compiled all you need to know about Under Armour’s net worth in 2022, wiki and complete details. Well, if you’re all set, here is what we know about Under Armour to date.
It was on 25th September in 1996 when Kevin Plank decided to found Under Armour from scratch. At the time he was founding this company, he was only 24 years old and was serving the University of Maryland football team as their special teams’ captain. The business was founded in Washington D.C in his grandmother’s basement. Much of his time was spent traveling with apparel in his car’s trunk and nothing else. He was fond of the East Coast and that’s where much of his travels were.
Towards the end of 1996, he was lucky enough to make his first team sale worth $17, 000. He was now able to move from his grandmother’s basement to Baltimore. He however didn’t get a permanent location at first, and he was forced to move from one place to another. When he got the space in Tide Point, he felt that was the best to be.
Being tired of always changing from the sweat-soaked T-shirts he wore under his jersey was very frustrating for him. After realizing that his compression shorts didn’t get wet during practice, the idea of making a T-shirt using synthetic fabric that was moisture-wicking came to his mind. He developed his first prototype after his graduation from the University of Maryland.
As a way of advertising the prototype, he gave it to his teammates in Maryland University as well as friends who had to play in the NFL. This T-shirt wasn’t still complete and he, therefore, decided to perfect his design by making use of moisture-wicking microfibers. His aim was to make a T-shirt that would make a player cool, dry, and light. With time, this T-shirt became more popular and when Oakland Riders quarterback Jeff George was featured on USA Today dressed in an Under Armour mock turtleneck, people took notice of it.
This marked the beginning of the sales of his T-shirts. He received an order of 10 shirts from Georgia Tech’s equipment manager. This led to a great contract he received from NC State, Arizona State. He also received a contract from Division 1 football teams.
The T-shirt was appreciated by many players and therefore, many people got interested in trying it out. In the same year, they were able to launch several new apparel lines some of which include: TurfGear, AllseasonGear, ColdGear and StreetGear among others.
By the end of 1996, the company had been able to sell 500 HeartGear shirts that amounted to $17,000 for the company. By 1997, he had received orders of over $100,000 and had a contract in Ohio to do the job for him.
Awards and Achievements
Under Armour is one company that has developed and grown in a very high rate within a very short time. Therefore, it has been highly appreciated in the market world and has managed to attract several awards and nominations. Some of these include: Footwear News Achievement Award, awarded them with ‘Brand of the Year Award. They also won a ‘Marketer of the Year Award’ in 2014,
Net Worth & Earnings of Under Armour in 2022
Under Armour has become a well-known company selling their products all over the world. As of 2022, their net worth is estimated to be approximately $5 Billion. They have earned all this cash through their different sales and things will get even better in the coming year.
Kevin Plank is a very creative man and knows how to take advantage of every opportunity he gets. In less than 20 years, Under Armour has grown to become a multi-billionaire business and he’s still working hard to make it better.