Under Armour is an American sportswear company that has established itself as a major player in the athletic apparel industry, recognized for its innovative products designed to enhance athletic performance. Founded in 1996 by Kevin Plank, a then University of Maryland football player, the company has expanded significantly from its initial product, a moisture-wicking t-shirt, to a wide range of sportswear, footwear, and accessories. Over the years, Under Armour has not only developed its own diverse product lineup but has also acquired various companies to broaden its reach and capabilities.
As Under Armour has grown, it has strategically purchased other businesses to supplement its product offerings, increase its market presence, and enter new market segments. These acquisitions have included fitness app developers, connected fitness companies, and other sportswear brands. They form part of Under Armour’s broader business strategy to innovate, expand its brand portfolio, and maintain competitiveness in the sportswear market. By understanding what companies Under Armour owns, one can get a clearer picture of its market strategy and potential future directions.
- Under Armour has expanded from its original product to a diverse range of sporting goods.
- The company’s acquisitions reflect its focus on innovation and market expansion.
- Understanding these acquisitions offers insights into Under Armour’s strategic business moves.
Under Armour Overview
Under Armour, Inc. is an American company specializing in sports performance apparel, footwear, and accessories. Founded in 1996 by Kevin Plank, the company has its roots in Baltimore, Maryland, where it is still headquartered today. Under Armour began with the simple plan to make a superior T-shirt which provided compression and wicked perspiration off your skin rather than absorb it. This concept revolutionized the way athletes dress and set a new standard for performance attire.
Today, Under Armour operates globally, offering a wide range of sports and casual wear designed to empower athletes everywhere. Patrik Frisk, the CEO, continues to advance the brand’s vision, steering it towards innovation and growth. Key branded technologies like Heatgear® and Coldgear® which cater to different environments and conditions, showcase the company’s dedication to innovation.
|Baltimore, Maryland, USA
|Sports Performance Apparel
The brand markets its products under several names including UA, Armour Inc., and others, reflecting its commitment to performance and style.
Under Armour has made significant inroads into sports culture, partnering with sports teams and universities. They strive to produce gear designed to keep athletes cool, dry, and light throughout the course of a game, practice, or workout. The company’s mission is to make all athletes better through passion, design, and the relentless pursuit of innovation.
Historical Timeline of Under Armour
1996: Under Armour is founded on September 25, 1996, by Kevin Plank, a former special teams captain of the University of Maryland football team. The initial idea took form in his grandmother’s basement in Washington, D.C.
2003: They become the outfitter for the newly formed XFL football league and receive a $12 million investment from Rosewood Capital. This year Under Armour also launches its first television commercial, under the iconic slogan “Protect this house.”
2010: The brand hits a major milestone by surpassing $1 billion in annual revenue, significantly increasing its size in the market.
2015: Under Armour steps into the digital health and fitness world by focusing on ‘Connected Fitness’ platforms and apps to enhance athletic performance.
From its origins in Baltimore, Maryland, Under Armour has evolved into a global sports apparel powerhouse. Driven by the vision of its founder, Kevin Plank, the company has continuously grown by extending their product lines and entering new markets. The brand has become synonymous with innovation and determination, creating a significant footprint in the athletic wear industry.
In examining Under Armour’s financial health, one can observe significant metrics such as revenue growth, market capitalization, and their diverse investment portfolio and asset base. These figures provide insights into the company’s performance and stability in the highly competitive athletic apparel market.
Under Armour reports that in 2021, their annual revenue grew by 27 percent, totaling $5.7 billion. This uptick signifies a substantial increase in sales and reflects the company’s success in attracting customers.
- Annual Revenue (2021): $5.7 billion
- Gross Margin: 50.3%
- Operating Income: $486 million
- Net Income: Data not specified in the input provided
As a publicly-traded entity on the NYSE, Under Armour’s market capitalization reflects the market’s valuation of the company. However, the specific market capitalization value at the current date has not been provided.
- NYSE Ticker: UA
- ISIN number and exact market capitalization data are not provided in the input.
Investment and Assets
Under Armour’s investment strategies and assets underline their long-term financial planning. Records indicate that the company ended 2021 with a strong cash position of $1.7 billion, implying a robust liquidity that can support further investments and operations.
- Total Assets: Data not provided in the input
- Total Equity: Data not provided in the input
- SEC Filings: Financial statements submitted to the SEC can be consulted for detailed analysis, as noted in the provided search results.
The company operates primarily within the United States, which is a major consideration for their financial strategies and currency denominations. Interpreting these financial metrics is essential for stakeholders and investors who are closely tracking Under Armour’s performance.
Products and Innovation
Under Armour has made significant strides in the realm of sports performance, enhancing athletic experience through innovative products. They continuously focus on developing new technologies for apparel, footwear, and accessories, while also tapping into the digital space with connected fitness initiatives.
Under Armour’s apparel line builds upon the innovation of performance-enhancing materials. Examples include moisture-wicking fabrics that keep athletes dry and HeatGear® technology for regulating body temperature in warm conditions. They cater to a variety of sports and training activities, ensuring that each piece of apparel aids in improving athletic performance.
Their footwear selection reflects a commitment to innovation with features like adaptive cushioning and supportive fits. Designed for ultimate performance and comfort, Under Armour’s shoes are geared for a wide spectrum of athletic activities, providing the right support whether one is on the court or on a run.
Accessories from Under Armour, such as hats, gloves, and bags, are designed not just as complementary pieces but as integral parts of an athlete’s toolkit. They utilize durable materials and consider the ergonomics to enhance the user’s comfort and efficiency.
Breaking into the digital realm, Under Armour’s Connected Fitness platform revolutionizes personal fitness by integrating data and wearable technology. It provides users with analytics and tracking features to streamline the training experience, supported by a community of fellow fitness enthusiasts to motivate and guide.
Under Armour has strategically expanded its digital footprint by acquiring several fitness technology companies. These acquisitions have strengthened their presence in the fitness app market, allowing them to provide enhanced value to consumers by offering comprehensive health and fitness tracking options.
In 2013, Under Armour took a significant step into the digital space with the purchase of MapMyFitness. This platform, boasting a social network of fitness enthusiasts, allows users to map, record, and share their exercise routes and workouts. Integrating with multiple fitness tracking devices, it supports Under Armour’s strategy of connecting with a community dedicated to health and fitness.
They further extended their digital prowess in 2015 by acquiring MyFitnessPal, a widely popular diet tracker and nutrition app. MyFitnessPal provided Under Armour with an extensive database of nutritional information and food tracking capabilities, which supplemented Under Armour’s existing suite of fitness applications by adding a crucial component of weight management and dietary planning.
In the same year, Under Armour also added Endomondo to its portfolio, an app based out of Denmark that offered social fitness tracking services with an international focus. Emphasizing real-time GPS tracking of sporting activities, Endomondo contributed to Under Armour’s global reach in the connected fitness app market.
Brand Presence and Expansion
Under Armour has grown significantly since its inception in Baltimore, evolving into a prominent player in the sportswear industry. The company’s geographic diversification strategy includes a strong presence in North America, determined expansions into Europe and Asia-Pacific, and strategic efforts within Latin America.
In North America, Under Armour has a formidable presence, rooted in its founding city of Baltimore. The company dominates as a key player in both sports performance and fashion-oriented sportswear, leveraging its reputation for innovation and quality. It continues to consolidate its market leadership in this region, encompassing the United States and Canada.
Moving into Europe, Under Armour has made meaningful inroads, tailoring products to meet the unique fashion sensibilities of various countries. The brand’s European operations have focused on aligning product offerings with the sportswear preferences of different markets, thereby reinforcing their footprint across the continent.
The Asia-Pacific market has witnessed Under Armour’s rapid expansion, tapping into the region’s growing appetite for sportswear. The company’s strategic marketing and distribution efforts cater to diverse countries, with a significant focus on emerging markets that show a high potential for sportswear consumption.
In Latin America, Under Armour has been methodically enhancing its brand presence. They have been adapting to local market needs and leveraging partnerships, which has enabled them to enter and expand in key countries with a forward-looking approach towards fashion and sportswear demand.
Under Armour’s Leadership
Leading Under Armour requires a dynamic team that understands both the meticulous demands of the sportswear industry and the need to remain competitive in a global market. The leadership at Under Armour is defined by seasoned executives who carry a mix of experience and vision.
CEO and President
Patrik Frisk is at the helm of Under Armour as the Chief Executive Officer and President. His tenure has been marked by a commitment to innovation and global growth. Frisk’s leadership is instrumental in steering the company through the evolving retail landscape, and his strategies are central to the brand’s performance.
Board and Executive Chairman
The Board of Directors at Under Armour is comprised of individuals with diverse backgrounds, each contributing a wealth of knowledge to the company’s governance. The Executive Chairman, Kevin Plank, who is also the founder, plays a pivotal role. His guidance shapes the overarching vision and strategic direction for the company. Kevin’s expertise is a cornerstone of Under Armour’s enduring success.
Corporate Identity and Culture
Under Armour’s corporate identity is shaped by a commitment to innovation and a culture designed to foster the growth and professional development of its employees. They maintain a focus on creating a supportive community that both reflects and enhances their brand essence.
Mission and Vision
Under Armour’s mission is to make all athletes better through passion, design, and the relentless pursuit of innovation. They aim to empower athletes everywhere. This is complemented by their vision to inspire with revolutionary sports clothing, shoes, and accessories that cater to both the elite athlete and the casual enthusiast striving for excellence.
The company strives to create an inclusive environment with initiatives like B.E.A.T (Black Employees Achieving Together), which aims to ensure growth opportunities for Black teammates within the organization. The identity of Under Armour is partially sculpted through how it nurtures its employees, providing avenues for professional advancement and instilling a sense of belonging.
Under Armour engages with the broader community by focusing on sustainability and ethical business administration practices. They recently announced the development of a new testing methodology to measure fiber shedding, working towards the goal that 75% of their fabrics will be made from low-shed materials by 2030, demonstrating their commitment to environmental stewardship.
In the competitive landscape of sports apparel, Under Armour has carved out its own niche, while navigating the waters of industry giants. Market capitalization and expert analysts highlight the company’s stance among its peers.
The sports apparel industry is characterized by its dynamic nature and intensive competition. The barriers to entry are high due to the dominance of established brands like Nike and Adidas, which command significant market share. Market analysts frequently look at Under Armour (UA) and note its impressive growth trajectory within this competitive space. Despite being younger than its competitors, UA has successfully expanded its brand presence and is a favored choice for many athletes.
- Nike: With a massive market capitalization and a globally recognized brand, Nike is a leading competitor in the sports apparel industry, well-known for its innovation and marketing.
- Adidas: Another key competitor, Adidas is revered for its quality and has a strong foothold in both sports and lifestyle segments.
- Under Armour: UA, while smaller in comparison, has been responsive to market needs and is praised for its high-performance materials and sponsorship of high-profile athletes.
When analysts discuss Under Armour’s market competitiveness, they often highlight its targeted approach to innovation and its ability to sponsor major sports figures as crucial strategies against its larger rivals.
When it comes to customer interaction, Under Armour Inc. places a significant focus on creating strong connections through retail experiences and creating a robust digital space in connected fitness. These efforts enhance brand loyalty and customer service, aiming to provide users with a seamless and personal interaction with the brand.
Under Armour has bolstered its brand loyalty by offering innovative products that resonate with their customers’ fitness goals. At their retail locations, the attention to detail in the presentation and the atmosphere of the store encourages customers to immerse themselves in the Under Armour culture. They also leverage their Connected Fitness platform to ensure a continuous and engaging brand experience, fostering a community where customers can track their fitness, remain motivated, and feel an enhanced sense of loyalty to the Under Armour brand.
In terms of customer service, Under Armour is committed to exceeding customer expectations. They train their retail staff to not just sell products, but to educate and inspire the customers about their fitness journey. Furthermore, the customer service extends beyond the walls of physical stores. Through Connected Fitness apps, Under Armour provides tailored health and fitness guidance, enabling customers to receive support and advice directly relevant to their personal fitness regime. This proactive approach has established Under Armour as more than just an apparel company, but as a trusted partner in their customers’ active lifestyles.
Media and Endorsements
Under Armour has consistently leveraged media and high-profile endorsements to position itself as a major competitor in the sports apparel industry. Through strategic sports sponsorships and celebrity partnerships, they’ve built significant brand recognition.
Under Armour sponsors various sports teams and athletes to promote its products. Notably, they have an affiliation with Georgia Tech, ensuring that the Yellow Jackets are equipped with the latest in performance wear. This partnership helps enrich Under Armour’s brand presence within collegiate sports.
In professional sports, Under Armour has made a considerable impact. They often rival giants like Nike, especially in garnering powerful sponsorships that resonate with broader audiences. Among these are deals with prominent figures and organizations, which are often highlighted in features by major sports outlets, like ESPN the Magazine.
Celebrity endorsements play a significant role in Under Armour’s marketing strategy. These partnerships extend beyond traditional sports figures, incorporating athletes known for their exceptional careers and marketability. It’s a move that has often placed Under Armour in the media spotlight, enhancing its visibility and appeal to consumers.
These celebrities not only wear Under Armour products but also help in designing them and sometimes have input in the marketing campaigns, which has proven effective in influencing consumer preferences. The brand has been known to offer substantial deals to high-profile athletes, contributing to its reputation as a formidable force in sports endorsements.
Frequently Asked Questions
This section addresses common inquiries regarding Under Armour’s athlete endorsements, leadership, fascinating facts, locations, subsidiaries, and strategic partnerships.
Which athletes have endorsement deals with Under Armour?
Under Armour has endorsement deals with many elite athletes, including NBA player Stephen Curry and professional golfer Jordan Spieth.
Can you tell me who the current CEO of Under Armour is?
As of the current knowledge cutoff in 2023, Patrik Frisk holds the position of CEO of Under Armour.
What are some interesting facts about Under Armour?
Under Armour was founded in 1996 by Kevin Plank, and it has grown to become a major player in the sports apparel industry.
Where can I find the headquarters of Under Armour located?
The headquarters of Under Armour is located in Baltimore, Maryland, United States.
Could you list the subsidiary brands that are owned by Under Armour?
Under Armour’s subsidiary brands include MyFitnessPal and Endomondo, acquired by the company in 2016 to enhance its fitness technology offerings.
What notable partnerships does Under Armour have with other entities?
Under Armour has partnerships with various colleges, professional teams, and sports events to provide their performance attire and gear.