Under Armor, Inc. is a company that manufactures footwear, casual as well as sports apparel. The headquarters of this company is located in Baltimore in Maryland. It, however, has additional offices including those which are located in Amsterdam, Hong Kong, and Mexico City among many others. Keep reading to learn more about the net worth of Under Armor in the year 2019.
Under Armor was founded in the year 1996 and it was created by Kelvin-Plank. When he created this company then, he was aged twenty-three years old. The company began its operations in his grandmother basement back in Washington DC. He spent time traveling up and down the East Coast. He had nothing but the apparel in the trunk of his car.
The first sale that he made was by the end of 1996. He made sales worth over $17,000, and it is with this money that he moved to Baltimore. After a few moves in the city, he landed himself the current headquarters which are in Tide Point. The initial designs got to be crafted by him. With time, people noticed the unique designs.
The first break that the company had was in the year 1999. This was when Warner Brothers, contracted him to create outfits for the upcoming movies. The two movies were ‘Oliver Stone Any Gin Sunday’ and also ‘The Replacements’. He created an advert that was published in the ESPN magazine. This ad helped him to make sales worth over $750,000. Nine years later, it was the time he got himself into the payroll.
The year that followed, they clothed the XFL football league. This generated a lot of attention during the beginning of the league. The company witnessed investments by various companies that helped to scale operations. The company has experienced radical growth to be where it is today.
Under Armor has seen a lot of growth. From operating from a basement to later having their headquarters. The company continues to create very innovative designs that have attracted very many people in buying their products. The company also does give back to the community by donating money to various charity organizations that run various projects that are meant to help the youth.
Net Worth & Earnings
Under Armor net worth is estimated to be over $4.5 billion. This wealth has been generated from various sources. Among the sources for generating this wealth is through the sale of various merchandise. The operating income for the company is $408, 547, 000 while the net income is $232, 573, 000. The company has increased its total assets to $2,869,000,000.
Despite the company’s success, it has had its share of controversy. Among its share of controversy is the fact that it endorsed Trump campaign. This caused a lot of backlash from the members of the public. Also, it has created some adverts that have been heavily condemned, and they had to bring it down. By endorsing Trump, they were seen to give a greenlight to the plans that Trump was having for the country.