Under Armour

Under Armour, Inc. : Company History In 1996, as a football player at the University of Maryland, Kevin Plank grew tired of the cotton t-shirts he was provided becoming soaked with sweat and rain, impeding his ability to move fluidly as a special-teams player for the Terrapin football team. Knowing that cycling outfits and football under shorts were made with a "moisture-wicking synthetic fabric", Plank believed it possible to make a t-shirt out of such material. He observed the content label of his moisture-wicking undershorts and bought the same material from a fabric store, subsequently paying a tailor $460 to sew seven shirts using the fabric. Plank 's and six other teammates wore the shirts in practice and all agreed that Plank was on to something very positive. In response, he went to New York 's garment district and had hundreds more samples made, calling his invention "Under Armour" and subsequently founding the company as it is known today through the initial backing of angel investors (Business Week.com, Carey, John, 25 May 2006). Since achieving $17,000 in recorded sales with one employee (Plank) and one t-shirt in 1996, the company has grown to more than $430 million in net revenues in its fiscal year 2006. In 2000, the company 's products were sold worldwide in approximately 500 retail stores, growing to 12,000 retail stores by 2006, primarily in the US, Canada, Japan, UK, France, and Germany. The company began selling in Japan in 1999, and in the United Kingdom in 2005. The company also acquired capital within the United States, by issuing stock through an initial public offering (IPO) in 2005 on the New York Stock Exchange (NYSE), which allowed the company to obtain approximately $123M in capital (Under Armour 2006 and 2005 Annual Report).
In 2007, the company opened its first stand-alone store in Annapolis, MD and will continue opening such stores in 2008 to establishing itself as a pure retailer and manufacturer. Under Armour also established