Under Armour

1)      Complete legal name of the company: Under Armour

2)      Why this company interests you?

 

This company interests me because I have purchased a few items of Under Armour apparel. I understand that certain clothing apparel becomes a “social fad” and one believes that they can feel more like main stream America if they purchase and wear the apparel. Under Armour apparel has their logo written out in obvious areas of their hoodies, pants and other clothing products. I realize that when I wear their products I am literally advertising for that company. I wanted to learn more about this company that I was representing. I was curious about how popular the products are that they are selling and the company’s proceeds for each year of sales. All of the Under Armour apparel is expensive for an average family income. I wondered what variety of clothing that they offered and why these products were so very different. I have realized that the clothing is attractively designed, comes in a variety of colors and styles, is comfortable to wear and is durable.

I do not consider myself to be an athletic person, but I am very interested in fitness and exercise. Healthy eating and portion size control is an important factor within my everyday life. I chose this company because they design and sell clothing that is targeted at athletics, exercise and fitness.

 

3)      Provide a brief history of the company

 

The Under Armour Company was established in 1996 by Kevin Plank. He attended the University of Maryland and was an athlete for the University’s football team. While playing football with his teammates he observed that the t-shirts worn underneath their protective gear were always soaked in sweat. Plank realized that he was just a mediocre academic student, majoring in business administration, but wanted to make a difference in sport apparel. He desired a product that would cool the body down under extremely hot situations and absorb body sweat (Lyster, 2011).

After graduation in 1990 he set out to create a better line of sport wear. He began working in a tailor shop testing fabrics for the qualities of sturdiness, water repellent qualities, and comfort. Through multiple tests he created a t-shirt that helped absorb body sweat into the fabric and cooled the body in situations of intense heat. After he created the first prototype he gave samples of his t-shirts to his past alma mater’s football team to wear and asked them to test his product. After their feedback was extremely positive, he quickly designed a shirt made from microfiber that absorbed moisture, kept the athletes cool, dry, was light-weight, reduced production of body sweat, regulated temperature and was comfortable to wear. Plank worked from his grandmother’s basement in Baltimore, Maryland, and within 12 months he made his first sale to the Falcons and Giants NFL teams. He felt that if he could make a sale of the product to a nationally recognized professional team his product would be widely visible, advertised extensively, and consequently, his business would grow (Lyster, 2011).

Plank’s goal for his company was to assist athletes to perform at a higher level. His focus with the production of the product was the moisture control feature. In 1996, Plank accomplished $17,000 in sales. The following year, sales increased to $110,000. In 2009 sales hit $1 billion, and the Under Armour brand has become a household name. Under Armour has placed a mark on the performance apparel industry and increased the standards requested by customers, but constantly striving to hit higher quality of products and sales. Working with a team of apparel consultants, Plank created a product line targeting a range of activity levels from every-day wear to extreme environmental conditions while appealing to a variety of consumers. New products additionally designed include: Coldgear, Heatgear, and Allseasonsgear with a goal of attracting another 5% or 6% customers to reach a $1.3 billion market in the United States (Under Armour’s Kevin Plank, 2011).

Today, Under Armour is one of the biggest industries in the world. They make the most innovative performance footwear, apparel and accessories for athletes and are available worldwide. Under Armour footwear was added to the clothing apparel line in 2006 introducing football cleats, running shoes in 2009, and basketball shoes in 2011. The company team works to build and design the most innovative performance products, having the athlete in mind, to ensure the very best quality and performance. Plank’s goal is to have customers feel that when they put on an Under Armour product, they feel like a new person capable of doing anything (Under Armour’s Kevin Plank, 2011).

The Under Armour Company is guided by three principles which include: passion, vision and people. The company is founded on Four Pillars of Greatness: building a great product, telling a great story, serving the business, and building a great team. Under Armour’s advertising uses Plank’s motto or mantra, “We must protect this house” and “we will.” Under Armour’s goal includes inspiring athletes to believe that they can do anything. Plank believes that a company must embrace what makes it feel important and work hard to make it happen which are both necessary strategies to build a viable company (Under Armour’s Kevin Plank, 2011).

Under Armour began with a vision to make athletes better and every product is not just about fashion, but designed to enhance the athletic experience. For example, the Under Amour mouth guard has a back-bite that levels the head and improves the athlete’s posture. Plank states if “You do something so you can get a quick buck that may look good on the revenue chart, but only for a little while. What you do must protect your brand or you will ultimately fail. If you slap a logo on it, it might sell right away, but the brands that will endure are the ones that respect the consumer”. He clearly believes that he has not yet created a defining product at Under Armour and wants to continue to create products that help meet athlete’s needs. He recognizes that his company’s major competitors are currently 20 times larger than Under Armour and supports the idea that there is room for all companies within the marketplace of apparel and athletics. Today there are 8,000 Under Armour retail locations across the world in 85 countries (Under Armour’s Kevin Plank, 2011).

 

4)      The trading symbol of Under Amour: NYSE: UA

 (Under Armour 10K Report 2012. www.MSN.com).

 

5)      Trends within the apparel industry

There are several major trends in the clothing industry. The first trend in the clothing industry is it is valued at more than $310 billion a year and accounts for the more than 80% of all exports worldwide. Some 98% of the clothing purchased in the United States is imported from abroad. Just two % of clothing bought in this country is manufactured in the U.S. (Blackburn, 2011).

In 2011, 98 % of the apparel and 99 % of the footwear sold in the United States was produced internationally. Over the past ten years this buying trend has allowed families to spend less of their family budgets on clothing and obtain more clothing for their money (Burke, 2012).
The top five apparel supply countries to the US in 2013 are China (up 6.0% to 5.48 billion small medium enterprise (SME), Vietnam (up 13.0% to 1.4 billion SME), Bangladesh (up 10.8% to 1 billion SME), Indonesia (up 4.6% to 807 million SME), and Honduras (-1.9% to 622 million SME). Making significant headway is Cambodia, which comes in sixth with a rise of 6.30% to 608 million (U.S. Textile, 2013).

The second trend is China has become the world leader in developing textiles and clothing. Whole towns are dedicated to manufacturing of specific apparel. For example the Town of Datang makes one-third of the world's socks. In addition a worker at the Chinese sock factory makes just $14 a day or $270 in month. In America, a clothing worker makes $88 a day, or $1,760 a month (Burke, 2012).

The third trend is that developing countries continue to expand their textile industry. These developing countries include: Taiwan, India, Ethiopia and Mexico (U.S. Textile, 2013).

The fourth trend is India is the most preferred country after China for apparel. India has shown a rise of exports due to several factors: vast sources of raw materials, low labor costs, entrepreneurship and design skills of Indian traders, and changes in policies to open up the Indian economy to the outside world (Landes, et al, 2005).

Bangladesh is the fifth trend that has emerged as a key player of rapid growth management (RGM) sector. Low wages in the textile industry is causing relocating of textile productions to places like Bangladesh. Bangladesh wages have recently decreased by 2%, as well as Mexico wages that are down 30%. China has been a leader in textiles, but has recently experienced an increase of wages up to 125%. Such an increase in China’s wages will cause relocation to other countries due to the increase in overhead production costs (Schneider, 2013).

The sixth trend is Turkey is becoming the market for investing in the apparel industry. Turkey racks the 6^thlargest cotton producer in the world after China, U.S.A., India, Pakistan and Uzbekistan, the 8^th exporter in the world, and the 4^th apparel exporter for ready-made garments (Turkey Cotton, 2007).

The seventh trend is textile and clothing exports to the U.S. is one of the main avenues to obtain duty income that boosts the U.S. economy. In 2012 the U.S. received over 30 billion dollars to the economy because of imports of textile goods. Last year, every single man, woman and child in the United States purchased an average of 68 garments and seven pairs of shoes. In all, American families spent more than $360 billion at retail on new clothes and shoes in 2011. However, at Round House Workwear in Oklahoma, employees have been manufacturing durable work clothes for 108 years. Currently, the company is thriving mostly because there are customers who want to buy clothing that is 100 % “Made in America” (Burke, 2012). 

 The apparel industry is larger than the U.S. video game industry, fast food industry, beverage industry and even the auto industry. The apparel industry employs four million U.S. workers which is three million more than the car manufacturers. These four million U.S. workers design shoes and clothes, perform research and development, cut and sew, supervise production, handle customs and logistics, ensure product safety compliance, market and merchandise products, outfit U.S. troops and work on the sales floor. Additionally workers assist in the apparel industry through U.S. transportation, distribution, warehousing, and logistics workers (Burke, 2012). According to Bruce Katz of the Brookings Institute the U.S. should not attempt to complete with other countries for the overall apparel industry, but rather production of advanced goods (U.S. Textile, 2013). In the case of clothing, that means focusing on the design of high-technology gear like the waterproof and windproof jackets from outdoor clothing giant The North Face (Burke, 2013).

The eighth trend is that Cambodia is attracting new investors and is increasing its garment exports. Cambodian workers start at 7 am and sew until 9 pm six days a week. Their sewing quota is 950 shirts a day and for every 100 shirts above the quota they are paid an additional 25 cents making their potential total earnings for the month $130. All Cambodians work under a short-term contract that can be as short as three months. The value of Cambodian’s clothing manufacturing exceeded 80% of the country’s $5.5 billion (U.S.) in exports last year and if footwear such as Nike, Adidas and Puma are added the amount would exceed 90% (Wells, 2013).

Fashion changes season by season and year to year. Currently the focus for women is bright colored t-shirts, thin and breathable materials, running skirts, capris and racer back tank tops. For the men the trend is colors of grey and black, shorts, bright muscle shirts and light-weight jackets (U.S. Textiles, 2013).

 

6)      The name of the independent auditing /accounting firm by GAAP standards

 

Under Armour, like all companies within the United States, must be compliant with generally accepted accounting principles (GAAP). The Board of Directors of the Under Armour Company has publically released that Mr. Krongard, Mr. Deering and Mr. Coltharp are “audit committee financial experts” under SEC rules. The Board of Directors determined that all committee members are independent under NYSE listing standards and SEC rules. All stock holders as well are able to view the annual report to monitor financial activities (www.sec.gov).

 

7)      Describe their products or services

Under Armour has a variety of products in the market which includes: apparel, footwear, and accessories. The apparel features a variety of styles that are designed to enhance comfort and mobility, regulate body temperature, and improve performance in all weather conditions known as HEATGEAR, COLDGEAR, and ALLSEASONGEAR.

      HEATGEAR is intended to be worn in hot temperatures. This helps the body remain cool, dry, and is light to wear.

     COLDGEAR is designed to be worn in cold temperatures. This helps remove moisture, circulate body heat, and maintain body temperature.

     ALLSEASONGEAR is designed to be worn during extreme heat or cold. The apparel keeps the body dry in the heat and prevents chill in the cold.

     Footwear made by Under Armour is made for sport teams and fitness people designed to provide stabilization, top cushioning, and moisture management.

      HEATGEAR and COLDGEAR features are included in all accessories such as: headwear, duffel bags, baby apparel, socks, team uniforms, eyewear, sport team balls, and gloves (Under Armour’s Kevin Plank, 2011).

 

8)       Company size

 

Total amount of sales =$1,834.921, net income = $128.778, total number of employees = 5,900, assets (million) = $1,157.083, and sales growth % = 24.6%. There are 8000 retail locations all over the world with 109 stores in the United States. There are stores in Europe, the Middle East, Africa, Asia, and Latin America, UK, Australia, New Zealand, France, Germany, Greece, Ireland, Italy, Spain, Sweden, and Japan. Under Armour sales went from up to $1,834.9 million in 2012 from $725.2 million in 2008. The growth in net revenue has been driven by interest in the actual products and the strength of the brand and Under Armour plans to increase their profits. There continues to be an increasing demand for athletic products that possess comfort (Under Armour 10K Report 2012. www.MSN.com).

Overhead costs for Under Armour consists primarily of product costs, inbound freight and duty costs, outbound freight, handling costs to make products, and royalty payments to endorsers. The general expenses include innovation, supply chain and corporate services, salaries, benefits, incentives and stock-based compensation, commercials, print ads, league, team, player and event sponsorships, commissions paid to third parties cost of factory house and specialty store leases, apparel, footwear and accessories product innovation, sourcing and development costs, and distribution facility operating costs (Under Armour 10K Report 2012. www.MSN.com).

Net sales increased from $1,790.1 million in 2012 from $1,436.1 million the year before, an increase by $354,000. The license revenues increased from $44.8 million in 2012 from $36.6 million the year before, an increase by $800,000. The Gross profit increased $879.3 million in 2012 from $712.8 million the year before an increase of $1,670,000. The selling and general expenses increased to $670.6 million in 2012 from$550.1 million the year before an increase by 1,200,000. Operations income increased to $208.7 million in 2012 from $162.8 million the year before an increase by $460,000. Interest increased to $5.2 million in 2012 from $3.8 million the year before an increase by $2,000,000. Other expenses decreased from $0.1 million in 2012 from $2.1 million the year before. Taxes increased to $74.7 million in 2012 from $59.9 million the year before an increase by $1,500,000. Figures indicate that 2013 has been a great year for the company (Under Armour 10K Report 2012. www.MSN.com).

 

9. Under Armour’s most recent 10-K report

 

Risk factors in the company depend on changes in general economic or market conditions that affect consumer spending. Financial health of retail customers, the ability to effectively manage the growth of a more complex business expanding domestically and internationally is important. The ability to effectively develop and launch new, innovative products is a must. The risks may go up if the ability to forecast consumer demand and manage inventory is not done accurately. Increased competition can cause the company to reduce the price of their products or the need to increase marketing efforts which will increase costs. Fluctuations in the cost of the products, loss of key suppliers or manufacturers, or failure of the suppliers or manufacturers to produce or deliver products in a timely or cost-effective manner are important variables. The company needs to be able to further expand the business globally and to increase brand awareness and consumer acceptance of the products in other countries. There is a need for the ability to accurately anticipate and respond to seasonal or quarterly fluctuations in operating costs. Maintenance of a positive brand image and effective information system are critical. Attracting and maintaining effective employees and managing labor disputes are vital. Future growth depends on expansion outside of North America because in 2012, Under Armour manufactured 53% in Asia, 19% in South America, 18% Middle East and 8% in Mexico. Just a few of the risks associated with international manufacturing include political or labor unrest, terrorism, economic instability, and delays in shipping. Financing for additional capital to promote growth of the business domestically or internationally may not be available or offered at an unacceptable level. The company originated through a promotion in the National Football League and as the company has grown these sport leagues are mandating higher payoffs to wear Under Armour apparel directly threatening the livelihood of the company (Under Armour 10K Report 2012. www.MSN.com).

Competitive issues include other aggressive sports apparel companies such as Nike and Adidas. Nike is Under Armour’s biggest competitor. Nike is the number one manufacturer of sports shoes in the world. The company has shoes for all sports: basketball, baseball, golf, hiking, tennis, and football among others. Under Armour seems to be more focused on the athletic apparel market, but Nike does go beyond athletic shoes which includes a line of sports related clothes, equipment and accessories. Under Armour is attempting to expand into the shoe market. Under Armour competes with Nike in a variety of sports products, but Under Armour does not produce shoes for lacrosse, softball, golf, track & field. Under Armour’s has high numbers of profit for having been in business for only a relatively short period of time, however Under Armour is capitalized at $1.28 billion which Nike gets $26.38 billion. These figures indicate that Under Armour is at a strict disadvantage compared to the sportswear giant, Nike. Recent market performance of Under Armour indicates that the company can come out strong in years to come (Under Armour 10K Report 2012.www.MSN.com).

Irregularity in regulations and potential litigation can occur at any time domestically or internationally due to the constant changing of laws, statues, and regulations within the apparel manufacturing process. These regulations are particularly difficult to anticipate or respond to when much of Under Armour apparel is produced and sold internationally where there is unstable markets with limited regulations (Under Armour 10K Report 2012. www.MSN.com).

 

10)  3 interesting articles about the company

 1)      "Under Armour to Acquire Map My Fitness"

 

Recently Under Armour joined forces with Map My Fitness, a fast emerging fitness technology based in Austin, Texas. Under Armour’s goal is to outdo Nike’s fitness technology. Currently, there are more than 20 million registered users of Map My Fitness who map, record, and share their workouts using GPS and other technology. Nike already coordinates with Map My Fitness and has 18 of the 20 million followers.

Map My Fitness was started in 2007 by Thurston and Callahan. Callahan created his website to help him map and record his runs while training for his first marathon. Plank from Under Armour and Callahan and Thurston from Map My Fitness joined together to develop a technology team with the idea of creating a great product for the consumer that assists them in their daily lives with health and fitness while creating a social environment to share their progress.

The chief performance officer for Under Armour stated, “The digital monitoring of performance and fitness is the next major wave in making athletes perform better.” This free fitness technology is very applicable for competitive sports as well as regular fitness (Mirabella & Sherman, 2014).

The overall analysis of this article indicates that the Under Armour Company in the past has attracted men with form fitting, sweat absorbing apparel. The company has a major goal of increasing sales to $10 billion. To be able to accomplish this goal the plan is to have women’s apparel, international growth, and footwear products increase in production and availability by joining forces with Map My Fitness, Under Armour combines technology with fitness and social media. Their overall goal is not to absorb already existing athletic apparel companies such as Nike and Adidas, but rather perform at a higher, more desirable level of performance.

 

Works Cited

             Mirabella, L., & Sherman, N. (2014, November 14th). Under Armour to acquire MapMyFitness. Retrieved from Baltimore Sun: http://articles.baltimoresun.com/2013-11-14/business/bs-bz-under-armour-mapmyfitness-20131114_1_armour-shares-ceo-kevin-plank-armour39

 

 

2) “Under Armour Finds Feminine Side to Go Beyond $2 Billion”

This article discusses Under Armour’s deficits when it comes to appealing to female consumers. Last year, in 2012, $400 million dollars in sales were for women’s athletic apparel. Even though this is a large figure, this was less than half the sales of men’s. According to Michael Baron, vice president with Baron Capital, Inc., the fifth largest Under Armour holder, “the problem is distribution.” Under Armour is having difficulties selling to women because women’s apparel is not featured in Under Armour stores across the country. In order for women to buy Under Armour clothing, they oftentimes have to go to Dick’s Sporting Goods or Sports Authority Inc., where many women do not frequently shop (Townsend, 2013).

Under Armour is having a difficult time with other two markets trying to “crack” are cities and footwear. This company does relatively well selling footwear and apparel in the suburbs but not so well in the cities. Under Armour also needs to become more competitive internationally. “Under Armour generates 94% of its revenue from North America, compared with 37 % for Nike, which is the world’s largest athletic brand” (Townsend, 2013).

Analysis of this article is in order for Under Armour to become a more national and international brand, many things need to change. Some progress is being made in expanding the market and appealing to women consumers. In order for the brand to be successful, men’s and women’s apparel and footwear sales need to be somewhat equivalent. There needs to be more Under Armour stores located throughout the United States that feature men’s and women’s clothing and prices need to be comparable. Under Armour needs to expand their footwear business similar to what Nike and Adidas have done because if they do not become successful in the footwear business similar to the caliber of Nike and Adidas, Under Armour’s revenue will be limited (Townsend, 2013).

Works Cited

              Townsend, M. (2013, February 13). Under Armour Finds Feminine Side to Go Beyond Billion. Retrieved from Bloomberg: http://www.bloomberg.com/news/print/2013-02-15/under-armour-finds-feminine-side-to-go-beyond-2-billion.html

 

3)       “Under Armour CEO Aims at Nike, Adidas, and $10 Billion”

This article questions whether Plank the CEO of Under Amour will be able to reach a $10 billion dollar goal that he has set for his company. The company is currently generating about $2 billion. Under Armour sales growth dipped by 20% in the Great Recession year of 2009, but has shown steady growth by approximate 18% gains each year since. At this current pace the company projects a $10 billion in sales by 2020. Under Armour needs to keep in mind that it has taken the company over 17 years to reach its current level of growth (Stock, 2013).

Under Armour does not intend to buy out other sport companies, but to increase women’s wear, expand abroad, expand footwear production and increase direct-to-consumer businesses through outlets sales. Currently the company reports that approximately 30% of all sales occur through outlet purchases (Stock, 2013).

The company has put over $250 million into marketing just towards women in 2013 and they have recently hired an experienced former employee from Adidas to promote Under Armour products in foreign markets, especially Brazil (Stock, 2013).

Analysis of this article indicates that Under Armour has conducted a strengths, weaknesses, opportunities and threat (SWOT) analysis.They have shown successful sales, have assessed their weak areas and are taking aggressive steps to promote opportunities to correct their slumping areas of sales while considering their threats and competitors (Stock, 2013). 

Works Cited

           Stock, K. (2013, September 11). Under Armour CEO Aims at Nike, Adidas, and $10 Billion. Retrieved from Businessweek: http://www.businessweek.com/articles/2013-09-11/under-armour-ceo-aims-at-nike-adidas-and-10-billion

 

 

11) Working Capital Ratio

 The current ratio for the company is 3.40. This means that the company has $3.40 of current assets which they pay to every dollar of liabilities. Nike’s current ratio is $4.00 in assets which they pay for every dollar to liabilities. Cabella’s Sport Store current ratio is $4.02 in assets which they pay to every dollar of liabilities. Columbia Sportswear current ratio is $4.49 in assets which they pay to every dollar in liabilities. According to all these numbers I would choose Under Armour because it has the lowest current ratio to invest in(Under Armour 10K Report 2012. www.MSN.com).

 

12) Cash Flow Statement:

 Operating Activities total=$199.8 million

 

Investing Activities total=$46.9 million

Financial Activities total=$12.3 million

(Under Armour 10K Report 2012. www.MSN.com).

 

 Works Cited

 

"Apparel, Clothing & Garments Industry Overview." Textile Apparel Clothing & Garments Industry Overview. N.p., 16 Aug. 2012. http://www.teonline.com/apparel-garments/industry-overview.html.

 Blackburn, Bradley (2011). “Clothing 'Made in America': Should U.S. Manufacture More Clothes?” Retrieved from abcnews.go.com/Business/MadeInAmerica/made-america

Burke, Kevin (2012). “Apparel Imports Boost U.S. Jobs.” Retrieved fromhttp://www.politico.com/news/stories/0712/78779.html#ixzz2mcUuDb7Z

 Landes et. al (2005). “Growth Prospects for India’s Cotton and Textile Industries.” Electronic Outlook Report from the Economic Research Service. United States Department of Agriculture. Retrieved From https://www.google.com/#q=growth+prospects+for+india's+cotton+and+textile+industries

Lombard, Cherish. "Trends in Workout Clothes." Fox10tv.com. N.p., 21 Mar. 2013.http://www.fox10tv.com/news/trends-in-workout-clothing.

 Lyster, Stephanie. "The History of Under Armour - A Mastermind for Performance Apparel."Ezinearticles. N.p., 4 Feb. 2011.http://ezinearticles.com/?The-History-of-Under-Armour A Mastermind-for-Performance-Apparel&id=127493.

 Mirabella, Lorraine, and Natalie Sherman. "Under Armour to Acquire Map My Fitness". Baltimore Sun. N.p., 14 Nov. 2013. http://articles.baltimoresun.com/2013-11-14/business/bs-bz-under-armour-mapmyfitness-20131114_1_armour-shares-ceo-kevin-plank-armour39/2.

 "Nike vs. Under Armour: Which Is Better?" ReComparison RSS. N.p., 30 July 2012.http://recomparison.com/comparisons/100549/nike-vs-under-armour-which-is-better/.

Schneider, Howard (2013). “This is why the textile industry is relocating to places like Bangladesh.” Retrieved from http://www.washingtonpost.com/blogs/wonkblog/wp/2013/07/12/this-is-why-the-textile-industry-is-relocating-to-places-like-bangladesh/

Stock, Kevin (2013). Under Armour CEO Aims at Nike, Adidas, and $10 Billion. Retrieved from http://www.businessweek.com/articles/2013-09-11/under-armour-ceo-aims-at-nike-adidas-and-10-billion

Townsend, Matt (2013). “Under Armour Finds Feminine Side to Go Beyond $2 Billion.” Retrieved from http://www.bloomberg.com/news/print/2013-02-15/under-armour-finds-feminine-side-to-go-beyond-2-billion.html

 

“Turkey Cotton Fabric Industry” (2007). Retrieved from http://www.turkishdenim.com/index.php?inframe=81939389352424969696239394918482928177788782862376888624748774238981894082877686748287388276789182842482767891828472777893749815847493827738261574859384749382773830158276789182848277383134

"Under Armour Performance Sports Company History." Under Armour Performance Sports Company History. Under Armour, 6 Nov. 2011. http://www.underarmour.jobs/our-history.asp.

“Under Armour’s Kevin Plank: Creating ‘the Biggest, Baddest Brand on the Planet’."KnowledgeWharton Under Armours Kevin Plank Creating the Biggest Baddest Brand on the Planet Comments. N.p., 5 Jan. 2011. http://knowledge.wharton.upenn.edu/article/under-armours-kevin-plank-creating-the-biggest-baddest-brand-on-the-planet/.

 

Under Armour 10K Report 2012. www.MSN.com

“U.S. Textile and Apparel Imports Continue to Climb” (2013). Retrieved from http://www.mrketplace.com/56358/u-s-textile-and-apparel-imports-continue-to-climb/www.sec.gov

Wells, Jennifer (2013). “Clothes on your back: Inside Cambodia's garment industry.” Retrieved fromhttp://www.thestar.com/news/world/clothesonyourback/2013/10/20/clothes_on_your_back_inside_cambodias_garment_industry.html.

(2013, June 5). “Under Armour Taking Playbook Worldwide: CEO” [Video file]. Retrieved from http://www.businessweek.com/videos/2013-06-05/under-armour-an-american-success-story