A $10 million donation from Baltimore-based business magnate and philanthropist, philanthropist, and Under Armour executive Kevin Plank, announced on Monday, will be used to support CollegeBound. The president isnt popular there or in any of the big cities in that part of the country. Because American political parties consist of many individuals with widely varied interests, planks are important and help organize the opinions and strategies for each political issue. We believe it is important for Under Armour to be a part of that discussion. Kevin Plank, the CEO of Under Armour, will step down but continue to serve as the brands executive chairman and CEO. [47] He is also a member of the Board of Trustees for Living Classrooms, a Baltimore-Washington based non-profit organization dedicated to the hands-on education of young people using urban, natural and maritime environments as living classrooms". Denouncements from its own popular athletes (and their fan followings) over Planks stance on Trump has likely done little to sway shoppers. "But Under Armour also saw support on social media.Jeff Kennedy, a small business owner from Georgia, felt compelled to respond to the barrage of comments berating Plank, tweeting his appreciation of Plank's support of pro-business policies and vowing to buy more Under Armour stock and clothing.Kennedy said he wanted to stand up for those business owners who are afraid to speak up and risk losing business. You dont need to look beyond Trumps Twitter account on Monday to see why. [5], Plank grew up playing youth football with the Maplewood Sports Association; a Maplewood team has appeared in Under Armour commercials. Under Armor was established by Kevin Plank, a member of the University of Maryland football team who also founded the company. "So there's a lot that I respect there.". [29], Plank bought the 630-acre historic Sagamore Farm in Baltimore County, Maryland, in 2007. [18] In 1996, Plank finished his first year selling shirts with $17,000 in sales. Within 24 hours, the hashtag had been tweeted a little more than 1,500 times, according to Keyhole, a hashtag tracker for Twitter.That's a fraction of the nearly 140,000 #deleteUber tweets that appeared by 3 p.m. Jan. 29 after that social media campaign began the evening before, Keyhole data shows.Still Under Armour sought Wednesday morning to mitigate any fallout by issuing its statement. Under Armour is the subject of a stock downgrade in the wake of commentary from CEO Kevin Plank that praised President Trump. He is the founder and executive chairman of Under Armour. [54], According to the Federal Election Commission, Plank has donated to both major U.S. political parties and to individuals of both parties. Plank is a former football player who spent his . Personal beliefs and opinions. [27][28], Plank is a member of the board of trustees for the National Football Foundation. It is imperative to me that my partners and sponsors share this belief.". Actor Dwayne The Rock Johnson said Planks words were divisive. Misty Copeland, the ballet icon and star of the companys womens clothing campaigns, said she strongly disagreed with the CEO. Powered and implemented by Interactive Data Managed Solutions. Under Armour announced a turnaround plan in December that will improve womens offerings while also focusing on the wants of the consumer. Im a certified personal trainer with over 10 years of experience. We are incredibly proud of this important first step in the evolution of creating more jobs at home. The decision comes hours after the CEO of pharmaceutical giant Merck announced hed do the same. Plank's Trump praise might make that organic growth even harder, though it appears that Plank is aware of this. While Poser doesn't believe that Under Armour is in danger of losing Curry as a brand ambassador, he cites Curry's "pointed" comments as a troubling sign for the company. To revisit this article, visit My Profile, thenView saved stories. [16] One day, his brother asked him, "How's that company you're working on Under Armor?" His mother is a former mayor of Kensington, who went on to direct the Office of Legislative and Intergovernmental Affairs at the United States Department of State under President Ronald Reagan. [37] The company had acquired approximately 235 acres in the area[36] and planned to build a mix of offices, residential areas, retail space, parks, boat launches and more. The fallout was swift: FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Plank is a former football player at the University of Maryland. ". Under athleisure surpassed Under Under Armour, on the other hand, grew revenue by 20% to 30%. In an interview with CNBC in April 2017, Plank praised Trump's pro-business agenda, saying that the president was "a real asset" to the country. To learn more or opt-out, read our Cookie Policy. Under Armour expects to double its revenue from athleisure by 2026 to $6.3 billion, up from $6.3 billion in 2018. Mayor Scott will celebrate the rebranding at a Plank-sponsored party tonight. Playing football with the Maplewood Maple Leafs at a young age, he had a liking for athletics. All Rights Reserved. Then a Wall Street analyst downgraded the company. According to Susquehanna Financial Group analyst Sam Poser, Plank's commentary didn't just breach conventional wisdom staying mum on matters of politics and religion. I'm a big fan of people that operate in the world of 'publish and iterate' versus 'think, think, think, think, think', so there's a lot that I respect there. As of January 1, 2020, current COO Patrik Frisk will become CEO. Sports-apparel maker, Under Armour, is the subject of federal investigations by the Department of Justice and the Securities and Exchange Commission over its accounting practices, according to the Wall Street Journal. I personally believe that immigration is the foundation of our countrys exceptionalism, wrote Plank. Call 1-800-GAMBLER. "Millennials and Generation Z want brands and retailers to be transparent about their stands on social issues," said Matt Powell, an NPD Group vice president and apparel, sports and footwear analyst. [15] Plank's company reached $1 billion annual revenue for the first time in 2010, and Plank became a billionaire in 2011, when his net worth was estimated at $1.05 billion. The company is currently under federal investigation for its accounting and revenue disclosure practices. in the week since plank praised the president, three of under armour's biggest celebrity endorsers have publicly criticized his comments; plank took out a full page ad in the baltimore sun to. He lived in Lutherville as a resident of Georgetown before moving to Washington, DC. "There's just as many people out there that want to see change as don't want to see change. Make Your Own Push Up Bars At Home: A Simple And Effective Way To Boost Your Strength Training Routine, Pushing Up Changes In Git: A Step-by-Step Guide, Make Your Small Breasts Look Fuller And Perkier: Tips And Tricks For Pushing Up Your Chest, Unlock Your Potential With Push Up Handles: An In-Depth Look At The Benefits And Uses, Push Yourself To The Limit: Simple Steps To Improve Your Push Up Stamina And Maximize Your Workout, Maximizing The Effectiveness And Safety Of The Concentric Phase Of A Push Up. [35], Beginning in 2013,[36] Plank's real estate firm, Sagamore Development, was leading a $5.5-billion mixed-use development project in Baltimore's Port Covington area. [31] The farm was the home to stallion Native Dancer, who went 21 for 22 during his racing career from 1952 to 1954. Plank is in hot water over comments he made praising the president. founder said he views President Trump as a "real asset" to his company, going on to say, "He wants to build things. It was not to be. While Under Armour has done well with its on-field merchandise, an initiative to expand beyond playing fields and onto city streets has proven tough. ," he wrote at the time. I'm not going to stop using a good quality product just because they don't have the same views I have. Where could Tom Brady land next, and does anybody want him? A total of $24 million has been raised by the foundation since it was founded in 2011. [56] Plank's comments drew criticism on social media. As some customers vowed to boycott the brand, three major endorsersStephen Curry, ballerina Misty Copeland, and actor Dwayne "The Rock" Johnsonwent on Twitter to express their opposition. Kevin Plank is an American businessman, entrepreneur, and philanthropist. [37], Plank Industries also bought and revamped the water taxi in Inner Harbor. Meanwhile, Nike, Asics, and Adidas all issued statements against the president's travel ban last week, but Under Armour did not. That's only heightened in terms of importance as the country has become more divided in political views. News anchor Stephanie Ruhle isn't the only MSNBC personality with cozy ties to Under Armour CEO Kevin Plank, The Post has learned. Gambling problem? He wants to make bold decisions and be really decisive," Plank said, alluding to Trump's desire to bolster American manufacturing and his plans to build a wall along the US-Mexico border and pass a large infrastructure improvement bill. Thats OK.. We have engaged with both the prior and the current administrations in advocating on business issues that we believe are in the best interests of our consumers, teammates, and shareholders. Both are married. In a statement, Plank said, After twenty-four incredible years, I have decided that now is the right time to transition Under Armours leadership to a new generation.. But Under Armour has a big business presence in the state and works closely with state and local government. Kevin Plank, chairman and chief executive officer of Under Armour Inc., speaks during the Women's Wear Daily Apparel/Retail CEO Summit in New York, U.S., on Tuesday, Nov. 10, 2009. (Trump also praised L.L. Both Plank and her have traveled on his private jet, and she has offered him advice on business matters. He took out a full-page ad in Under Armours hometown newspaper on Feb. 15, hoping to clear up his stance on Trump and immigration. Put simply, Under Armour has been unable to establish itself as a cool street brand. "When they realized there was some backlash and that's not hard to do with social media, it appears quickly, they were quick to come out with a response," Bell said. Daniel Acker. "My business is sports, health and fitness, but the things I like to do are horse racing and whiskey," the Under Armour founder told a crowd of UA and political dignitaries like Maryland Gov. [44] The next year, his charitable arm funded 40 summer jobs for Cherry Hill, Baltimore, public school students in the maritime transport industry. Despite Trumps Twitter tirade against Merck, the companys stock finished Monday slightly more valuable than it started it. [21][22][23] Many long-term employees questioned Plank's strategy and whether the company would produce a return on their investment. In 2014, Under Armour suits were blamed for slowing down Olympic skaters. [12] As of February 2018, Forbes estimated his net worth at US$1.8 billion. "We have engaged with both the prior and the current administrations in advocating on business issues that we believe are in the best interests of our consumers, teammates, and shareholders," the statement said.The company, the statement said, seeks fair trade, tax reform and an "inclusive immigration policy that welcomes the best and the brightest and those seeking opportunity in the great tradition of our country. [53] Plank donated $1 million to the Archdiocese of Baltimore in 2016 to help 100 more children go to Catholic school. [5] Plank tried several prototypes before deciding on the one he wanted to use. [7][9] Afterward, he played football at Fork Union Military Academy for a year, trying to get the attention of NCAA Division I schools. But he wanted to support her anyways. Bush wishes Plank well in this letter, praising his leadership skills and stating that he should step aside when they are appropriate. earlier this year. "Plank's comments on Trump came Tuesday afternoon as part of a broad interview on CNBC's "Halftime Report" about Under Armour. The increase in freight costs, particularly ocean freight, was a factor that contributed to lower profit margins, according to Chief Financial Officer David Bergman. It also cited allegations of sexual misconduct by male executives including by Planks brother, Scott, who resigned in 2012, according to the Journal and concerns about womens pay and promotions. Bean faced boycott calls after it was reported that a granddaughter of its founder contributed to a political action committee backing Trump.Plank sits on a manufacturing advisory panel assembled by Trump that met with him the Monday after he was inaugurated. "Regardless of Plank's political views or whether his comment was meant to be a Trump endorsement or a general opinion, we believe the decision to express a view in today's highly charged political climate was a mistake," Poser said. (Photo by Chip Somodevilla/Getty Images), Divided Government And The Way Forward For The Markets, How Negativity Bias Leads To Mistakes In Portfolios, Transforming The Wealth Management Experience For Todays Client, MoneyStamps Of South America - As Investments, Theyre Different Part 1, Covid-19 Related Municipal Defaults Begin, The Dynamics Of Price Discovery In The Stamp Market, "In this case, perception is reality. Plank spent hours in one-on-one conversations to try to persuade those employees. However, based on his public statements and actions, it is generally believed that he is a Republican. There is no definitive answer to this question as Kevin Plank has never openly stated his political affiliation. Kevin Audette Plank (born August 13, 1972) is an American billionaire businessman and philanthropist. Scott originally backed the plan and its $660 million in TIF benefits as a councilman from the Eastside's impoverished 2nd District. He started Under Armour while still in college. "[I]tis exceptionally difficult to create the cool factor that will drive lifestyle sales; it must happen organically.". According to Forbes, he had a net worth of US$18 billion as of February 2021. [12], Before living in Lutherville, he lived in the Georgetown section of Washington, DC. Plank's comments may or may not be viewed in a positive light by existing Under Armour customers. 37 on Businessperson of the Year list by, No. [11][3] Frustrated by his cotton T-shirts' inability to keep him dry and comfortable, he searched for a material that would wick the sweat from his body. "It's unfortunate that any positive commentary in today's political climate is perceived as 'all or nothing' in support for or against any particular individual and his/her politics," Moser said. Under Armours founder and CEO, Kevin Plank, has been a successful philanthropist as well as an investor. [16] Plank said he chose the British spelling "armour" because he "thought the phone number 888-4ARMOUR was much more compelling than 888-44ARMOR". [33][32] On November 5, 2010, Sagamore Farms' Shared Account won the $2 million Breeders' Cup Filly & Mare Turf (GI). The move follows more than three years of the sports apparel companys financial and cultural struggles. For years, Under Armour has had a long-term strategy for domestic manufacturing and we recently launched our first womens collection made in our hometown of Baltimore, MD. Costner earned some criticism for his political views, but that wasnt a chief concern for him. I'm not quite sure what Plank imagined he was getting Under Armour into when he took his seat on Trump's American Manufacturing Council, but I can't believe he really is so dim that he thought it. The Under Armour founder discusses early lessons and pivotal decisions. "It goes back to freedom of speech," he said. [17] He also asked his former teammates to try on the shirts, claiming that his alternative to a cotton T-shirt would enhance their performance on the field. The company's statement aimed to frame Plank's comments as a response to his participation in the manufacturing jobs initiative, not as a personal endorsement, he said. Grandstanders should not have gone on. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. "Plank was out of town and unavailable to be interviewed on Wednesday, the company said.Immigration has been a hot-button topic since Trump's executive order to suspend refugee admissions and temporarily bar visitors from seven mostly Muslim countries. As Under Armour founder and chairmen Kevin Plank unveiled a new brand message The Only Way is Through SEC filings revealed that in the last quarter a hedge fund made a significant bet on Under Armours future performance. [50] He is also responsible for the development of the Cupid's Cup business competition. [55] On CNBC's Halftime Report in February 2017, Plank commented on Donald Trump's pro-business philosophy, saying the president was a "real asset" to the business community. "It was something they needed to do, and time will tell as we move forward as to whether it succeeds." Its a good bet hes there [], Master of Business Administration, Robert H. Smith School of Business; Bachelor of Arts/Science, University of Maryland. The concept for Under Armour was based on Plank's personal experience playing college football. "A boycott made little sense, Kennedy added. Under Armor saved a reported $50 million after it backed out of its agreement with MLB to supply uniforms in January 2019. As the founder of Under Armour, Kevin Plank didn't set out to change Baltimore when he started the sports equipment and apparel brand there in 1998. star and prominent Under Amour endorser Stephen Curry responded, "I agree with that description [of Trump], if you remove the 'et" from asset. As of October 2021, his net worth was estimated at US$1.8 billion. [2], Plank married Desiree Guerzon, in 2003. In North America, sales were $940 million, a slight decrease from the previous year. Thanks for contacting us. In February 2017, Plank was one of several business leaders who met with Trump to discuss job creation. "We believe that immigration is a source of strength, diversity and innovation for global companies based in America like Under Armour. Ad Choices, Under Armour Just Endorsed President Donald Trump (Update), The 2023 Critics Choice Awards Was Chock-Full of Stone-Cold (and Coldstone), Drake Used His New Video to Reveal Himself As the Proud Owner of Pharrell's Iconic Jewelry, Every Piece of Menswear You Should Own in 2023, Up Next: Dads React to Under Amour's Steph Curry Sneakers, Kevin Abstract Talks New Album and Life After Brockhampton at the Prada Show, Seth Rogen Accessorized His Great Outfit With Yet Another Great Outfit, The Best Workout Shirts to Keep You Looking Sharp and Smelling Tolerable, The Most Chaotic Congress in Memory Is Pure Style Chaos, Too. He is a male registered to vote in St Clair County, Michigan. Air freight was also used to bring goods from abroad to Under Armour. Shoe sales are suddenly headed in the wrong direction after years of growth, as the company reported a 2 percent decline in footwear sales to $237 million last quarter, compared with a 58 percent increase in the same period the year prior. Political parties began with the Federalists and Anti-Federalists in the debates leading up to the ratification of the Constitution of the United States. . Kevin Plank started the sportswear company in 1996 while playing football at the University of Maryland. In addition to sitting on the University's Board of Trustees, he played an integral role in the development of an endowment fund that the Dingman Center uses to invest in viable startup businesses. According to a memo from CEO Patrik Frisk, the Maryland-based sportswear retailer plans to lay off 600 people. [45], Plank is also active within the Baltimore and Washington, D.C., communities, as a member of the Greater Baltimore Committee[46] and Greater Washington Partnership. For more, visit Forbes.com/400. Under Armour founder Kevin Plank built a popular sportswear brand as the underdog competitor to Nike. When Mercks boss, Kenneth C. Frazier, announced hed leave the White Houses council, he said it was a matter of personal conscience to take a stance against intolerance and extremism. Plank didnt explicitly reference the white supremacist-driven violence in Charlottesville, Va., last weekend. "It's a two-way street," he said. Im excited to help you take your fitness to the next level! [57] Johnson called Plank's words "divisive". As he followed Fraziers move yesterday, Plank said he would focus on promoting unity, diversity, and inclusion through the power of sport. In August, Costner wore a pro-Cheney shirt that the Republican lawmaker shared in an Instagram post, saying the Hollywood star was putting country over party.. In November 2016, after Trump was elected president, several Under Armour athletes, including Steph Curry and Misty Copeland, publicly criticized Plank for his support of Trump. Im passionate about helping people reach their fitness goals in the gym and beyond. Plank engaged in some quick crisis public relations. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. Costner told USA Today that he knew Cheney, an outspoken critic of former President Trump, wouldnt win her primary against a Trump-backed candidate. SEC Is Investigating And Sends Kevin Plank A Wells Notice. Update 3: Under Armour has offered a new statement regarding the president's travel ban: "These are not new or revised values. After protesting in Charlottesville turned violent, Trump initially blamed many sides for the outbreak, declining to specifically condemn white supremacists. 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