Kevin Plank, Chairman and CEO of Under Armor, began his entrepreneurial career simply: selling roses on Valentine’s Day while attending college. Yet the profits from this business were anything but simple: Plank’s Valentine’s Day flowers earned him $17,000 in profit.
This was not the last entrepreneurial opportunity Plank would seize during his days at the University of Maryland, where he earned both his Bachelor of Business Administration and MBA. A successful college athlete, Plank found himself frustrated with the constant need to change his sweat-soaked cotton t-shirts after a day of practice for the University of Maryland football team. Knowing that he could find a solution to this sweaty conundrum, Plank began a search for the perfect high-performance fabric in 1996.
With the perfect blend of performance fabrics, Plank launched Under Armour in his grandmother’s basement in Washington DC’s Georgetown neighborhood.
Plank’s success today is the result of his ambition and business know-how, gained during his MBA education. After developing Under Armor’s product, he took to the road, visiting locker rooms across the country and selling the revolutionary moisture-wicking t-shirt out of the trunk of his car.
Despite humble beginnings, Under Armor’s success today is undeniable, and with a net worth of $3.1 billion, Plank currently places at #527 on Forbes’ list of billionaires throughout the world. In 2012, Plank was named #3 of Forbes’ 20 Most Powerful CEOs 40 and Under in the United States. “It begins with one entrepreneur and one idea and…their ability to communicate and their ability to build a great team,” said Plank of his success.
Plank’s impact throughout the world is not just limited to his business success, however. With a passion for entrepreneurship and philanthropy, Plank has dedicated himself to giving back to his community and to future entrepreneurs.
A proud graduate of the Robert H. Smith School of Business and Dingman Center for Entrepreneurship at the University of Maryland, Plank currently serves on the Board of Trustees and has been integral to the establishment of an endowment fund for the Dingman Center to invest in startup businesses. In 2006, Plank launched the Cupid’s Cup Business and Innovation Competition and Showcase, an initiative which aims to empower young entrepreneurs, and which receives its name from Plank’s Valentine’s Day rose business.
The Under Armor CEO has also made a commitment to the Maryland community at large, which is served through both the company’s Give Back initiatives and Plank’s personal involvement in local organizations. In addition to his role on the University of Maryland’s Board of Trustees, Plank is on the board of Start Up America, National Football Foundation, and the Greater Baltimore Committee among others. In 2015, Plank launched “WIN Baltimore”, an initiative aiming to inspire social change in Baltimore’s under served communities.
This year, Plank announced plans for a $5.5 billion development project in Baltimore, one of the largest in the country. The land acquired for this project covers more than 100 acres and includes 45 city blocks and over two miles of riverfront property. With hopes to complete the project over the next 25 years, Plank’s development will include a new headquarters for Under Armour and other manufacturing businesses, 40 acres of parks, more than 25,000 new jobs and hundreds of millions of dollars in projected tax revenue.
Even as Plank busies himself with one of the largest scale development projects in the country, Under Armor doesn’t stop growing. In 2015, Under Armour’s stock increased by 40% as Plank brings his company to Silicon Valley with a $710 million purchase of three health and fitness tracking apps such as MyFitnessPal. More than just athletic wear, today Plank hopes to make Under Armour one of the world’s top digital health platforms.