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Under Armour Surpasses Adidas In Huge Sportswear Shift
Under Armour has surpassed Adidas to become the second biggest sportswear brand in the U.S. by sales, the Wall Street Journal reports.
The Baltimore-based company has overtaken its German rival with sales growth of 20% to $1.2 billion so far this year. Over the same time period, Adidas' sales have fallen 23% to $1.1 billion, according to the Journal.
Nike is still far ahead of both companies, with $8.9 billion in sales for the period.
Best known for its performance wear, Under Armour has grown rapidly over the last 18 years. When it was founded in 1996, it had $17,000 in revenue. This year, it's expected to bring in $3 billion.
The company has been investing in endorsement deals to compete with Nike, which has long had a monopoly over the biggest names in sports.
Under Armour recently snagged a deal with supermodel Gisele Bundchen shortly after launching its largest-ever global women's marketing campaign. And earlier this year, Under Armour scored the biggest equipment deal in college sports.
The company recently lost a bid for basketball star Kevin Durant to Nike, but Under Armour CEO Kevin Plank said he wasn't deterred by the failure.
"We're going to grow 20%-plus next year with or without the deal," Plank told Bloomberg TV's Stephanie Ruhle. "We wanted to send a message to every athletic director, to every president of every team club, to every league commissioner, that if you have a deal, there's no deal too big for us."
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