ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Reflects change since 5 pm ET of prior trading day. Under Armour founder Kevin Plank built a popular sportswear brand as the underdog competitor to Nike. Noticing his football teammates’ sweat-soaked shirts, Plank came up with a lightweight, sweat-wicking shirt using fabrics from women’s undergarments.

Detailed explanation-2: -In 1995, Kevin Plank founded Under Armour after dreaming of a non-sweaty T-shirt while working out on his football team. The inspiration is classic startup fodder… but one year in, it wasn’t going so hot.

Detailed explanation-3: -He launched a rose-selling business on Valentine’s Day called Cupid’s Valentine. This business earned him $3000 which Plank used to start Under Armour. He started Under Armour while still in college and the company went on to generate billions of dollars in sales.

Detailed explanation-4: -As a 23 year old former captain of the University of Maryland Football team, Plank had noticed that compression shorts stayed dry during practice. He decided to take that same material to create moisture wicking gear. Under Armour’s original funding came from Planks personal savings and credit card debt.