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UA's Plank Projects Revenue Will Double To $4B By '16; Focus On Int'l Growth
Published June 6, 2013
HOW TO CROSS THE POND: Plank appeared on CNBC's "Squawk on the Street" yesterday alongside UA endorser Tom Brady, and CNBC's David Faber asked Plank, "What is the strategy to get your product to people in Europe?" Plank responded, "You better be local first." He added, "We’re not new to it. We've been in Japan since 1998, and we have a business that’s (worth) nearly $200 million last year and growing at a rate of 50 percent this year -- so we know that our brand translates. As we take on these other key markets and places like Brazil or what we've done in China -- we've been there for three or four years, we’ve got five or six stores open now -- and frankly we have a lot more in the pipeline. A lot of times you’re not going to find the great key wholesale partner, which emphasizes the reason that we need to have our own story, our own retail stores as well." CNBC's Simon Hobbs asked, "Why bother to pick this fight at the moment? ... You’re a great all-American brand, you've done great things in the United States. But could this really destroy a lot of equity value if you get it wrong abroad?” Plank: "We've been very successful in our own market but we’re not going to define what we do or don’t do based on going against anyone else. We’re going to be very focused on what Under Armour can do" ("Squawk on the Street," CNBC, 6/5).