Under Armour Tries To Take On Adidas And Nike With EPL Club Sponsorship Deal
Under Armour CEO Kevin Plank traveled to London to close the deal for Tottenham Hotspur's kit for the upcoming Premier League season in what is "the largest deal in the firm's history," worth around £50M ($77.5M), according to Rob Davies of THIS IS MONEY. The idea is to gain a foothold in the U.K. market and "use it as a platform to spread the company's technology-led gospel." Plank said, "We know we're not going to dominate Europe, or the U.K. for that matter, because of one deal. Before we declare victory, we have to recognise that this is a foundation moment for our brand as we look to attack global football and really become a fixture in the sport." Plank is hoping to test his "ultra-modern gear amid the tradition of N17," Tottenham's home of 130 years, before exporting it to the rest of the U.K. He is opening a concession in Harrods this fall and "already counts JJB Sports among distributors." Asked if there is a flagship Oxford Street store in the making, Plank replied: "I'd love one. I'm going to talk to my chief financial officer again and see if I can convince him. They are rather expensive." In order that Under Armour can call itself a global brand, "the aim is to get non-U.S. revenues" from 10% of turnover today to more than 50% (THISISMONEY.co.uk, 8/1).