Under Armour’s Plank takes his brand to Brazilian market
Under Armour will have a front row seat for this year’s FIFA World Cup and the 2016 Summer Olympics now that the company has officially launched in Brazil.
Under Amour CEO Kevin Plank traveled to São Paulo, Brazil’s largest city, on Wednesday to debut the brand in what he called a critical step toward reaching the company’s international expansion goals.
South and Central America are key growth markets for Under Armour. The company opened offices Brazil and Chile last year. Under Armour products now will be available throughout Brazil in more than 70 stores and on websites.
Under Armour has been clawing to gain traction in international markets: Just 6 percent of the company’s $2.3 billion in revenue last year came from outside North America.
The timing could not be better for Under Armour to enter the Brazilian market, with the country set to host the World Cup this summer and the Olympics two years from now.
“Brazil is a region with a rich athletic history and focuses on sports as a part of everyday life,” said Marcelo Ferreira, Under Armour’s managing director for Brazil, in a statement. “As the nation prepares to host the world’s biggest sporting events, this is an exciting opportunity for Under Armour to identify with the passion Brazilians have for active lifestyles and to provide them with the most innovative performance products in the market.”
Initially, Under Armour will launch in Brazil with training and running apparel and footwear, as well as sport-specific collections.
Said Plank, in a statement: “The country’s passion and commitment to sport is incredible.”
Sarah Meehan writes for the Baltimore Business Journal, an affiliated publication.