Under Armour - Situation Analysis
M.A.R.Y. CONSULTINGSituation AnalysisUnder Armour and the Lack of International PresenceMegan Wark, Alyce Brown, Ronlet Thomas, and Yessica Calderon5/20/2013
Situation AnalysisM.A.R.Y. Consulting was tasked with determining Under Armour’s position interms of international presence. We have found that Under Armour lacksinternational presence; currently only 6% of revenues come from internationalsales (Under Armour Annual Report, 2012). Nike and Adidas are the topcompetitors in the international sports apparel market—both are consideredinternational companies due to the fact that over 50% of revenues are earnedoverseas (Nike Annual Report, 2012) (Adidas Annual Report, 2012). Due to UnderArmour’s youth, the company has more opportunities to expand internationallywhile Nike and Adidas will begin to stagnate as they have already saturated themarket. While Under Armour has only 6% of the market share, they showpotential to capture more of the market over the next two years.Company and IndustryIn comparison to its international competitors, Under Armour is currently in aweak market position. The following analysis is provided to give a basis that willbe beneficial to understanding Under Armour’s current company and industrystatus. Under Armour is in the sports apparel industry which is alreadydominated by Nike and Adidas. In order for Under Armour to expand its marketinfluence and gain more market share, the company has contracted agreementswith international sports teams and clubs. By doing so the company has alreadyseen a 35% increase in international sales and revenues since it signed withTottenham football club alone. Also by increasing their brand awareness, UnderArmour has been able to better position itself in one of its weaker marketsegments, footwear. It is important that the recent action by Under Armour becontinued so that international sales continue to develop. It is only bydeveloping its international market that Under Armour will be able to takemarket share from its competitors, Nike and Adidas.Under Armour is Lacking International PresenceUnder Armour is relatively new to the industry having only been started 17 yearsago. With the 2012 annual report showing sales of 1.47 Billion, it would seemthat Under Armour is a large competitor in the sports apparel industry. If lookingat the United States market alone this assumption would be accurate however,international sales account for only 6% of 2012 sales (Under Armour AnnualReport, 2012). The company’s youth can be attributed to its’ lack of internationalpresence—coming into the market after Nike and Adidas had already becomeinternational sensations made for an almost impenetrable market.
Industry Competitors Dominate International MarketAccording to Nike’s 2012 annual Report, 58% of their 24 billion in sales camefrom the international market. The 2012 annual report for Adidas shows an evenlarger international presence with 77% of the 20 billion coming from theinternational market. Since Adidas has captured approximately 3/4 ofinternational sales, and Nike has the remaining 1/4, Under Armour is going tohave a hard time penetrating the international market.Under Armour is Working to Increase International BrandAwarenessAlthough Under Armour’s current presence abroad is miniscule, they are beingproactive about the matter. Specifically, Under Armour has replaced Puma as theofficial kit supplier for the North London Club Tottenham Hotspur. Senior VicePresident Matt Mirchin of global brands at Under Armour, says “We’re at thepoint now where we feel that we can go out and really aggressively widen themarket to that European Consumer and not only sell them on Tottenham butalso sell to them on the Under Armour Brand” (Sebastian). By signing theTottenham Hotspur, Under Armour has created an opportunity to get brandrecognition and thus showcase their presence abroad. Tim Woods, former Nikeand Puma marketing and management expert, noted that “within a short time,for every game of football, rugby or cricket you watched, at least 25% of theplayers wore an Under Armour branded base layer poking out above theneckline of their playing shirts” (Benjamin). Furthermore, according to an articletitled “Under Armour Flexing Its Muscles Overseas” by Fred Dreier, theTottenham contract has been largely responsible for the gained presence abroadas it alone increased sales by 35%. Evidently, Under Armour has established itselfas a competitor to Nike and Adidas. Though they are fairly new to thesportswear industry they are proving themselves to be equally capable of gainingbrand recognition and international presence.Under Armour’s Full Product Line Offered in 85 CountriesAccording to Under Armour’s website the entire ever‐expanding product line isoffered in and able to be shipped to 85 Countries. The 2012 Annual report statesthat Under Armour sells to distributors in countries where they do not have anydirect to consumer channels and that they also license their products to increasedistribution. By using a variety of methods to get the products to the consumer,the brand has achieved a great deal of international awareness and presenceduring its short time in the international market.New Apparel InnovationsUnder Armour has always been an apparel‐based brand and continues to expandits apparel offerings with items such as Charged Cotton, Heat Gear, Cold Gear,Cold Black and Bottoms Bar. Most of the new products being offered arespecifically designed to protect athletes from different elements of nature. Heat
Gear is specifically designed to be used to extreme heat conditions by beingmoisture resistant and lightweight. The fabric is not only absorbent, but quickdrying making workouts more comfortable. Cold Gear is also lightweight andmoisture resistant however, designed to hold heat for winter workouts.Under Armour has always specialized in lycra/spandex material and stayed awayfrom cotton. The new line of Charged Cotton allowed the company to enter intoa new market by taking one of the oldest and most popular fabrics and giving itproperties of lycra. The Charged Cotton line is designed specifically to not absorbliquid—liquid beads up on the products surface giving the user time to brush itoff before any is absorbed by the fabric. This is an extremely unique concept ascotton is usually extremely absorbent.For years Under Armour failed at entering into the women’s market as itattempted to “shrink it and pink it.” The new Bottoms Bar line Consists of severaltypes of pants specifically designed for a woman’s body. The new efforts toappeal to women will certainly help Under Armour’s global expansion efforts asit doubles the target market. As the variety of products being offered expands,Under Armour is able to appeal to more customers making the internationalmarket more penetrable.Under Armour Dwarfed by Footwear CompetitorsUnder Armour has been making attempts to become a bigger player in thefootwear industry and has recently released two new footwear lines: Toxic Sixand Under Armour Spine Footwear. The new products have brought footwearofferings to 106—57 men’s options and 49 women’s options.The industry average for footwear options is 10 times the amount Under Armourcurrently offers. Nike Currently sells 487 men’s options and 287 women’soptions on Nike.com. Adidas is the big player in the footwear market currentlyselling 906 men’s options and 387 women’s options on adidas.com. One of thelargest factors in both Nike and Adidas’s market dominance in footwear is thatboth companies offer completely customizable footwear options. Althoughcustomizable options are expensive consumers are willing to pay more forsomething unique that they can design themselves which Under Armour doesnot offer on UA.COM.NIKE and Adidas Soaring Over SeasIn the international market Under Armour’s competitors are NIKE and Adidas.NIKE and Adidas are both out performing Under Armour because they are moreestablished companies, with higher net sales and brand recognition than UnderArmour. NIKE directly sells their products in North America, Western Europe,Central and Eastern Europe, Greater China, Japan, and emerging markets. NIKE’sfluctuation in product sales varies upon seasonal and geographic demand for a
certain kind of footwear, apparel and equipment. Since NIKE is a consumerproducts company, they sell what consumers demand, so their inventorydepends on which physical activities are common to the geographic area thatthey are selling to.Industry Average of International Sales is 67.5% of Total SalesWhen comparing Under Armour to the industry average of 67.5%, Under Armouraccounts for 6% of the average (Trefis, 2013). Under Armours’ main competitorsthat make up this industry average are NIKE and Adidas. In 2012 NIKE’sinternational sales accounted for 58% of total revenues (NIKE 10K Report, 2012).NIKE has several ways in which they deliver their products to their consumers.NIKE operates 16 distributions centers in addition to several independent andsales representatives (NIKE 10K Report). Future ordering programs for retailersexist in numerous countries and regions which includes Canada, Asia, LatinAmerican countries, and Europe. During fiscal 2012, 11% of sales came fromNIKE’s three largest customers (NIKE 10K Report). Internationally, NIKE has 306factory stores and 65 NIKE in‐line stores, including NIKETOWNs and employee‐only stores (NIKE 10K Report). Their international branch offices and subsidiariesof NIKE are located throughout the seven continents.In 2012 Adidas Group still managed to perform well financially regardless ofmacroeconomic challenges in many regions. Adidas international salesaccounted for 77% of international revenue (Adidas 10K Report, 2012). Theirvision is to be closest to every consumer by providing the right product toconsumers through Group’s channels and brands. Adidas supply chain has beenable to maintain a competitive edge and are the partner of choice forconsumers. Material and color consolidation efforts between Global Operationsand Global brands for footwear and apparel were a success in 2012. Adidasstores and factories are located in Canada, Germany, France, U.S, theNetherlands, Spain, Italy, Russia, Japan, Korea, China, Columbia, and Brazil.Adidas international sales increased by 6%, in euro terms their revenues grew12% from 2011 and whole sales gross margin increased to 40.3% due to thestrong growth at Adidas (Adidas 10K Report).Nike and Adidas Prove to be in the LeadNIKE, Inc. is a worldwide leader in design, marketing, and distribution of athleticand sports‐inspired footwear, apparel, equipment, accessories and services.They are the largest seller of athletic footwear and apparel in the world. NIKEfocuses their product offerings in running, basketball, soccer, men’s training,women’s training, NIKE sportswear, and action sports (Nike 10‐K Report, 2012).In addition, NIKE markets products designed for children and other athleticsports such as baseball, cricket, golf, lacrosse, outdoor activities, football, tennis,volleyball, walking and wrestling. Although NIKE’s products are designedprimarily for athletic use, a large percentage of the products are used for
everyday casual use or for leisure purposes. NIKE’s top selling products aresportswear, running, basketball, soccer and children’s shoes and are expected toincrease in sales in the future.NIKE has several wholly‐owned NIKE subsidiaries. The subsidiaries include ColeHaan, Converse Inc., Hurley International LLC, and Umbro International Limited(Nike 10‐K Report, 2012). Nike products are sold to retail accounts, throughNIKE‐owned retail stores and internet accounts and through independentdistributors, and sales representatives, worldwide. As the leader in apparelfootwear and accessories industry, NIKE continues with its technical innovationsin design and manufacturing process of footwear, apparel, and athleticequipment. NIKE places a lot of emphasis on high quality construction andinnovation in products designed for men, women, and children. Particularemphasis has been placed on their products in order to help reduce injury,enhance athletic performance and maximize overall comfort.NIKE sponsors many high‐profile athletes and sports teams around the worldwith their trademarks of ‘Just Do It” and the Swoosh logo. NIKE currentlyprovides kit uniforms for a wide range of teams around the world. NIKE sponsorsthe NFL, South Korean baseball and basketball teams as well as some of the mostimportant soccer clubs and associations such as Manchester United, ManchesterCity, Barcelona, and associations such as La Liga, Serie A and AFC. In addition,NIKE also sponsors several college athletic teams within the United States (Nike10‐K Report, 2012).Adidas Group is a global leader in the sporting goods industry that offers sportsfootwear, apparel, and accessories (Adidas 10‐K Report, 2012). Adidas producesproducts in running, soccer, tennis, golf, cricket, basketball, baseball, etc. Adidasproduces other products such as bags, shirts, watches, eyewear, and othersports and clothing related goods. Adidas main focus is soccer kits andassociated equipment. They are the major company in the supply of team kits forinternational soccer teams. In addition to that they produce referee kits that aremainly used for international competitions. Adidas has been an innovator infootwear with their release of the World Cup molded boot mainly used formatches on firm dry pitches. In 2010, Adidas introduced another new ball usedfor the World Cup, adding recognition worldwide.In addition, Adidas is the world’s second biggest sportswear manufacturer andGermany and Europe’s largest sportswear manufacturer. Adidas has 170subsidiaries with a few to name as Reebok, TaylorMade ‐ Adidas Golf, Rockport,and CCM‐Hockey (Adidas 10‐K Report, 2012). Their target groups are focused onmen, women, and youth. Adidas sponsors American football, national basketballteams, boxing, canoe racing and college and universities. In addition, Adidassupplies official balls for leagues and associations such as the FIFA World Cup,
UEFA Europa League and Peace Cup. In the next section, a competitive analysis isprovided that will compare our competition’s international presence.Competitive AnalysisUnder Armour has entered the international markets and is generating evenmore net revenues than before. Since Under Armour is a much newer companythan Nike and Adidas, it has many opportunities to expand. Nike and Adidashave been around for decades and have already infiltrated foreign markets,whereas Under Armour has just started to enter the foreign markets. This givesUnder Armour a great competitive advantage because they will be able toexpand overseas while Nike and Adidas have reached their limitations in termsof growth. By entering the foreign markets, Under Armour will be able togenerate even more income and build its brand at the same time. Also, enteringthe foreign markets will allow Under Armour to target a newer audience.Under Armour Shows Room to Expand GloballyUnder Armour has entered the international markets and is generating evenmore net revenues than before. It has finally surpassed the 1 billion benchmarkin net revenues. When looking at net revenues, 94% of these revenues camefrom within North America and 6% came from its international presence. UnderArmour’s international revenues have increased to 89 million which is anincrease of 35% from 2010 to 2011 (Under Armour, Inc. Snapshot, 2013). Whencomparing this to already international giant like Nike, the difference is quiteclear.Nike’s 10.4 billion in international revenues is almost 58% of its total 17.8billion in total revenues (NIKE, Inc. Snapshot, 2013). Adidas 15 billion ininternational revenues is 77% of its total 19.6 billion in total revenues (AdidasAnnual 10k Report, 2012). This shows that Nike and Adidas are highly dependenton their international source of revenue to maintain their profit and stabilitywhile they have no real opportunity for further market expansion. UnderArmour’s annual report stated “the future success of our brand depends ondeveloping our business outside of North America”. This shows that UnderArmour will focus more resources to build their brand internationally, and if theycontinue to expand they will be able to see their revenues start to climb uptowards the international giants like Nike and Adidas.Under Armour’s Plans to Grow InternationallyUnder Armour’s is stepping up by entering into strategic partnerships that willhelp them grow internationally. Recently, Under Armour signed a series ofagreements with well‐known international master agents and distributors thatwill aid with the distribution of Under Armour products on a global level. UnderArmour has signed 17 agreements with counties such as France, Germany, Italy,
and Sweden (PR Newswire, 2013). Ryan Wood, president of Under Armour,Europe B.V. said "Under Armour's international expansion is a key component ofour long‐term growth strategy for the brand." Partnering with distributors andagents overseas will allow Under Armour to expand and soon out perform itstoughest competitors. Not only has Under Armour, signed and partnered withdistributors and agents overseas, but has also hired Karl‐Heinz Maurath, Adidasformer CEO to run their international business (Forbes, 2013). Maurath’s missionis to accumulate sales in America, Asia, and Europe. Currently Nike and Adidashave operations in the Americas, Asia, Africa, and Europe. By Under Armourpursuing international expansion, the company will have the opportunity tocompete on the international market as its top competitors, Nike and Adidas, do.International Sponsorships Show Under Armour’s Brand GrowthUnder Armour has started to receive international sponsorships which show thatthe brand is growing internationally. The company currently dresses theHannover 96 soccer club and the Welsh Rugby Union. Under Armour alsosponsors high‐profile athletes including skier Lindsey Vonn, football player TomBrady, Ironman triathlete Chris McCormack, swimmer Michael Phelps and golferHunter Mahan. Tottenham Hotspurs just signed a 5‐year deal with UnderArmour, the high‐growth US apparel brand as kit suppliers for an estimated 16million per year (McGraw Hill, 2012). Under Armour has also signed MichaelDawson, the Spurs captain, as a brand ambassador. He will be joining fellowPremier League stars Bobby Zamora and Paul Robinson in helping push UnderArmour’s sales to above 20 million in the United Kingdom (McGraw Hill, 2012).This definitely shows that international sponsorships will play a key role in UnderArmour’s international success.NIKE’s Successful Strategies for Global ExpansionNIKE has managed to gain global recognition through the massive digital push asa replacement for marketing in order to successfully expand its market globally.New approaches in NIKE’s strategic plan have been so effective that thecompany’s stock has returned 120% over the past five years as the S&P 500index has returned just 2.5% (Cendrowski, 2013).The steps NIKE took to have such an impressive return were first focusing onretail. More NIKE stores were opened and partnerships with retail customerswere made. The next step NIKE reorganized the objective around six majorsports, out of the six the top two are running and basketball. In other countriesNIKE was able to establish brand recognition by affiliating with running, apopular sport.NIKE also partnered with Foot Locker to open approximately 50 “House of Hoopsby Foot Locker” basketball stores in the U.S, which expanded its retail network tocontrol how products are displayed and sold (ProQuest, 2013).
NIKE’s Digital Sport TriumphNIKE’s Digital Sport, was a new division launched in 2010. It aimed to developdevices and technologies that allow users to track their personal statistics in anysport they participated in. Their best known product is the NIKE runningsensor. It was developed through the collaboration of NIKE and Apple. Over fivemillion runners now log on to Nike to check their performance.NIKE’s marketing ability has shift to the digital side, where it can follow itsconsumers and build online communities for them. NIKE no longer advertises ontelevision instead they have developed an interactive way to communicatedirectly with consumers, through performance tracking wristbands to headlinesfrom Twitter.In 2005 NIKE ID online store, a place where consumers could design their ownshoes, reached 100 million in sales within a few years (Cendrowski, 2013).Other than boosting the digital age, NIKE has also advertised around majorevents like the World Cup and Olympus.Adidas’ Successful Strategies for Global ExpansionAdidas has successfully expanded onto a global level. Strategies used forexpansion were the reinvention of Reebok and the opening of new stores inareas such as London, Brazil and China. In addition Adidas has established thebrand Rockport. This allowed Adidas to not only reach a business cliental butalso to penetrate and capture larger market share.Adidas’ main strategic priority is football; this is evidenced by the sponsoring ofmajor sporting events such as 2010 FIFA World Cup, the UEFA EUROChampionship, and UEFA Champions League (Investors Relations, 2012).Additionally in 2010, Adidas posted its most successful year in football salesreaching 1.92 billion (Investors Relations, 2012). Adidas is looking to expand itsmarket and is doing so by making major updates to three primary footwearproduct lines. These lines are adiPower Predator, adiZero F50, and adiPure. Inthe next section, a SWOT analysis is provided to detail how Under Armour canovercome their lack of international presence.SWOT AnalysisUnder Armour is in a good position to increase its presence in the internationalmarket. The company’s largest strength has always been performance apparel; ifthe weakness of not having enough footwear options to compete with Nike andAdidas were corrected, Under Armour would be hard to hold back. Currentlythere are several opportunities to expand into new countries such as Brazil andIndia which Under Armour should take advantage of before competitors canrelease identical products into the market.
StrengthsUnder Armour’s strengths have allowed the company to thrive in the domesticmarket. These same strengths have the potential to facilitate growth within theinternational market. The “moisture wicking” performance gear that is designedto battle the elements can be used worldwide due to the variety of products. IfUnder Armour works with an international sport the way it has with the NationalFootball League (NFL), the company could boost international sales—manyconsumers will buy products their favorite athletes endorse.Apparel Sales Accounts for 76% of Revenue in 2012.Under Armour’s strength has always been selling performance apparel designedto protect athletes from the elements. There are three apparel product lines:HEATGEAR, COLDGEAR, and ALLSEASONGEAR. According to Under Armour’s2012 Annual Report, these innovative products represent 76% of revenue for2012. All of Under Armour’s apparel products fit into one of these threecategories and include both base layer products (compression fit) and loose fitproducts.U.S. Market Sales Represent 94% of RevenueUnder Armour sells the majority of its products in the United States—currently94% according to the 2012 annual report. Several endorsement deals with NFLplayers contribute to the brand being most well known in the United States.With football being only played in the United States these endorsements donothing to attract the International Market.WeaknessesFor Under Armour to successfully increase its presence in the internationalmarket, the company will need to first expand the footwear line. Nike andAdidas are the two biggest competitors Under Armour faces in the internationalmarket and both companies have successfully dominated the footwear market.All athletes need footwear and are likely to purchase other athletic productsfrom the same brand that they purchase footwear. If Under Armour expands itsfootwear line, brand loyalty internationally will likely increase.Footwear Accounts for Only 13% of 2012 RevenueUnder Armour’s major weakness in terms of reaching the international market isthe lack of footwear products. According to the 2012 annual report, footwearrepresents only 13% of revenue. Currently Under Armour sells only 57 men’soptions and 49 women’s options on UA.COM. These numbers are significantlylower than Nike’s and Adidas’ online selections as seen in Figure 1.
1000800600Under ArmourNike400Adidas2000Mens FootwearWomens FootwearFigure 1: Footwear OptionsNote: Information from Under Armour, Nike and Adidas online storesLack of Footwear Options Leads to Low International SalesAccording to the 2012 annual report, international sales represent 6% ofrevenues. In many countries worldwide running is one of the largest sports.Under Armour having so few options for footwear makes the internationalmarket harder to get in to. The industry average for footwear options is 10 timeslarger than Under Armour’s current offerings.Under Armour also has a weakness in not having any customizable options. BothNike and Adidas allow customers to create their own shoes by picking colors anddesign patterns. Not having the choice for customization can turn off manyconsumers in today’s world where everyone wants something no one else has.OpportunitiesUnder Armour has several opportunities to expand internationally. The companyhas taken advantage of the opportunity to move into China which is proving tobe successful and suggests that expansion into additional countries would alsobe successful.An Opportunity for Growth OverseasUnder Armour has done well in Japan but is barely present in growth areas likeChina, Brazil, and India. (Under Armour Gets Serious, 2011) In order to combatthis, in 2011, Under Armour opened its first store in Shanghai China. With theaddition of the new store, investors are projecting the Chinese sportswearmarket to grow to 30 billion by the end of 2012 (Kohn‐L).Innovative Fitness Gear Leads to Increased SalesOn another scale, Under Armour is on a quest to discover innovative fitness gearin order to increase sales as well as continue to increase brand awarenessthroughout the U.S and overseas. Horovitz of USA Today says, if there's an
athletic performance wear company in America whose name is synonymous withinnovation, it would be Under Armour. Innovation is the ticket to profits inathletic wear and Under Armour has just that. One of the many impressiveapparel that Under Armour has mastered is the Under Armour Storm whichrepels water.ThreatsUnder Armour is facing several major threats to international expansion. Theweak economy throughout Europe has limited the growth of internationallyestablished companies and will certainly limit any growth a new company likeUnder Armour might achieve. Competitors copying Under Armour products alsocauses a huge threat—if they release indentical products before Under Armourcan get into the market, the company will no longer seem innovative.Lack of Patents Could Seriously Affect Under ArmourEven though Under Armour has proven itself to be an innovator in fitness gear,they are at a disadvantage because they lack patents for their creations. Thisposes an immense threat to their brand. Nike and Adidas have copied similarproducts that Under Armour introduced in the market and they will continue todo so as long as Under Armour lacks patents for their fitness gear. One suchproduct that Nike has copied is Under Armour’s cold gear shirts. Nike’s websitefeatures a product named Nike Pro Combat, which is designed to keep youwarm. Even though Nike has named their product differently, the end result isthe same—to keep you warm when you work out in cold temperatures. Adidashas also copied Under Amour’s cold gear shirts. Adidas website features severalcold gear products for men and women ranging from shirts, pants, and thermals.On a larger scale Nike has infringed on Under Armour’s slogan “I Will”. UnderArmour is currently in the process of suing them. An article on CBSnews UnderArmour Sues Nike for Trademark Infringement, Under Armour says that “sincelate last year, Nike, based in Portland, Ore., has launched an advertisingcampaign using phrases like ‘I will protect my home court’, and ‘I will finish whatI started’”. Under Armour’s innovative ideas has not only benefited thecompany but also that of their competitors Nike and Adidas.A Weak Economic Environment Could Affect Under ArmourEven with a strong sales plan, if the market is weak, your business will notsurvive. Under Armour faces such a challenge in the European market. In anarticle titled, Under Armour looks to tackle strong European market featured onTrefis.com, it says the weak economic environment in Europe has affected wellknown retailers such as Nike, Abercombie and Fitch, and Guess. Since theseretailers are struggling to maintain their growth in the region, a new companylike Under Armour will face similar if not tougher difficulties. In the next section,a market analysis is provided to show where Under Armour is positioned in themarket.
Market AnalysisUnder Armour has a low market share when compared to tope competitors suchas Nike and Adidas however, the company shows the potential to continuegrowing along with the rest of the market. Although the primary target marketcontinues to be young athletic males, Under Armour is now trying harder thanever to appeal to women. There are more products than ever before being offeredover a wide price range to allow for affordability to more customers. The current IWILL promotion seeks to help althetes meet their athletic goals through the use ofnew technology.Market Share Gains in ApparelAlthough Under Armour has a low market share, the company shows thepotential to continue g
The industry average for footwear options is 10 times the amount Under Armour currently offers. Nike Currently sells 487 men’s options and 287 women’s options on Nike.com. Adidas is the big player in the footwear market currently selling 906 men’s option
Dragon staff 125 Flail of destruction 125 Armour NAME DEFENCE Plain clothes 4 Serf wear 5 Wayfarer’s clothes 7 Leather armour 11 Scale armour 15 Bronze armour 21 Iron armour 25 Full plate armour 30 Silver mail 40 Powjamas 40 Dragon mail 50 Magic armour 60 Flame armour 70 Sacred armour 75 Mirror armour 80 Pallium Regale 90 Metal king armour 95 .
9. Japanese - Under Armourプライバシーポリシー p. 224 10. Korean - Under Armour 개인정보 보호정책 p. 254 11. Malay - Polisi Privasi Under Armour p. 302 12. Dutch - Under Armour privacybeleid p. 330 13. Polish - Polityka prywatności Under Armour p. 361 14. Portuguese (BR) - Política de Privacidade da Under Armour p. 392 15.
In February of 2017, Under Armour, Inc. (Under Armour) moved from an interested observer of the United . States Presidential election to a polarizing, news-making participant. In the span of a few days, Under Armour . CEO Kevin Plank's focus quickly shifted from improving Under Armour's existing products and introducing
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Nike and Adidas are Under Armour's main competitors, and act as its main threat. If Under Armour is unable to break into the international and footwear markets, it will no longer be able to compete with its competitors. Additionally, the United States' economy has been hurting Under Armour's sales throughout the last few years.
In 2000, Under Armour was asked to be the main uniform sponsor the XFL. A few years later, in 2003 when Under Armour launched its first commercial, there new motto "Protect This House" quickly became well known saying throughout America. Today, Under Armour has quickly become a top competitor to companies such as NIKE, Adidas, and Reebok.
DONNING & DOFFING ARMOUR Category Don Doff Light Armour 1 min 1 min Medium Armour 5 min 1 min Heavy Armour 10 min 5 min Shield 1 action LIFESTYLE EXPENSES Lifestyle Cost/Day Wretched — Squalid 1 sp Poor 2 sp Modest 1 gp Comfortable 2 gp Wealthy 4 gp Aristocratic 10 gp min. FOOD, DRINK & LODGING Item Cost Gallon 2 sp Mug 4 cp Banquet File Size: 263KB
European or Asian museums of arms and armour. America had no real experience with European arms and armour as it was only settled by Europeans near the end of the functional use of armour, and became a self-governing and therefore militarily aware country a century or more after armour's full demise. Additionally,
