Under Armour, Inc. (UA) was founded in 1996 by former University of Maryland football player Kevin Plank. The company is the originator of performance apparel engineered to remain lightweight and keep athletes cool and dry throughout the course of a game, practice or workout. With retailers across the U.S., Canada, the U.K., Ireland and Australia, the company offers a diverse assortment of apparel for men, women and youth.
The company recently announced that it will become the exclusive official outfitter of The University of Maryland (UM) Department of Athletics effective January 1, 2009. The five-year, $17.5M agreement gives Under Armour the right to provide uniforms, apparel and footwear to each of the Terps’ 27 varsity sports, including football, men’s and women’s basketball, lacrosse and soccer. The company previously signed apparel partnerships with UM’s football, men’s soccer, and men’s lacrosse teams.
The department-wide outfitter agreement includes an annual Under Armour product allowance as well as a rights fee, marketing entitlements, event tickets, and retail licensing rights. The contract includes two one-year options exercisable with both parties’ consent.
“The University of Maryland is a perfect match for the Under Armour brand with a rich heritage in performance and undeniable spirit to be the best,” said Kevin Plank, the company’s chairman and chief executive officer. “Maryland has a tremendous, loyal fan base right in our own backyard and we believe this partnership will have an immediate positive impact for our brand and the top-level athletic program at the University.”
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