Under Armour: Business Bros
Corporate Gossip
Becca Platsky
5.0 • 590 Ratings
🗓️ 16 December 2022
⏱️ 56 minutes
🧾️ Download transcript
Summary
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Under Armour is what happens when a group of perpetually rowdy frat bros is at the helm of a multi-billion dollar company. Starting with a single sewing machine in his grandma's basement, Ken Plank grew the UA brand to market dominance over two decades, and then oversaw its demise over two years. This story has it all: A+ list athletes, strip club scandals, Twitter PR disasters, adulterous adventures on a private jet, and Becca's favorite: light accounting fraud!
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Tiktok: @corporategossippod
Hosts: Becca Platsky (Becca@nitetoast.com) Adam Platsky (Adam@nitetoast.com)
Produced by: Michael Albanese @bigmanmike
Vignette written by: Becky Nanns Beckysaysitall.com
Timestamps:
06:16 - Kevin Plank creates the first moisture-wicking athletic T-shirt and founds Under Armour from his Grandma's basement. The company, with the help of lucrative movie cameos and athletic partnerships, is valued at $157m by 2005 and grows to $17B 10 years later.
15:34 - Under Armour produces a series of uggo shoes that are blasted on Twitter.
20:02 - As Plank becomes increasingly distracted with his side hustles, UA sales slump. The UA team employ a series of questionable accounting practices to hide the truth, and their actions result in a $9m class-action shareholder lawsuit.
27:00 - HR revokes one of the c-suite's favorite perks: free strip clubs. After that, it's one buzzkill after another for UA executives.
35:00 - Turns out the culture at the top of Under Armour wasn't exactly... conducive to not being a huge dirtbag.
43:15 - Has your boss ever brought his paramour - sorry - "strategic advisor" to a business meeting? If so, you might be working for Ken Plank!!
49:00 - Where does UA stand today?
Links:
Steph Curry's new Under Armour sneakers lit Twitter on fire with Dad jokes, memes
Under Pressure at Under Armour, CEO Says His Eye Is on the Ball
Under Armour's #MeToo Moment: No More Strip Clubs on Company Dime
Transcript
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| 0:00.0 | If you look up gift ideas for horse lovers, you'll find a standard affair of magazines, |
| 0:05.8 | framed prints, and even vintage Lisa Frank-esque notebooks for those who wish they could ride more |
| 0:11.7 | often. But if you were Alfred G. Vanderbilt, in 1933, your gift was a bit more grandiose. |
| 0:18.4 | At a mere 21 years old, Alfred was gifted a 530-acre ranch outside |
| 0:24.3 | Baltimore, Maryland, simply because he, like teen girls across America, absolutely loved horses. |
| 0:32.7 | 79 years later, Ken Plank, another horse aficionado, |
| 0:43.0 | trained his thoroughbred, Tiger Walk, on those same grounds for the Preakness Stakes. |
| 0:47.6 | Despite the millions poured into renovating the property and training the horses, |
| 0:50.0 | the estate hadn't yet produced a winner. |
| 0:55.6 | To Plank, however, celebrations weren't necessarily dependent on success. |
| 1:02.7 | So on a sunny day in May, in 2012, Plank threw a pre-chness Eve party under a beautiful white tent. |
| 1:05.2 | The attendees weren't just there for the horses. |
| 1:11.7 | Many were top executives from Plank's other endeavor, Under Armour, which Plank had founded in 1996. |
| 1:18.0 | The bros of the C-suite had put together quite the guest list, a callback perhaps to frat parties of their past. They even invited a number of young female staffers, invited based on |
| 1:23.7 | their attractiveness, to, quote, stock the pond for their friends. |
| 1:29.0 | And if the attendees became bored talking about horse stuff, |
| 1:33.2 | there was plenty of other entertainment options, |
| 1:35.6 | including go-go dancers and cut-off shorts and midriff tops. |
| 1:39.7 | Many would describe this evening as a well-funded frat party, |
| 1:42.8 | and while the antics would raise |
| 1:44.4 | eyebrows at most other corporations, this was par for the course at Under Armour. Plank, a former |
| 1:50.5 | University of Maryland football player, seemed to be reliving his college years on a millionaire's |
... |
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