Kevin Plank Net Worth 2024

What is Kevin Plank’s Net Worth?

Kevin Plank is an American businessman and philanthropist who has a net worth of $2 billion. Kevin Plank is the founder, former CEO and present chairman of Under Armour Inc. which manufactures attire, footwear and equipment for sports activities.

Kevin additionally operates an actual property agency named Sagamore Development, and based the whiskey distillery Sagamore Spirit. Beyond his entrepreneurship, Plank has made quite a few charitable contributions to organizations all through Baltimore and Washington, DC.

While in college, he launched his first enterprise, a Valentine’s Day associated rose vendor. After college, he developed an concept for a shirt that may wick away sweat, and commenced trying to find a fabric that may do what he needed. After a number of prototypes, he hit on the artificial materials that appeared to work greatest, and he despatched samples to his buddies, lots of whom have been college or skilled athletes. They wore the shirts and handed them on to colleagues. In 1999, his firm, now referred to as Under Armour, positioned an advert in ESPN Magazine, and over $1 million in orders poured in.

Kevin Plank Billionaire Status

As Under Armour’s largest particular person shareholder, Plank’s net worth has soared (and soured) for the reason that firm went public in 2005. At the inventory’s peak, Plank’s net worth was $6 billion. Between 2016 and 2018, UA inventory dropped from an all-time excessive of $50 to an all-time low of $8. With the drop, round $4 billion in net worth was shaved from Kevin’s pockets.

In October 2019, Kevin stepped down as CEO of Under Armour. At the time his net worth was $1.8 billion. By mid 2020 his net worth had dropped to $1.1 billion.

Early Life and Education

Kevin Plank was born on August 13, 1972 in Kensington, Maryland because the youngest of 5 boys of William, a Maryland land developer, and Jayne, a former mayor of Kensington who later labored on the United States Department of State beneath President Ronald Reagan. Growing up, Plank performed youth soccer with the Maplewood Sports Association. He went to Georgetown Preparatory School, however dropped out as a result of behavioral points and poor tutorial efficiency. Plank subsequently attended St. John’s College High School, from which he graduated in 1990. He went on to enroll at Fork Union Military Academy, the place he performed soccer for a yr whereas making an attempt to get the eye of faculties within the NCAA Division I. Failing to be recruited by collegiate soccer applications, Plank enrolled on the University of Maryland, College Park, graduating in 1996 with a bachelor’s diploma in enterprise administration.

Under Armour

While on the University of Maryland, Plank created the seasonal enterprise Cupid’s Valentine, which bought roses on Valentine’s Day. He then used the $3,000 he earned from the enterprise as seed cash for his sports activities tools firm Under Armour, which he based in 1996. Plank had the concept for the corporate when he performed for the Maryland Terrapins, and grew pissed off over his cotton T-shirts’ incapacity to wick the sweat from his physique. He went on to seek for artificial supplies that may preserve athletes dry and comfy. Initially, Plank ran Under Armour from his grandma’s townhouse in Georgetown, and bought his first shirt from his automobile. He subsequently despatched T-shirts to his buddies who performed skilled sports activities, and made his first main staff sale with Georgia Tech.

Plank had a watershed second late in 1999, when he used virtually all of his firm’s earnings to take out a $25,000 commercial in ESPN The Magazine. An enormous coup for Under Armour, the advert resulted in $1 million in direct gross sales in 2000, and spurred athletes and groups to purchase his merchandise. Ten years later, the corporate reached $1 billion in annual income for the primary time, and in 2011, Plank turned a billionaire. Between 2014 and 2016, Under Armour expanded its attain to buy makers of diet- and activity-tracking cellular apps. Plank stepped down as CEO in October of 2019, and was succeeded by COO Patrik Frisk.

Other Business Ventures

Among his different enterprise pursuits, Plank has an actual property agency referred to as Sagamore Development. In 2007, he bought the historic 630-acre Sagamore Farm in Reisterstown, Maryland, a property at one time owned by Alfred Gwynne Vanderbilt. With the acquisition, Plank sought to revive the farm and inject new life into Maryland’s horse racing tradition by elevating a Triple Crown winner. He additionally renovated the previous Recreation Pier constructing in Baltimore’s Fells Point neighborhood, which was initially constructed in 1914 to retailer port cargo. Plank’s renovations reworked the constructing into the Sagamore Pendry Hotel. In 2013, Sagamore Development started main a $5 billion mixed-use challenge within the Port Covington district of Baltimore, the place it acquired about 235 acres for the development of places of work, retail areas, parks, residential areas, and extra. Also in 2013, Plank based the whiskey distillery Sagamore Spirit; its first bottles have been bought in shops in 2016.

Philanthropic Endeavors

Throughout his profession, Plank has been considerably concerned in philanthropy within the Baltimore and Washington, DC areas. In 2014, he gave $25 million to his alma mater the University of Maryland for use for a proposed athletics and tutorial constructing. The challenge resulted in a soccer facility, sports activities drugs middle, and pupil entrepreneurship lab. Plank can be a longtime supporter of the Robert H. Smith School of Business and the Dingman Center for Entrepreneurship at Maryland, and helped develop the Cupid’s Cup enterprise competitors. Additionally, he has given again to his different alma mater, St. John’s College High School; in 2015, he gave $16 million to the varsity to fund tutorial, athletic, and entrepreneurship initiatives. The subsequent yr, Plank donated $1 million via his charitable group Cupid Foundation to the group CollegeSure.

Plank is energetic in plenty of organizations. He is a member of the Greater Baltimore Committee and Greater Washington Partnership, and can be a member of the Board of Trustees for Living Classrooms, a nonprofit that gives hands-on training to youth in pure and concrete environments. Through the Cupid Foundation, Plank donated $5 million to assist set up the UA House at Fayette, a group middle run by Living Classrooms.

Personal Life and Politics

In 2003, Plank wed Desiree Guerzon, with whom he has two youngsters. The family lives in Lutherville, Maryland.

Plank has drawn controversy for his political allegiances. In 2017, he was criticized for calling Donald Trump a “actual asset” to the enterprise group. Plank additionally sat on Trump’s American Manufacturing Council, however stepped down after the president endorsed the white supremacist violence in Charlottesville, Virginia. Later, Plank was one of many Fortune 500 CEOs to signal a pledge calling for higher office inclusion and variety.

Real Estate

In 2013 Kevin and his spouse Desiree paid $8 million for a 12,000 square-foot dwelling in Washington D.C.’s Georgetown neighborhood. They spent tens of millions on varied renovations and tried to promote the property sooner or later for $30 million. They lastly discovered a purchaser in June 2020 for $17.3 million.