Not long after graduating from the University of Maryland College Park, Kevin Plank came up with the concept of a t-shirt that would wick away sweat when people are playing a sport or exercising. He founded Under Armour in 1996 and is this company’s chief executive officer and chairman of the board. In his company’s first year it had $17,000 in revenue.
In 1999, Kevin Plank took out a $25,000 advertisement in ESPN The Magazine. This led to athletes and teams from around the world buying his company’s products. Over the next year, his company had $1 million in revenue. In 2010, Under Armour reached $1 billion in annual revenue.
Kevin Plank also founded Plank Industries. This is a conglomerate that has companies in the food and beverage, hospitality, commercial real estate, and thoroughbred horse racing industries. Among his largest investments is Sagamore Spirit which distills whiskey. Another key stake is his work redeveloping the Port Covington neighborhood of Baltimore. This company was established in 2012.
He has used some of his wealth to help others. In 2015, Kevin Plank gave a donation of $16 million to St. John’s College High School from which he had graduated. The money has been used to improve the campus and update its athletic facilities. It also funded a new academic program that teaches students the skills they need to become entrepreneurs.
He also gifted $25 million to the University of Maryland in 2014. This funding has been used to support this university’s research, academics, and athletics department. It paid for a portion of the expansion of Cole Field House, including adding an indoor football practice facility. A portion was also dedicated to building the Academy of Innovation and Entrepreneurship.