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Under Armour- Final
- 1. Hanna Cohen, Megan Findakly,Steven Zeigler, and Ayomide Oluleye
- 2. Financial Analysis Revenue NetIncome Financial performance is STRONG Net revenue has increased 172.43% from 2009 through 2013 Net income has increased 246.93% from 2009 through 2013 Earnings per share (EPS) has increased 226% from 2009
- 3. 3C’s Business Model Customer– Young urban professional affluent consumer Company- Kevin Plank, 43, is Founder and CEO of performance apparel maker Competitors – Nike, Adidas, Reebok, and Puma
- 4. Why India? Election ofPrime Minister Narendra Modi in 2014 Recent Changes to Foreign Direct Investment (FDI) Competitors
- 5. Method of Entry Entryinto India will be accomplished by establishing: Under Armour IndiaUnder Armour India A wholly-owned subsidiary of Under Armour: Strategic control and independence Does not want to repeat competitors’ mistakes Changing political/regulatory climate Branding
- 6. Under Armour India– Supply Chain • Immediate/Short-term – Exporting – Goal: Enter India as quickly as possible while keeping initial investment low – Solution: Exporting from Asia and Mexico • Exporting • Free Trade Warehousing Zones (FTWZ) • FTWZ Stores Customers – Costs: • Container: $1,800 to $2,500 per TEU from Mexico to Mumbai, India – Capacity: 15,000 packaged shirts or 8,500 footwear – Cost: $0.12-0.17/shirt or $0.21-.029/footwear • Import duty – 18%/CIF and Warehousing – Rs. 92/cf
- 7. Distribution - RetailStores • Establish retail stores in shopping malls – Mumbai – High Street Phoenix – New Delhi – Select CityWalk – Bangalore – Mantri Square • 5,000-8,000 sq. ft. (North America average is 6,000 sq. ft.) • Labor sourced locally with training provided by U.S. team
- 8. Distribution - RetailStores • Retailing Costs: – Retail rent: R150-R180/sq. ft. per month. For 6,000 sq. ft. – 9 Lakh or $13,200 per month, per store. – Salaries: R110-450/hour, depending on position, 24 FTE person workforce. Total: 2.69 Lakh/week or $4,000 per week, per store. – Inventory Cost: $21,050 per store (as of Dec. 31, 2014) • Marketing Costs: – $3,808,000 per year, 52 commercials, 1 team, 6 celebrities and 12 sports players sponsorships
- 9. Financial Analysis –India Expansion Year 1 Year 2 Year 3 Year 4 Year 5 Stores & Inventory $1,815,321 $1,815,321 $1,815,321 $1,815,321 $1,815,321 Marketing $3,808,000 $3,808,000 $3,808,000 $3,808,000 $3,808,000 Build out/Training/Misc. $618,800 $339,600 $339,600 $339,600 $339,600 Total Costs: $6,242,121 $5,962,921 $5,962,921 $5,962,921 $5,962,921 # of Customers – B/E 64,219 61,347 61,347 61,347 61,347 Market Share – B/E 3.61% 3.45% 3.45% 3.45% 3.45% # of Customers – 5.8% 67,950 64,911 64,911 64,911 64,911 Market Share – 5.8% 3.82% 3.65% 3.65% 3.65% 3.65% Avg. Revenue per Customer: $97.20 Under Armour Profit Margin (avg.): 5.8% Active Apparel Profit Margin (avg.): 8% Total Market in India: 1,780,000 people Notes:
- 10. • Assuming amodest 3.6% market share in Year 1 and 0.1% gains for Years 2 through 5: Financial Analysis – India Expansion Market Share Customers Revenue/ Customer Total Revenue Profit Margin Year 1 3.6% 64,219 $97.20 $6,242,086 0.00% Year 2 3.7% 65,860 $97.20 $6,401,592 7.36% Year 3 3.8% 67,640 $97.20 $6,574,608 10.26% Year 4 3.9% 69,420 $97.20 $6,747,624 13.16% Year 5 4.0% 71,200 $97.20 $6,920,640 16.06% Breakeven
- 11. SWOT Analysis CEO KevinPlank R&D and product innovation Excellent marketing abilities S Limited wholesale distributors Unfamiliar to the Indian sportswear market W Heighted competition Nike and cricket strong relationship T Global market expansion Expansion into other sports accessories Growing urbanization Sponsorship opportunities Lack of Brand Loyalty O
- 12. Risk Analysis High Risk: Demand Government Regulation MediumRisk Supply Intellectual Property Low Risk Political Instability Theft Counterfeiting PotentialImpact Probability Severe HighMinimal DemandSupply Political Instability Theft/ Shrinkage Intellectual Property Counter- feiting Government Regulation
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- 14. 4 Ps ofMarketing Promo Product Price Place
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- 17. 4 Ps ofMarketing TECHNOLOGY HeatGear ColdGear Storm Product
- 18. 4 Ps ofMarketing Price Mercurial Superfly FG CR7 $30 0 $40 0
- 19. 4 Ps ofMarketing
- 20. 4 Ps ofMarketing Promo Government Cricket Players/ Clubs Bollywood Actors Football Player/ Clubs Hockey India League Sohail Khan Shah Rukh Khan Juhi Chawla
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- 23. Company Background Founded in1996 by Kevin Plank Headquarters – Baltimore, Maryland Public offering – November 18, 2005, now: NYSE as UA Worldwide, $2.32 billion revenue, 7,800 employees Competitors – Nike, Adidas, Columbia Sportswear
- 24. Company Background To empowerathletes everywhere To make all athletes better through passion, design, and relentless pursuit of innovation To compete with the best Innovation International expansion Direct-to-consumer sales Vision Missio n Aim Strategy Tactics Expand women’s footwear, international and direct-to- consumer business Diversify brand (golf, fishing, & hunting)
- 25. 1999 20051996 Timeline andManagement Founded by Kevin Plank, incorporated in Maryland Global expansion into Asia market Global expansion into Europe market Went public on NASDAQ Under Armour played a supporting role in Any Given Sunday
- 26. 2007 20092006 Traded on NYSEas UA Opened European HQ in Amsterdam 2009 – Formed alliance with Ripken Baseball Opened first direct to consumer store in Annapolis, MD
- 27. 2012 20142010 Under Armour surpassed$1 bn in annual revenue Deal with Univ. of Notre Dame to provide uniforms and athletic equipment Michael Phelps won 7 medals at the Olympics, cementing the Under Armour name
- 28. Comprehensive SWOT Analysis CEOKevin Plank/Management Team R&D and product innovation Product performance Brand cache Continues growth Excellent marketing abilities S Limited wholesale distributors Limited Global brand recognition Limited patents – easily replicable apparel technology Late player in the Indian sportswear market W Consumer price sensitivity Increased cost of raw materials Heighted competition Global expansion Strong relationship of competitors with local retailers T Increased desire for product Expansion of direct-to- consume Global market expansion Expansion/creation into other sports accessories Middle class emerge Sponsorship opportunities in different sports teams) O
- 29. State Income percapita (2013) (Rs.) % change in Per Capita Income over previous year Delhi 219,979 14.22% Karnataka 84,709 10.62% Maharashtra 114,392 10.00% Population in the 15-24 (for Urban Areas) State Total Male Female Delhi 3,3 M 1,8 M 1,5 M Karnataka 4,6 M 2,3 M 2,3 M Maharashtra 9,9 M 5,32 M 4,6 M Place 4 Ps of Marketing
- 30. Appendix - Financials Year1 Year 2 Year 3 Year 4 Year 5 Cost Analysis: Rentals $ 475,200.00 $ 475,200.00 $ 475,200.00 $ 475,200.00 $ 475,200.00 Labor Costs $ 624,000.00 $ 624,000.00 $ 624,000.00 $ 624,000.00 $ 624,000.00 Inventory $ 511,515.00 $ 511,515.00 $ 511,515.00 $ 511,515.00 $ 511,515.00 Shipping Fees (19%) $ 97,187.85 $ 97,187.85 $ 97,187.85 $ 97,187.85 $ 97,187.85 Import Fees (18%) $ 92,072.70 $ 92,072.70 $ 92,072.70 $ 92,072.70 $ 92,072.70 Warehousing Fees (3%) $ 15,345.45 $ 15,345.45 $ 15,345.45 $ 15,345.45 $ 15,345.45 Marketing $ 3,808,000.00 $ 3,808,000.00 $ 3,808,000.00 $ 3,808,000.00 $ 3,808,000.00 Total Variable Costs: $ 5,623,321.00 $ 5,623,321.00 $ 5,623,321.00 $ 5,623,321.00 $ 5,623,321.00 Store Buildout/Upkeep (3 stores) $ 118,800.00 $ 39,600.00 $ 39,600.00 $ 39,600.00 $ 39,600.00 Training $ 300,000.00 $ 100,000.00 $ 100,000.00 $ 100,000.00 $ 100,000.00 Miscellaneous $ 200,000.00 $ 200,000.00 $ 200,000.00 $ 200,000.00 $ 200,000.00 Total Fixed Costs $ 618,800.00 $ 339,600.00 $ 339,600.00 $ 339,600.00 $ 339,600.00 Total Costs: $ 6,242,121.00 $ 5,962,921.00 $ 5,962,921.00 $ 5,962,921.00 $ 5,962,921.00
- 31. Appendix - Financials RevenueGeneration: Average Revenue per Customer $ 97.20 $ 97.20 $ 97.20 $ 97.20 $ 97.20 # Customers at: 0% profit 64,219 61,347 61,347 61,347 61,347 4% profit 66,788 63,801 63,801 63,801 63,801 Under Armour Avg. - 5.81% profit 67,950 64,911 64,911 64,911 64,911 8% profit 69,357 66,255 66,255 66,255 66,255 52 commercials @ $15,000 $ 780,000.00 1 teams @ $1,000,000 $ 1,000,000.00 6 celebrities @ $55,000 $ 330,000.00 12 sports players @ $141,500 $ 1,698,000.00 Base Inventory (3 stores) $ 63,150.00 Inventory Turnover Ratio 2.7 Average Profit 8.0% Under Armour Avg. Profit 5.81% Current Indian Target Market 1,780,000 1,780,000 1,780,000 1,780,000 1,780,000 Market Share at: 0% profit 3.61% 3.45% 3.45% 3.45% 3.45% 4% profit 3.75% 3.58% 3.58% 3.58% 3.58% Under Armour Avg. - 5.81% profit 3.82% 3.65% 3.65% 3.65% 3.65% 8% profit 3.90% 3.72% 3.72% 3.72% 3.72%
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- 35. Work Cited "Penetration Rateof Sportswear Brands in Turkey 2012-2013 | Statistic." Statista. Web. 21 Jan. 2016. <http://www.statista.com/statistics/374342/turkish-penetration-rate-of-sportswear-brands/>. "Reebok India Launch at Odds with Low Price Strategy." AdvertisingAge. 17 Sept. 1997. Web. 18 Jan. 2016. <http://adage.com/article/news/reebok-india-launch-odds-low-price-strategy/12573/>. "Reebok India Launch at Odds with Low Price Strategy." Advertising Age News RSS. Web. 21 Jan. 2016. <http://adage.com/article/news/reebok-india-launch-odds-low-price-strategy/12573/>. "Shahrukh Khan Okay with Staying Away from Wankhede Stadium." India Latest India News Get Free Indiacom Email Live Cricket and Entertainment News at IndiaCom. 2014. Web. 21 Jan. 2016. <http://www.india.com/sports/shahrukh-khan-okay-with-staying-away-from-wankhede-stadium-15249/>. "Shree Swaminarayan Gurukul International School, Bangalore." Shree Swaminarayan Gurukul International School Bangalore RSS. Web. 21 Jan. 2016. <http://gurukul.org/bangalore/>. "Shree Swaminarayan Gurukul International School, Bangalore." Shree Swaminarayan Gurukul International School Bangalore RSS. Web. 21 Jan. 2016. <http://gurukul.org/bangalore/>. "The Tiger Roars." BCG. Feb. 2012. Web. 18 Jan. 2016. <https://www.bcg.com/documents/file97584.pdf>. "Under Armour Inventory Turnover Ratio (COS)." Under Armour (UA) Inventory Turnover Ratio, from Third Quarter 2015 to Third Quarter 2014, Current and Historic Results, Rankings and More, Quarterly Fundamentals. Web. 21 Jan. 2016. "Under Armour Profit Margin (Quarterly):." Under Armour Profit Margin (Quarterly) (UA). Web. 21 Jan. 2016. <https://ycharts.com/companies/UA/profit_margin>.
Editor's Notes
- #16 Income per capita (2013) in Rupees Percentage change in Per Capita Income over previous year Delhi 219,979 (US$3,245) 14.22% Karnataka 84,709 (US$1250) 10.62% Maharashtra 114,392 (US$1688) 10.00%
- #17 Hockey looks to becoming the new upcoming sport in India and has great growth potential for Under Armour to tap into (HIL, Hockey India League). Delhi Wave Riders, New Delhi Debung, Mumbai Karnataka: Bangalore is the location of the Sports Authority of India, which was set up by the Ministry of Youth Affairs and Sports in the 1980s. Bangalore as a large following in cricket, with their team winning the Ranji Trophy (the first class cricket championship) in 2014-15, and 2013-14. Maharashtra: Mumbai won the Ranji Trophy in 2012-13, winning 40 out of 44 times that the team competed, with a 91% win percentage, with Karnataka in second place with only 57.1% wins percentage. Delhi Capital of India, and has hosted the Cricket World Cup four times, and won in 2011. India is also scheduled to host the 2023 ICC cricket world cup, and the first time the India will have hosted this event on their own without other ICC country support. We also see a great market for Under Armour to tap into in high school age children who play sports with their high school team. Due to Under Armour quality and pricing, we will focus more on student who go to affluent private schools. Schools: Shree Swaminarayan Gurukul International School, Bangalore. School offers students a wide range of sports. In addition is has branches in other cities around India, and could help Under Armour grow their network through high school students. Tuition at private schools ranges between Rs 31,000 (for kindergarteners) up to Rs 96,500 for high school students. Ecole Mondiale World School This is one of the most expensive schools in India, located in Mumbai, where tuition ranges from Rs. 6,90,000 to 10,90,000, which is upwards of US$16,000. Since the students going to this school has a higher disposal income than other students in India, we can high potential with the students.
- #18 As seen in the chart: Bangalore never gets too cold to need the coldgear technology, we would focus the Speedform and Storm wear more in this area. New Delhi has a wider range of temperature change and rainfall, it would benefit from all lines that Under Armour has to offer. Mumbai tends to be a lot higher than other regions, and we would focus the HotGear and Storm, as it tends to have high rainfall in June until September. http://pib.nic.in/newsite/PrintRelease.aspx?relid=123563 http://us.worldweatheronline.com/bangalore-weather-averages/karnataka/in.aspx
- #24 CEO/Founder – Kevin Plank University of Maryland football player Tired of repeatedly changing cotton shirt during game Created new line of apparel “performance apparel” Board of Directors CEOs, former CEOs, CFOs, Admirals (Ret.) and Partners of leading conglomerates, industry and the United States Navy
- #26 Transition effect for timeline, slide 1 (Basic) Tip: This transition works well for graphics that horizontally span more than one slide. To reproduce the shape effects on this slide, do the following: On the Home tab, in the Slides group, click Layout, and then click Blank. On the Home tab, in the Drawing group, click Shapes, and then under Block Arrows, click Chevron (second row, eighth option from the left). On the slide, drag to draw a long, horizontal chevron shape. Select the chevron. Under Drawing Tools, on the Format tab, in the Size group, do the following: In the Shape Height box, enter 0.7”. In the Shape Width box, enter 9.48”. Drag the chevron so that the right end is beyond the right edge of the slide, and the left end of the chevron is approximately one inch to the right of the left edge of the slide. Select the chevron. Under Drawing Tools, on the Format tab, in the Shape Styles group, click the arrow next to Shape Fill, point to Gradient, and then click More Gradients. In the Format Shape dialog box, click Fill in the left pane, select Gradient fill in the Fill pane, and then do the following: In the Type list, select Linear. Click the button next to Direction, and then click Linear Up (second row, second option from the left). Under Gradient stops, click Add gradient stop or Remove gradient stop until a total of four gradient stops appear in the slider. Also under Gradient stops, customize the gradient stops as follows: Select the first stop in the slider, and then do the following: In the Position box, enter 0%. Click the button next to Color, and then under Theme Colors click White, Background 1 (first row, first option from the left) Select the next stop in the slider, and then do the following: In the Position box, enter 36%. Click the button next to Color, click More Colors, and then in the Colors dialog box, on the Custom tab, enter values for Red: 213, Green: 219, Blue: 221. Select the next stop in the slider, and then do the following: In the Position box, enter 73%. Click the button next to Color, click More Colors, and then in the Colors dialog box, on the Custom tab, enter values for Red: 178, Green: 190, Blue: 194. Select the last stop in the slider, and then do the following: In the Position box, enter 100%. Click the button next to Color, click More Colors, and then in the Colors dialog box, on the Custom tab, enter values for Red: 213, Green: 219, Blue: 221. Also in the Format Shape dialog box, click Line Color in the left pane, and then select No line in the Line Color pane. Also in the Format Shape dialog box, click Shadow in the left pane, and then do the following in the Shadow pane: Click the button next to Presets, and then under Outer click Offset Bottom (first row, second option from the left). In the Transparency box, enter 60%. In the Size box, enter 100%. In the Blur box, enter 4 pt. In the Angle box, enter 90°. In the Distance box, enter 3 pt. Also in the Format Shape dialog box, click 3-D Format in the left pane. In the 3-D Format pane, under Bevel, click the button next to Top, and then under Bevel click Circle (first row, first option from the left). Next to Top, in the Width box, enter 4 pt, and in the Height box, enter 4 pt. On the Insert tab, in the Text group, click Text Box, and then on the slide, drag to draw the text box. Enter text in the text box, select the text, and then on the Home tab, in the Font group, select Gill Sans MT Condensed from the Font list, enter 26 in the Font Size box, click Bold, click the arrow next to Font Color, and then under Theme Colors click White, Background 1, Darker 50% (sixth row, first option from the left). On the Home tab, in the Paragraph group, click Center to center the text in the text box. Select the text box. On the Home tab, in the Clipboard group, click the arrow to the right of Copy, and then click Duplicate. Repeat this process to create a total of three text boxes. Click in each of the two duplicate text boxes, and then edit the text. Drag the text boxes onto the chevron shape to form a row. Press CTRL+A to select all the objects on the slide. On the Home tab, in the Drawing group, click Arrange, point to Align, and then do the following: Click Align to Slide. Click Align Middle. Press and hold SHIFT, and then select all three text boxes. On the Home tab, in the Drawing group, click Arrange, and under Position Objects, point to Align, and then do the following: Click Align to Slide. Click Distribute Horizontally. To reproduce the animation effects on this slide, do the following: On the Transitions tab, in the Transition to This Slide group, click More, and then under Subtle click Push. Also on the Transitions tab, in the Transitions to This Slide group, click Effect Options and then click From Right. Also on the Transitions tab, in the Timing group, in the Duration box, enter 1.00.
- #27 Transition effect for timeline, slide 2 (Basic) Tip: This slide is the second slide in a three-slide sequence. To reproduce the effects on this slide, do the following: In the Slides and Outline pane, right-click the previous slide (“Transition effect for timeline, slide 1”) and click Duplicate Slide. Select each of the three text boxes on the slide and change the text. Select the chevron shape on the slide. Drag the left sizing handle to the left so that the chevron shape extends past the left edge of the slide.
- #28 Transition effect for timeline, slide 3 (Basic) Tip: This slide is the second slide in a three-slide sequence. To reproduce the effects on this slide, do the following: In the Slides and Outline pane, right-click the previous slide (“Transition effect for timeline, slide 2”) and click Duplicate Slide. Select each of the three text boxes on the slide and change the text. Select the chevron shape on the slide. Drag the right sizing handle to the left so that the right edge of the chevron shape is 0.5” from the right edge of the slide.
- #30 http://pib.nic.in/newsite/PrintRelease.aspx?relid=123563 The three cities we will be targeting will be: New Delhi, Delhi; Bangalore, Karnataka; and Mumbai, Maharashtra. Delhi has one of the highest per capita income in the state of India, followed by Maharashtra and then Karnataka. In addition, all three states have significate growth rates in per capita income over the previous year. State Income per capita (2013) in Rupees Percentage change in Per Capita Income over previous year Delhi 219,979 (US$3,245) 14.22% Karnataka 84,709 (US$1250) 10.62% Maharashtra 114,392 (US$1688) 10.00% Source: http://pib.nic.in/newsite/PrintRelease.aspx?relid=123563 Hockey looks to becoming the new upcoming sport in India and has great growth potential for Under Armour to tap into (HIL, Hockey India League). Karnataka: Bangalore is the location of the Sports Authority of India, which was set up by the Ministry of Youth Affairs and Sports in the 1980s. Bangalore as a large following in cricket, with their team winning the Ranji Trophy (the first class cricket championship) in 2014-15, and 2013-14. Maharashtra: Mumbai won the Ranji Trophy in 2012-13, winning 40 out of 44 times that the team competed, with a 91% win percentage, with Karnataka in second place with only 57.1% wins percentage. Delhi Capital of India, and has hosted the Cricket World Cup four times, and won in 2011. India is also scheduled to host the 2023 ICC cricket world cup, and the first time the India will have hosted this event on their own without other ICC country support. We also see a great market for Under Armour to tap into in high school age children who play sports with their high school team. Due to Under Armour quality and pricing, we will focus more on student who go to affluent private schools. Schools: Shree Swaminarayan Gurukul International School, Bangalore. School offers students a wide range of sports. In addition is has branches in other cities around India, and could help Under Armour grow their network through high school students. Tuition at private schools ranges between Rs 31,000 (for kindergarteners) up to Rs 96,500 for high school students. Ecole Mondiale World School This is one of the most expensive schools in India, located in Mumbai, where tuition ranges from Rs. 6,90,000 to 10,90,000, which is upwards of US$16,000. Since the students going to this school has a higher disposal income than other students in India, we can high potential with the students.