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Under Armour CEO Kevin Plank isn't afraid to call it like he sees it. In an interview with Bloomberg's Stephanie Ruhle, Plank explains that the company makes out-of-the-box decisions (like acquiring two fitness apps for $560 million) because it doesn't want to chase competitors like Adidas in the race to sign equally expensive contracts with athletes if the payoff isn't proven. "Spending more money is no strategy, right?" Plank says. "And we're not going to compete with our dumbest competitor either."
Ruhle pounces on Plank's remark, asking the CEO if he really believes Adidas is the company's dumbest competitor. "I don't mind you quoting me... I didn't say it," Plank says. "But I don't like them. No, no, I don't like them. I don't like the other guys either but that's my job."
· Why Under Armour Is Buying Up Fitness Apps [Bloomberg]
· The Ultimate Guide to Workout Clothes: Lululemon and Beyond [Racked]
· Nike Sues the Pants Off Designers Who Left for Adidas [Racked]