In 1945, the Assibe Brothers founded "Malharia Cambuci SA", a company of clothing for men and women in São Paulo.

During this period, Penalty acquired the manufacturing rights for Asics shoes and Wilson tennis racquets.

During the 1990s, the Brazilian football teams of São Paulo and Grêmio wore uniforms by Penalty.

In 1998, the brand expanded its business to Argentina, opening a filial of the company there and signing deals with some local teams.

[1] In 2010, Penalty started sponsoring the Spanish Futsal League, and, one year later, the company signed an exclusive agreement with Víctor Valdés,[2] the football goalkeeper of Barcelona FC and Spanish national team, for whom Penalty designed an exclusive boot.