What does the idiom "throw down the gauntlet" most precisely imply in a formal context?

• The idiom "throw down the gauntlet" means – Challenging someone to a conflict or contest.

• throw down the gauntlet (idiom)
English Meaning: To issue a challenge, especially to fight or compete.
Bangla Meaning: কারো সামনে প্রতিযোগিতা বা দ্বন্দ্বের জন্য চ্যালেঞ্জ ছুঁড়ে দেওয়া।

Example Sentence:
- The CEO threw down the gauntlet to the rival company by announcing a new product launch.

Source:
1. Cambridge Dictionary.
2. Accessible Dictionary by Bangla Academy.