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Under Armour is expanding into a new category.
The athletic wear company plans to expand into fashion sportswear with a new collection, Bloomberg reports.
The line will be called Under Armour Sportswear, and the company says it will be preppy and fashion-forward. It launches in the fall.
It will be expensive, with a pair of jogging pants going for $395. The brand has tapped Tim Coppens, formerly of Ralph Lauren and Adidas, to be the executive creative director of the collection.
“The brand can’t live up to its fullest expression of itself without capturing this element and this opportunity in the market,” Under Armour’s senior vice president of sportswear, Ben Pruess, told Bloomberg. “It also affords us the opportunity to reach a new consumer.”
That consumer is arguably the same one who shops at high-end athletic apparel companies like Tory Burch Sport, or someone who shops at high-end department stores. It helps to set it apart from other companies, which helps, given how many apparel companies – as varied as Victoria’s Secret and Dick’s Sporting Goods – are cashing in on the category.
Under Armour has been hungry to cash in on new growth opportunities. The company has reported quarter after quarter of exceptional growth. In January, CEO Kevin Plank revealed that the company planned to grow its women’s business by doubling it. Should the company double its women’s sector, it would be able to trump the athleisure stalwart Lululemon.
Under Armour has been working to appeal to both men and women by using top-notch stars, such as basketball star Steph Curry, star ballerina Misty Copeland, and supermodel Gisele Bündchen.
Despite Under Armour’s growth, however, the company has a long way to go before it catches up to the industry leader, Nike. Even accounting for Steph Curry’s impressive contribution to sneaker sales, the company sells significantly less sneakers online than Nike does.
Under Armour’s net revenue for fiscal 2015 was $3.96 billion – a small fraction of Nike’s $30.6 billion in total revenue for fiscal 2015.