Having completely locked up the market with male sports enthusiasts who are increasingly turning to its brand, Under Armour (UA) is now setting its sights on women.
Its new ad campaign for 2014 will target women in order to shore up the market in an area where it’s way behind its competition.
CEO Kevin Plank said the Baltimore-based company is eying the ever-expanding women’s sports market with some new targets (via the Baltimore Business Journal).
Plank outlined Under Armour’s plans to grow its women’s segment, which he hopes will be a $1 billion sector of Under Armour’s business by 2016. The company aims to breach $4 billion in total revenue by 2016.
Currently women’s apparel sales account for 30 percent of Under Armour’s business, up 18 percent from eight years ago, and outpacing the overall growth of the company. Under Armour projects revenue of $2.26 billion this year, meaning women’s sales would come in around $680 million.
“Women’s has the potential to be larger than men’s,” Plank said on a recent conference call with investors.
In addition to expanding into department stores — locations in which more women shop – Under Armour is pushing month-long marketing campaigns that will highlight women’s products.
Look for ads to begin appearing in the new year.