Athleisure has proven to be a popular trend, and it is one that a number of companies have chosen to branch into. However, it is one area that Under Armour founder and CEO Kevin Plank says that his company has no plans to go into.
Kevin Plank addressed the issue of athleisure and the five-year plan for his company in mid-September in an interview on CNBC’s show “Squak Box.” Although athleisure is slated to be a $350 billion fashion trend by 2020 and is a word that has entered the vernacular, the Under Armour CEO thinks that his customers have a different focus. That is why the company will be keying in on performance.
The path that Under Armour is taking is one that Kevin Plank hopes will help stabilize the company’s North American sales. While the company is a global name, it has seen weaker than desired sales on its home continent- prompting it to look at ways to improve that.
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What that means for the company is more stores, and these will be full-price ones for the most part rather than outlet locations. Kevin Plank wants to expand the brand from its current 1,100 stores, which are about 90 percent outlet stores, up to as many as 2,500 stores within the next three years.
The company will also focus on adding innovative products to its lineup. The focus will be things that connect with the sort of consumer that Kevin Plank calls a “focus performer.” This drive for innovation will be coupled with a marketing push to become, as company President and COO Patrik Frisk described it, a “louder brand.”
Meanwhile, the company is also a first-party seller on Amazon. For Under Armour, that means both having direct-to-consumer sales as well as gaining more insight into the behavior of the company’s customers. That data to date, however, has led to a resounding “no” on Under Armour branded athleisure.
Check more about Kevin Plank: http://investor.underarmour.com/directors/kevin-plank