Under Armour Inc. plans to target women shoppers as its new chief executive officer looks for key areas to grow sales.
(Bloomberg) — Under Armour Inc.
plans to target women shoppers as its new chief executive officer looks for key areas to grow sales.
“We will go after women harder than this company has ever seen,” CEO Stephanie Linnartz said on a conference call with analysts on Tuesday.
“Full stop.”
Linnartz, a former executive at hotel chain Marriott International Inc. who started at Under Armour in February, outlined her plans for the athletic-wear maker. This fiscal year will be a rebuilding period for Under Armour, executives said, as they embark on a new strategy.
Footwear and “sports style” are the two other priority categories that Linnartz identified, signaling that management wants to add more “design horsepower” to its staff and get more involved in design collaborations and sneaker culture.
The women’s business accounts for less than 25% of Under Armour’s revenue.
It sells shirts, leggings, jackets, shorts and bras, plus gear for sports from lacrosse to volleyball. Linnartz said Under Armour has yet to develop a definitive must-have product for women.
“We are still not cutting through enough to realize the growth available in the marketplace,” said Linnartz.
“We have a solid base from which to grow.”
Shares fell 4.7% on Tuesday morning after Under Armour’s full-year earnings outlook missed analysts’ estimates.
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