With its launch of basketball shoes coming on Oct. 23, Under Armour
Chief Executive Officer Kevin Plank in an interview with Bloomberg
reiterated the company's near-term goal of becoming the number two
athletic company behind Nike over the next few years.
“We wouldn't enter any category unless we could someday be No. 1,” Plank
added on its launch into basketball. “There is one company with three brands that controls 90-plus
percent of the basketball business. So when you ask me, is basketball as
a category, is it growing, is it shrinking? I wouldn't be able to tell
you one way or another, and frankly I don't think it would matter.
Because when Under Armour does introduce basketball footwear, it is a
relatively good opportunity for us and we will take significant market
share.”
The article noted that Under Armour's annual sales in 2009 were
$856.1 million. Apparel represented 76% of revenue and footwear,
16%.
Plank also indicated Under Armour will also be opening its first store in China by the end of
the year. Overall, it will have 53 retail outlets in the
U.S. by the end of the year.
