Under Armour to target $92 billion ‘focused performer’ market
14/12/2018
The company said it had carried out detailed market research with 22,000 people in the US, China, the UK and Germany and used the information to redefine its target consumer. It has chosen the term ‘focused performer’.
In Under Armour’s assessment, the ‘focused performer’ is a person who, for example, runs competitively rather than just to train or to go from A to B. These people, those who are serious about competing, are the ones Under Armour wants to attract to the brand.
However, its aim is to supply clothing and shoes to those consumers not only for competition, but for them to wear too when they are training, recovering or carrying out errands and other aspects of everyday life.
It has calculated that, by 2022, the total apparel and footwear ‘market opportunity’ will be $1.8 trillion a year. Within that, the athletic apparel and footwear market will be worth $280 billion per year. Drilling down still further, it calculates that the market for shoes and apparel for ‘focused performers’ will, by then, be worth $92 billion per year.
Chief operating officer, Patrik Frisk, said at the event that for a brand that has revenues at the moment of $5 billion per year, as Under Armour does, a market opportunity of $92 billion represents “a lot of runway”.
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