When it comes to women’s wear, Under Armour is beating Lululemon. That declaration came from a surprising source this week: Chip Wilson, the founder of Lululemon Athletica Inc.
Wilson, who stepped down from the company’s board of directors earlier this year, spoke about the brand’s decline in the face of competitors including Under Armour and Gap Inc.’s Athletica division at an International Council of Shopping Centres conference in Canada, the Globe and Mail reported on Tuesday.
“Three years ago, Lululemon was worth twice as much as Under Armour,” said Wilson. “Today, Under Armour is worth three times as much as Lululemon.”
Under Armour has been focusing on women’s wear as part of its quest to be a $7.5 billion company by 2018. Women’s apparel makes up 30 percent of the brand’s business and Under Armour’s leaders want to see the women’s business match if not surpass the men’s. Last year, the brand launched its “I will what I want” campaign featuring supermodel Giselle Bundchen and ballerina Misty Copeland.
Sixty-three percent of the 150 million users on Under Armour’s Connected Fitness apps are women.