Hennes & Mauritz, commonly known as H&M, is getting into the sportswear business. The affordable fashion wear chain will be releasing a sports clothing line that will include running gear.
The company has teamed up with the Swedish Olympic team who will be wearing the gear during the opening ceremonies of the Sochi Olympics next month. Swedish athletes attending the games helped the company design the gear.
The clothing line, called Go Gold, will feature clothing for running, dance, yoga and outdoor activities. The company is pricing the gear below most competitors in hopes of taking customers from larger sportswear companies who offer more expensive pieces. This strategy is in line with how they market their casual apparel, which has made them the second largest apparel company in the world. A pair of black tights will be priced at €19.85, or just over $27.00.
The global market for sportswear is expected to grow more in 2013 than the general apparel market, partially as a result of the Winter Olympics and World Cup.
H&M also plans to dress some teams for the 2016 Summer Olympics in Rio.