MIDTOWN, Manhattan — Under Armour is moving to the storefront on 5th Avenue where FAO Schwarz once flourished.
CEO Kevin Plank confirmed Tuesday that Under Armour will open a new flagship retail location in the space formerly owned by the iconic toy store.
The new sports clothing company’s Midtown store won’t open until 2019, but Plank said it’s a sign of where the brand plans to be.
FAO Schwarz closed its flagship location last July after 153 years in business. The store was known for its “toy soldiers” that greeted customers outside the storefront and the oversized floor piano, made famous by the 1988 movie “Big,” starring Tom Hanks.
While the toy store closed due to the cost of operating the 45,000-square-foot space, Under Armour has been steadily increasing its revenue. Under Armour’s quarterly revenue grew almost 28 percent from last year.
The increase was attributed to several factors, including Under Armour’s high profile athletes like Stephen Curry, Andy Murray and Michael Phelps.
“These athletes have helped Under Armour achieve a new level of awareness and demand,” Plank said.
Apparel revenue was up nearly 19 percent, while international revenues grew 68 percent. The company said its women’s division will surpass $1 billion in sales this year, and that it plans to debut a new, more extensive footwear line for women in 2017.
Plank also said the company plans to introduce a new line of athletic streetwear, and is also working to expand its presence in California.
Under Armour recently signed multi-million dollar deals with U.C. Berkeley and UCLA to outfit their teams.