The Navy went after getting this gear all wrong.
Instead of identifying their goals and going with what the experts in the field do, they got new PT gear using the same process that they use to get a new destroyer.
If someone from the contracts office had gone to Nike and said:
"Hey, we want a contract that will guarantee 500,000 shirts sold in the first year and 100,000 each year after that. We want yellow/gold dri-fit shirts with NAVY stamped on the front and back and blue shorts from the same mold. You will be the 'Official supplier of athletic gear for the US Navy' and can market yourself as such."
We could have gotten the gear slightly above cost and saved the sailors money in the end while getting them a better product.
All in all, it is going to be better than what the Army and Marine Corps have, but it has a lot of room to improve.