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The practice of assigning colours to gender roles began in the 1920s in western culture. Pink, considered the most masculine and decided colour, was appropriate for boys, while blue, delicate and dainty, was considered appropriate for boys. Then in the 1940s this societal norm inverted, and has been that way ever since.
It has been hypothesised that women like pink because of an innate preference for reddish things, like healthy faces and ripened fruits. This hypothesis was criticised as being unsubstantiated.
Wikipedia is your friend.
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One explaination I heard was that Hitler's armbands to designate Homosexuals were pink, and so it was no longer a manly colour.
Urban myth?