Lululemon appears to be making good progress on its five-year growth strategy in spite of rocky economic conditions. WTiN explores how its product, innovation and sustainability strategy look to serve its 2026 ambitions.
Overview
When WTiN last analysed Canadian athletic brand Lululemon in 2022, the brand had just announced its Power of Three x2 global growth plan [1]. At its crux, the strategy’s ambition is to grow the company’s revenues from 2021’s US$6.25bn to US$12.5bn by 2026. It would do so by focusing on three core pillars [1]:
• Product Innovation – this includes growing its menswear revenues and expanding its product offering, including its footwear category.
• Guest Experience – inclusive of aims to double its digital revenues by 2026 and boosting engagement via programmes such as its resale platform, Like New.
• Market Expansion – focusing on quadrupling its international business, with targets on the Asia Pacific (APAC) and European markets.
If successful in its aims, the strategy would see the brand double its business over a five-year period.
Progress on Power of Three x2
In its 2023 annual report, Lululemon recorded revenues of US$9.62bn, indicating strong progress towards its goal with a 54% increase from 2021 [2]. However, conditions appeared less favourable than 2022, where the brand secured 30% growth year-on-year (YoY) with US$8.11bn in revenue. In contrast, 2023 saw a 19% increase on the year prior.
Lululemon notes numerous factors impeding business between 2022 and
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