Here are 1-3 brief analogies for Lululemon Athletica (LULU):

• The Apple of activewear.
• Nike for high-end yoga and athleisure.
• Patagonia for active and wellness apparel.

• Athletic Apparel (Women's): High-performance clothing for yoga, running, training, and lifestyle wear, including leggings, tops, and bras.
• Athletic Apparel (Men's): Performance-focused clothing for active pursuits and casual wear, such as shorts, pants, and shirts.
• Accessories: Functional items like bags, yoga mats, and water bottles designed to complement an active lifestyle.
• Footwear: Athletic shoes engineered for comfort and performance across various activities.
• Lululemon Studio: A connected fitness platform offering interactive home workouts and personalized fitness content through a subscription service.

Lululemon Athletica (symbol: LULU) primarily sells its products directly to **individuals** through its company-operated stores and e-commerce platforms, rather than to other businesses.

The company serves the following categories of customers:

• Active Lifestyle Enthusiasts: This core demographic comprises individuals who actively participate in fitness activities such as yoga, running, training, and other sports. They seek high-performance athletic apparel that offers comfort, durability, and style, supporting their active lifestyles.
• Athleisure & Everyday Wearers: A significant portion of Lululemon's customers purchase its products for their comfort, versatility, and fashion appeal in everyday settings. These consumers wear Lululemon for casual outings, errands, work-from-home attire, and general leisure, appreciating the blend of athletic comfort with casual style.
• Affluent & Brand-Conscious Consumers: Lululemon targets a customer base that values premium quality, innovative design, and a strong brand image. These consumers are often affluent and are willing to invest in higher-priced apparel for its perceived value, durability, and the aspirational lifestyle associated with the Lululemon brand.

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Calvin McDonald, Chief Executive Officer

Calvin McDonald became CEO of Lululemon Athletica in August 2018. He is a growth-oriented leader known for scaling organizations and integrating how brands engage with customers across various channels. Prior to Lululemon, he served for five years as President and CEO of Sephora Americas, a division of LVMH. Earlier in his career, Mr. McDonald spent two years as President and CEO of Sears Canada and 17 years at Loblaw Companies Limited, Canada's largest retailer.

Meghan Frank, Chief Financial Officer

Meghan Frank was promoted to Chief Financial Officer of Lululemon Athletica in November 2020, becoming the company's first female CFO. She joined Lululemon in 2016 as Senior Vice President of Financial Planning and Analysis. Ms. Frank has over 20 years of experience in the retail industry, having previously held senior roles at Ross Stores and J. Crew for nearly a decade.

Celeste Burgoyne, President, Americas and Global Guest Innovation

Celeste Burgoyne has been with Lululemon since 2006, leading the U.S. expansion and holding various leadership positions. Her roles have included Executive Vice President, Americas and Global Guest Innovation, Senior Vice President, Retail, North America, Vice President of Store Operations, and General Manager of U.S. Operations. Before joining Lululemon, she spent ten years at Abercrombie & Fitch in various roles, including Senior Director of Stores.

André Maestrini, Executive Vice President, International

André Maestrini joined Lululemon in January 2021 to lead the company's international expansion. He previously spent 14 years at Adidas in various senior roles across global offices, most recently as Senior Vice President, Global General Manager, Sports Business Units. Prior to Adidas, Mr. Maestrini held marketing positions at The Coca-Cola Company, Danone, and Kraft Jacobs Suchard.

The rapid emergence and expansion of premium athleisure competitors such as Vuori and Alo Yoga pose a clear emerging threat. These brands are gaining significant market share, expanding their retail footprints, and building strong brand loyalty by directly targeting Lululemon's core customer base with similar high-quality products and lifestyle positioning. Their aggressive growth challenges Lululemon's long-held dominance in the premium activewear segment.

Lululemon Athletica Inc. (LULU) operates in the global athletic apparel and accessories market, with its main products and services falling under athleisure wear, specialized yoga clothing, footwear, and various accessories. The addressable markets for its key product categories are detailed below:

Athleisure/Athletic Apparel

• Global Market: The global athleisure market was valued at approximately USD 389.47 billion in 2024. It is projected to grow to USD 941.65 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 9.2% from 2025 to 2034. Other estimates for the global athleisure market include USD 338.48 billion in 2024, projected to reach USD 716.05 billion by 2032 (CAGR of 9.82%). The global sportswear market, which encompasses athleisure, was valued at USD 395.03 billion in 2023 and is expected to reach USD 579.96 billion by 2029, growing at a CAGR of 6.61% from 2023 to 2029.
• U.S. Market: The North American athleisure market was valued at USD 126.19 billion in 2024. The U.S. athleisure market is a significant contributor, accounting for over 89.30% of the North American athleisure market in 2024 and was valued at USD 93,494.7 million in 2022. It is expected to reach USD 176,520.2 million by 2030, with a CAGR of 8.6% from 2025 to 2030.

Yoga Clothing

• Global Market: The global yoga clothing market size was valued at USD 31.03 billion in 2024 and is estimated to reach USD 53.59 billion by 2030, growing at a CAGR of 9.7% from 2025 to 2030. Another report indicated the global yoga apparel market surpassed USD 40 billion in 2024 and is projected to exceed USD 60 billion by 2028.
• U.S. Market: The United States yoga clothing market was valued at USD 8.47 billion in 2024 and is expected to reach USD 13.76 billion by 2030, with a CAGR of 5.87%. The North America yoga clothing market was valued at USD 9.84 billion in 2024.

Footwear

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Accessories

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Expected Drivers of Future Revenue Growth for Lululemon Athletica (LULU)

Over the next 2-3 years, Lululemon Athletica (LULU) is expected to drive future revenue growth through several key strategic initiatives, primarily centered around its "Power of Three x2" growth plan. These drivers include aggressive international expansion, sustained product innovation and diversification, and continued growth in its digital and e-commerce channels.

1. International Expansion: Lululemon aims to significantly grow its international presence, with a target to quadruple international revenue from 2021 levels by the end of 2026. A major focus of this expansion is on markets like China, which has shown substantial revenue growth, and further penetration into European countries. The company plans to open 40 to 45 net new company-operated stores in 2025, with a considerable emphasis on these international markets. New franchise markets such as Denmark, Belgium, Turkey, and the Czech Republic are also part of this global growth strategy.
2. Product Innovation and Diversification: A core component of Lululemon's growth strategy involves consistent product innovation and diversification into new categories. The company plans to double its men's revenue by 2026 and continues to expand its offerings for women and accessories. This includes venturing into new product categories such as footwear, tennis, golf, and personal care. Lululemon is also focusing on refreshing its core product lines and introducing new designs, aiming for new styles to constitute 35% of its assortment by Spring 2026. The "Science of Feel" platform and AI-driven design are being leveraged to accelerate product development and respond to consumer trends.
3. Digital and E-commerce Growth: Lululemon is committed to strengthening its direct-to-consumer e-commerce platform and enhancing omnichannel capabilities. The "Power of Three x2" strategy includes a goal to double digital revenues by 2026. Investments in developing robust e-commerce sites, transactional omni functionality, and increased fulfillment capabilities are key. The company is also enhancing its mobile app and implementing features like curbside pickups, same-day deliveries, and buy online pick up in-store (BOPUS) to improve the guest experience and capture growing online demand.

Share Repurchases

• As of August 29, 2025, Lululemon completed the repurchase of 7,559,307 shares for $2,211.59 million under a buyback plan announced on December 7, 2023.
• The company repurchased $1.6 billion worth of shares in 2024, including 0.9 million shares in Q4 2024.
• Lululemon announced plans to add $1 billion to its stock repurchase program.

Share Issuance

• Lululemon Athletica's issuance of common stock averaged $21.481 million annually for fiscal years ending January 2021 to 2025.
• The issuance of common stock peaked at $42.43 million in January 2024.
• The latest twelve months issuance of common stock was $16.641 million.

Outbound Investments

• Lululemon acquired Mirror, an interactive home fitness platform, for $500 million in 2020.

Capital Expenditures

• Lululemon's capital expenditures averaged $520.7 million annually for fiscal years ending January 2021 to 2025, peaking at $743.6 million in August 2025.
• Capital expenditures were $689.2 million in 2025 and $651.9 million in 2024, demonstrating consistent investment.
• The primary focus of capital expenditures includes increasing the store footprint with plans to open 40 to 45 new stores and upgrade about 40 existing stores in 2025, with a significant number of new international stores.