lululemon athletica inc., together with its subsidiaries, designs, distributes, and retails athletic apparel and accessories for women and men. It operates in two segments, Company-Operated Stores and Direct to Consumer. The company offers pants, shorts, tops, and jackets for healthy lifestyle and athletic activities, such as yoga, running, and training, as well as other sweaty pursuits. It also provides fitness-related accessories and footwear. The company sells its products through a chain of company-operated stores; outlets and warehouse sales; interactive workout platform; a network of wholesale accounts, such as yoga studios, health clubs, and fitness centers; temporary locations; and license and supply arrangements, as well as directly to consumer through mobile apps and lululemon.com e-commerce website. As of January 30, 2022, it operated 574 company-operated stores under the lululemon brand in the United States, Canada, the People's Republic of China, Australia, the United Kingdom, Japan, New Zealand, Germany, South Korea, Singapore, France, Malaysia, Sweden, Ireland, the Netherlands, Norway, and Switzerland. lululemon athletica inc. was founded in 1998 and is based in Vancouver, Canada.
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Here are 1-3 brief analogies for Lululemon Athletica:
"Apple for activewear": Like Apple, Lululemon is known for its premium pricing, sleek design, high-quality products, and a strong brand that inspires fervent customer loyalty and embodies a lifestyle.
"Starbucks for activewear": Lululemon offers a premium, consistent experience in athletic apparel, building a strong brand identity and community akin to Starbucks' approach in the coffee industry, turning a commodity into an accessible luxury and lifestyle.
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- Women's Apparel: A wide range of athletic and athleisure clothing designed for women, including yoga pants, leggings, sports bras, and tops.
- Men's Apparel: Performance and casual wear for men, encompassing shorts, pants, shirts, and hoodies.
- Accessories: A variety of items to complement athletic activities and daily wear, such as yoga mats, bags, and water bottles.
- Footwear: Athletic shoes designed for various activities, expanding their product offerings beyond apparel.
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Lululemon Athletica (LULU) Major Customers
Lululemon Athletica primarily sells its products directly to individuals through its own global network of company-operated stores and its e-commerce platforms. It does not primarily sell to other companies as major customers; rather, its business model is direct-to-consumer (DTC).
The company serves several categories of individual customers, which can be broadly described as:
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Dedicated Fitness & Wellness Practitioners
This core customer base comprises individuals who are actively engaged in athletic activities such as yoga, running, training, and other forms of exercise. They seek high-performance, comfortable, and durable apparel that supports their physical activities and values the technical features, quality, and brand reputation Lululemon offers in the fitness space.
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Athleisure & Lifestyle Consumers
This category includes individuals who integrate Lululemon's comfortable and stylish apparel into their everyday wardrobe, extending beyond just workouts. They prioritize comfort, quality, and a premium, active lifestyle aesthetic for casual wear, travel, and social activities, embracing the "athleisure" trend.
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Premium & Brand-Conscious Shoppers
These consumers are attracted to Lululemon's brand prestige, perceived quality, and aspirational image. Across various demographics, they are willing to invest in higher-priced items for their perceived value, style, and status, and appreciate the brand's focus on well-being, community, and the overall premium experience.
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- Eclat Textile Co. Ltd. (TWSE: 1476)
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Calvin McDonald Chief Executive Officer
Calvin McDonald joined Lululemon as CEO in August 2018. Prior to Lululemon, he served for five years as President and CEO of Sephora Americas, a division of the LVMH group of luxury brands, where he oversaw a period of double-digit growth. Earlier in his career, he was President and CEO of Sears Canada for two years, and spent 17 years at Loblaw Companies Limited, Canada's largest retailer, holding various management and leadership roles. He holds an MBA from the University of Toronto and a Bachelor of Science degree from the University of Western Ontario.
Meghan Frank Chief Financial Officer
Meghan Frank was promoted to Chief Financial Officer of Lululemon, effective November 23, 2020. She joined Lululemon in 2016 as Senior Vice President of Financial Planning and Analysis and served as interim co-CFO starting in April 2020. Ms. Frank has over 20 years of experience in the retail industry. Before joining Lululemon, she held senior roles at Ross Stores, including Vice President of Merchandise Planning, and spent nearly a decade in financial planning and analysis leadership roles at J. Crew. She also held positions at Saks Fifth Avenue and Bluefly. She earned her B.A. from Colgate University. Ms. Frank also serves on the Board of Directors of Best Buy Co., Inc. and KKR Acquisition Holdings I Corp.
Celeste Burgoyne President, Americas and Global Guest Innovation
Celeste Burgoyne has been with Lululemon since 2006, initially leading the company's U.S. expansion. Her previous roles at Lululemon include 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. Prior to joining Lululemon, Ms. Burgoyne spent ten years at Abercrombie & Fitch, where she held various leadership positions, including Senior Director of Stores. She holds a Bachelor of Arts from the University of San Diego.
Ted Dagnese Chief Supply Chain Officer
Ted Dagnese has served as Lululemon's Chief Supply Chain Officer since 2016. Before joining Lululemon, he held the position of Vice President for Supply Chain at VF Corporation and was a Director at GAP Inc. He also serves on the board of the American Apparel & Footwear Association.
André Maestrini Executive Vice President, International
André Maestrini joined Lululemon in early November 2020 as Executive Vice President, International. Prior to his role at Lululemon, he was an executive at Adidas.
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The emergence and rapid proliferation of high-quality, low-cost "dupe" brands and products, particularly through online marketplaces and social media channels, poses a significant threat. These competitors offer visually and functionally similar athleisure wear to Lululemon's popular items (e.g., leggings, jackets) at a fraction of the price. This trend is fueled by social media platforms like TikTok, where users actively identify and promote these alternatives. This phenomenon directly challenges Lululemon's premium pricing strategy and brand exclusivity by providing a compelling value proposition to price-sensitive consumers, potentially eroding market share and forcing Lululemon to continuously justify its higher price point and innovation more aggressively.
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Lululemon Athletica's main products and services fall within the broader addressable markets of athleisure, activewear/athletic wear, sports apparel, and yoga clothing. The market sizes for these categories are as follows:
- Global Athleisure Market: The global athleisure market was estimated at USD 358.07 billion in 2023 and is projected to reach USD 662.56 billion by 2030. Other estimates include USD 389.47 billion in 2024, projected to grow to USD 941.65 billion by 2034, and USD 402.5 billion in 2024, projected to reach USD 731.8 billion by 2033.
- North America Athleisure Market: North America held a significant share of the athleisure market, accounting for 40.8% in 2023, and a value of USD 126.19 billion in 2024.
- Global Activewear/Athletic Wear Market: The global activewear market size was estimated at USD 406.83 billion in 2024 and is projected to reach USD 677.26 billion by 2030.
- North America Activewear/Athletic Wear Market: The North America athletic wear market was valued at USD 26.28 billion in 2024 and is expected to grow to USD 38.61 billion by 2030. Another source states the market was worth US$ 25.44 billion in 2024 and is expected to reach US$ 48.63 billion by 2033. The North America activewear market accounted for a revenue share of 38.46% in 2024.
- Global Sports Apparel/Sportswear Market: The global sports apparel market size was valued at USD 211.57 billion in 2024 and is projected to reach USD 298.06 billion by 2032. The global sportswear market was estimated at USD 335.92 billion in 2023 and is projected to reach USD 646.01 billion by 2030.
- North America Sports Apparel/Sportswear Market: The North America sportswear market is valued at USD 112 billion and dominated the global sports apparel market with a 39.34% share in 2024.
- Global Yoga Clothing Market: The global yoga clothing market was valued at USD 40-45 billion in 2024 and is projected to surpass USD 60 billion by 2028. Other estimates include USD 29.69 billion in 2024, projected to reach USD 55.65 billion by 2032, and USD 28.8 billion in 2024, projected to reach USD 53.4 billion by 2033.
- North America Yoga Clothing Market: North America dominated the yoga clothing market with a 33.14% share, valued at USD 9.84 billion in 2024.
- U.S. Yoga Clothing Market: The U.S. yoga clothing market is projected to reach USD 11.72 billion by 2032.
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Lululemon Athletica (LULU) is focused on several key drivers to fuel its revenue growth over the next two to three years, primarily guided by its "Power of Three x2" growth strategy, which aims to double its 2021 revenue to $12.5 billion by 2026.
The expected drivers of future revenue growth include:
- International Market Expansion: Lululemon plans to quadruple its international revenues relative to 2021 by 2026. This involves a strong focus on engaging customers in China Mainland, growing its core international markets, and scaling its presence and entering new countries across the Asia-Pacific (APAC) region and Europe, with plans to open its first stores in Spain and Italy. International revenue notably increased 33% in Q3 2024 and 38% in Q4 2024.
- Product Innovation and Category Expansion: The company is leveraging its "Science of Feel" innovation across various categories to drive growth. A significant focus is on continuing to grow its men's business, with a goal to double men's revenue by 2026 relative to 2021. Additionally, Lululemon is expanding its women's and accessories businesses and sees opportunities in core categories like Run, Train, Yoga, and On the Move, as well as new areas such as Play (e.g., Tennis, Golf, Hike) and footwear.
- Digital and Direct-to-Consumer (DTC) Channel Growth: Lululemon aims to double its digital revenues by 2026 relative to 2021. This involves enhancing its guest experience by building stronger engagement across both physical and digital platforms. The company is investing in e-commerce site development, omni-functionality, and increased fulfillment capabilities, including services like curbside pickups, same-day deliveries, and buy online, pick up in-store (BOPUS). Digital sales contributed 39% of total revenue in Q3 2024.
- Enhanced Guest Experience and Community Engagement: Lululemon is committed to creating world-class guest experiences by fostering stronger relationships and cultivating its community. This includes expanding programs like "lululemon Like New," its trade-in and resale initiative, and launching a two-tiered membership program to boost engagement across its channels. The brand also focuses on transforming store formats into experiential retail spaces that serve as community hubs.
- Strategic Store Expansion and Optimization: Lululemon plans for continued annual square footage growth in the low double digits, which includes opening new company-operated stores and optimizing existing locations. In 2023, the company opened 56 net new stores, ending the year with 711 stores, and opened 18 net new stores in Q4 2024, totaling 767 stores. It is also exploring new retail concepts such as college campus stores, experiential megastores, and short-term pop-ups.
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Share Repurchases
- Lululemon completed an equity buyback plan, repurchasing a total of 9.1 million shares for $2.549 billion from December 2023 to August 2025.
- In December 2024, the board of directors approved a $1.0 billion increase to the stock repurchase program, bringing the remaining authorized amount to approximately $1.8 billion as of December 5, 2024.
- The company repurchased 1.1 million shares for $278.5 million in Q2 2025, and 1.4 million shares for $430.4 million in Q1 2025.
Share Issuance
- Lululemon's issuance of common stock for fiscal years ending January 2021 to 2025 averaged $21.481 million.
- The issuance of common stock peaked in January 2024 at $42.43 million.
- As of August 29, 2025, there were 113,468,082 shares of common stock outstanding, along with 5,115,961 exchangeable shares of Lulu Canadian Holding, Inc., which are exchangeable for an equal number of common shares.
Outbound Investments
- Lululemon acquired MIRROR, a home exercise startup, for $500 million on June 29, 2020.
- In August 2021, Lululemon acquired a minority stake in Samsara Eco.
- In 2024, Lululemon Athletica Inc. agreed to acquire the operations and retail locations of its franchise partner in Mexico.
Capital Expenditures
- Lululemon's capital expenditures peaked in August 2025 at $743.6 million.
- Capital expenditures are expected to range between $740.0 million and $760.0 million in 2025.
- Approximately 80% of fiscal 2025 capital expenditures ($689 million) were directed toward physical retail expansion, predominantly in international markets, with the remaining 20% targeting technology infrastructure.