Lululemon will soon offer shoes
Lululemon, the athleisure brand that has been a rare retail success story during the pandemic, said on Tuesday it will begin selling women’s athletic shoes this month, outlining its growth ambitions and how with which she hopes to equip her clients from head to toe.
The company said it will introduce a running sneaker known as the “blissfeel” on March 22 for $148. He plans to add three more styles, including a slider and a training shoe, this summer and fall.
Lululemon, which was founded in 1998, has flourished in recent years amid a broader shift towards everyday workout wear and an expansion into men’s athleisure. Unlike many retailers, it thrived during the pandemic: Its affluent consumers flocked to its products in an era of remote working and home fitness, and they quickly switched to online shopping when stores were closed. closed or offered limited services.
The company, which acquired home-fitness startup Mirror during the pandemic, said it expects sales in 2021 to climb to at least $6.25 billion, from $4.4 billion in 2020. and $3.3 billion in 2018. That would exceed sales of the Gap and Banana Republic combined, and compares to Victoria’s Secret’s $6.8 billion in annual revenue, making Lululemon one of the biggest brands of specialty clothing in the world.
Lululemon has sold shoes from an outside brand in its stores in the past and found that customers were interested in buying shoes from the retailer. The company’s chief executive called the launch this spring a “test and learn” opportunity, and Lululemon stressed on Tuesday that its new shoes were designed for women.
“We intentionally started with women first because we saw an opportunity to solve the fact that, more often than not, performance shoes are designed for men and then tailored for women,” said Sun Choe, product manager. of Lululemon, in a press release. “It didn’t suit us.”
Women accounted for 69% of Lululemon’s sales in 2020, and North America accounted for 86% of its revenue.