Overview
Lululemon was founded in 1998 in Vancouver, Canada, by Chip Wilson. It is currently led by CEO Calvin McDonald, who joined in 2018, fostering a period of stability and growth for the company.
While its first apparel designs were yoga-inspired, the retailer now caters for a number of sporting activities including running, cycling and training.
Lululemon describes its purpose as elevating “human potential by helping people feel their best”, with a vision to “create transformative products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all”.
In 2020, Lululemon acquired Mirror, a home-based fitness platform for $500m (£390m), expanding its fitness expertise into technology and taking on other competitors in the field. Yet as losses widened, it discontinued the production of the equipment, instead turning to a new partnership with fitness expert Peloton (see strategy).
It has over 600 stores worldwide, with its first UK store opening in 2014 with the launch of its Covent Garden store in London. It has around 20 stores in the UK including a handful of concessions.
It revealed its Power of Three x 2 strategy in 2022, through which it plans to double its revenue by 2026 (see strategy).
Lululemon’s sales leapt 30% in the year ending 29 January 2023 (FY2022), with the sports retailer delivering total revenues of $8.1bn (£6.5bn).
