Lululemon, the athleisure model that was a uncommon retail success story in the course of the pandemic, mentioned on Tuesday that it’s going to start promoting athletic footwear for girls this month, underscoring its progress ambitions and the way it hopes to outfit its prospects from head to toe.
The corporate mentioned it would introduce a operating sneaker often called “blissfeel” on March 22 for $148. It plans so as to add three different kinds, together with a slide and a coaching shoe, this summer time and fall.
Lululemon, which was based in 1998, has flourished in recent times amid a shift towards exercise put on in day-to-day life and an growth into athleisure for males. Not like many retailers, it thrived in the course of the pandemic: Its prosperous customers flocked to its wares throughout an period of distant work and at-home health, and so they have been fast to pivot to on-line buying when shops have been both closed or providing restricted providers.
The corporate, which acquired the house health start-up Mirror in the course of the pandemic, has mentioned it anticipated that its 2021 gross sales would climb to at the least $6.25 billion, up from $4.4 billion in 2020 and $3.3 billion in 2018. That may exceed gross sales of the Hole model and Banana Republic mixed, and compares with $6.8 billion in annual income for Victoria’s Secret — cementing Lululemon as one of many largest specialty attire manufacturers on the earth.
Lululemon has offered sneakers from an outdoor model in its shops up to now and noticed that prospects have been considering shopping for footwear from the retailer. The corporate’s chief government has referred to the launch this spring as a “take a look at and be taught” alternative, and Lululemon emphasised on Tuesday that its new sneakers have been designed with girls in thoughts.
“We deliberately began with girls first as a result of we noticed a chance to resolve for the truth that, most of the time, efficiency sneakers are designed for males after which tailored for girls,” Solar Choe, Lululemon’s chief product officer, mentioned in an announcement. “That didn’t sit effectively with us.”
Ladies accounted for 69 p.c of Lululemon’s gross sales in 2020, and North America made up 86 p.c of its income.
Supply: NY Times