Lululemon launches a program. The program is about trade-in and resell. It came up for shoppers suffering from inflation. This debut came up for its gently used leggings, tops, and jackets. This was after Lululemon followed a pilot program. This program got promoted by rising consumer prices. It was designed as a commitment to sustainable purchasing.
Lululemon’s new program came after the retailer’s testing. The testing was done in Texas and California. The testing period got started last May.
The program – Like New got powered by resale technology provider Trove. Like New will allow customers to trade in their old worn Lululemon items. This will be in exchange for a gift card at any retailer’s U.S. stores. According to Maureen Erickson, senior vice president of Global Guest Innovation at Lululemon, the premium brand entering resell will attract customers. This is particularly within the athletic apparel sector.
This nationwide debut is coming up at times when customers are encountering inflation from gas to milk to bread. Not only this, the subscription plans, including Amazon Prime, have also seen higher prices.
Lululemon stated that it is planning for selective price increases. This is to offset some pressure for the resell, particularly among its supply chain.
Analysts’ estimates show that shoppers are warming up to the idea of buying used goods.
The resell market stood at $1billion in 2015. This was totally tracked by Jefferies. The market is now estimated to be worth $15 billion in 2021. It also has the potential to triple to $47 billion by 2025.
Erickson added that ThredUp and Poshmark are already showing up with gently used Lululemon merchandise.
The company stated that it won’t resell certain items such as bras and underwear.
Also, the secondhand merchandise is going to be sold online.
However, possibilities of a resale section in the store do exist.
Like New is also committed to the environment. The company is working towards several sustainability goals. It includes making 100% of its products with sustainable materials.
Lululemon is already up in the list of teens’ 10 favorite apparel brands. Lululemon’s e-commerce site will launch on Earth day, April 22.