Lululemon is going to practice product innovation, customer experience, and market expansion to double its share. The company plans to even out its overall earnings in 2021. It is going to spread the entire amount to hit $12.45 billion by 2026.
The retailer is currently facing a huge profit. This is because the shift of consumers towards the pandemic-fueled demand is entirely high.
It is coming up with longer-term targets. It will expand its product in men’s business as well. The entire growth strategy is to run on the three key drivers.
Lululemon vouching for the men’s market can increase its digital sales. It can double its sale on the internet and can even quadruple its revenue at the international level. So the next five years are going to be very exciting.
The athletic apparel also came up with the teaser for the debut of the same. It is also going to expand into Spain and Italy. They are going to establish physical stores.
Lululemon Chief Executive Calvin McDonald called this an early beginning. The investors still hope for a bigger target. The shares are currently closed at 5%. It is $385.40 for shares. The stock saw a fall to 1.5%.
The retailer saw a rise in its share by 40% in 2021. It sits overall at $6.25. It is direct-to-consumer. The business and overseas momentum are going to go overboard. Yoga pants, leggings, and sports bras are the best sellers. It is double the 2019 revenue, $3.98 billion.
Lululemon defined the target to double its men’s business by 2023. It was set in 2019. It achieved the goal two years back and also tripled the revenue. As per the data from The NPD Group, Lululemon expanded its market share globally from 2019 to 2021. It was more than any other adult-active apparel industry. It did immensely well even with stiff competition. It was from Nike, Adidas, and Under Armour.