Omnichannel

Lululemon embarks on growth plan to double revenue

Photo by istock.com

April 26, 2022

Lululemon is launching a four-year growth strategy aimed at doubling men's wear and digital revenue and quadrupling international revenues.

If successful that would see its 2021 revenue of $6.25 billion hit $12.5 billion by 2026, according to a press release.

The athletic leisurewear brand expects significant growth across product innovation, guest experience and market expansion.

"The success of our Power of Three formula in delivering on our 2023 growth strategy supports our goal to double the business over the next five years," Calvin McDonald, CEO, said in the release. "We remain early in our growth journey, with our strong product engine, proven ability to create enduring guest relationships and significant runway in core, existing and new markets. Following our compelling track record of delivering against our goals, I am excited about taking our growth strategies to the next level to serve more and more guests around the world."

On top of a tripling digital revenue between 2018 and 2021, the company projects to double its digital by creating world class experiences via the power of its guest relationships to build stronger connections across both physical and digital, cultivate its community and inspire through innovation.

Last week, the company announced the expansion of lululemon Like New, the brand's first trade-in and resale program, available nationwide as of April 22.