Lululemon leaps into footwear and achieves major milestone
31/03/2022
Men’s footwear is set to follow in 2023.
Initially, the brand has launched with Blissfeel, a running shoe which boasts “energy-filled” underfoot foam cushioning. A cross-training model (Chargefeel) and a post-workout slide style (Restfeel) are both also set to enter the marketplace this summer, whereas autumn will witness the launch of a general women’s training shoe called Strongfeel.
Company chief executive, Calvin McDonald, commented: “Footwear is the natural next step for us to expand and apply our long history of innovation in fit, feel and performance, and it represents and exciting moment for our brand. We are entering the footwear category the same way we built our apparel business, with products designed to solve unmet needs - made for women first.”
Meanwhile, chief product officer, Sun Chloe, explained the brand’s female-first stance: “We intentionally started with women first because we saw an opportunity in the fact that, more often than not, performance shoes are designed for men and then adapted for women. That didn’t sit well with us. Innovating for women is in Lululemon’s DNA [and] now we’re bringing that same expertise to footwear and women were part of this journey every step of the way.”
In related news, the sportswear firm also recently reported a total net revenue increase of 23% year on year to reach $2.1 billion during its fourth quarter (Q4) of 2021, which ended January 30, 2022. In its home market of North America, Lululemon registered a 21% gain in year-on-year net revenues in Q4. By contrast, it grew by 35% internationally.
Full-year figures suggested net revenue growth of 42% and the achievement of $6.3 billion in total, marking the first time the brand exceeded $6 billion in annual revenue. Again, North America (up 40% year on year) placed second in comparison to the Lululemon’s aggregated results for elsewhere in the world (up 53%).
Image: Lululemon via Instagram.
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