NEWS
Lululemon brand has positioned itself uniquely to respond to the changes in fashion trends that are becoming more visible in the United States. Added to it is the new trend that is emerging in fitness with Americans becoming okay with missing group classes and preferring to have their yoga sessions in their living rooms.
Lululemon reported an increase in its sales by 2% for the second quarter of 2020 which had gone beyond the Wall Street expectations. On the other hand, the Company reported a mammoth 157% jump in its e-commerce sales, especially at a time when stores have been shutting down due to the coronavirus pandemic wreaking havoc on their business.
Calvin McDonald, the CEO of Lululemon in a telephonic conversation mentioned that Lululemon brand was being considered as an ideal option for enabling the work-from-home as well a flexible lifestyle which has increased rapidly during the time of the pandemic.
McDonald had gone on to add that a few trends had already been observed which are now in fashion, including many others such as what would be the expectations of guests when it came to apparel, how they would dress and how are they expecting their apparel to perform. He further mentioned that all of these would be here to stay which would prove beneficial for positioning their brand in many ways.
McDonald continued to further state in particular on the ability of Lululemon to discover success through its expansion strategy in moving beyond performance wear and testing fresh categories like pants, while at the same time undertaking tests and trials using several marketing campaigns that focused on lifestyle. Lululemon has reached out to the new audiences, by announcing on Tuesday that select products that are up to size 20 would be offered until the end of September. It plans to make its whole inventory inclusive by the end of next year.
McDonald also mentioned in his telephonic conversation about a shift that was being observed in consumer behavior, whether it was related to work from home or sweat from home, including the desire to live a healthy and active lifestyle. He further added that this has played into their strengths and has also helped them innovate.
Lastly, McDonald added in his telephonic conversation that, with the acquisition of home fitness startup Mirror, the momentum of the Company had picked up quickly. It had earlier invested USD 500 million for completing the acquisition of Mirror in the month of June. He further added that the Company would start selling Mirror by trying to cover up to 15 stores by the end of the year. The Company is also having plans to continue with its expansion by adding more locations by the end of next year.
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