Lululemon, the athleisure model that was a uncommon retail success story in the course of the pandemic, mentioned on Tuesday that it’s going to start promoting athletic footwear for ladies this month, underscoring its progress ambitions and the way it hopes to outfit its clients from head to toe.
The corporate mentioned it would introduce a operating sneaker often called “blissfeel” on March 22 for $148. It plans so as to add three different types, together with a slide and a coaching shoe, this summer season and fall.
Lululemon, which was based in 1998, has flourished in recent times amid a shift towards exercise put on in day-to-day life and an enlargement into athleisure for males. Not like many retailers, it thrived in the course of the pandemic: Its prosperous shoppers flocked to its wares throughout an period of distant work and at-home health, and so they have been fast to pivot to on-line procuring when shops have been both closed or providing restricted providers.
The corporate, which acquired the house health start-up Mirror in the course of the pandemic, has mentioned it anticipated that its 2021 gross sales would climb to at the very least $6.25 billion, up from $4.4 billion in 2020 and $3.3 billion in 2018. That will exceed gross sales of the Hole model and Banana Republic mixed, and compares with $6.8 billion in annual income for Victoria’s Secret — cementing Lululemon as one of many greatest specialty attire manufacturers on the earth.
Lululemon has bought sneakers from an out of doors model in its shops previously and noticed that clients have been occupied with shopping for footwear from the retailer. The corporate’s chief government has referred to the launch this spring as a “take a look at and study” alternative, and Lululemon emphasised on Tuesday that its new sneakers have been designed with ladies in thoughts.
“We deliberately began with ladies first as a result of we noticed a possibility to unravel for the truth that, as a rule, efficiency sneakers are designed for males after which tailored for ladies,” Solar Choe, Lululemon’s chief product officer, mentioned in an announcement. “That didn’t sit properly with us.”
Girls accounted for 69 p.c of Lululemon’s gross sales in 2020, and North America made up 86 p.c of its income.