Categories
Global Marketing

Lululemon’s Strategy to Quadruple their International Business

In April 2019, Lululemon created a five-year plan to quadruple their international sales by 2023. Their strategy was t0 open 30 of their 45-50 new stores in Europe and Asia. They also want to host local events and have customizable e-commerce sites for each country to gain market share.

Since Lululemon has a younger audience in their international space, they decided to invest more money into the digital experience. They also decided to host fitness events in different countries to increase brand recognition. They took this approach because they noticed that the most successful international businesses were taking more of a hands on approach than in the past.

These strategies have been off for them as they showed a second-quarter 2019 earnings increase of 22%. They are becoming very popular in foreign countries, while being more popular in China than Under Armour. Lululemon is able to be more popular because they are seen as not just an athletic brand, but a lifestyle brand.

As of 2020, Lululemon has said that they are still on track to quadruple their international business by 2023, if not sooner. This aggressive strategy has been working for Lululemon's revenue increase, and they are doing great as a company.

Works Cited:

https://digiday.com/retail/lululemons-store-strategy-helping-expand-new-markets/

https://www.retaildive.com/news/lululemon-to-surpass-2023-revenue-goal-by-the-end-of-the-year/606307/

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.