Lululemon Will Enter the Footwear Market

Calvin McDonald, CEO of Canada's famous yoga sportswear retailer Lululemon, recently announced the latest five-year growth plan and said Lululemon will enter the footwear market.

Although the current sports footwear market has been Coupons monopolized by giants such as Nike and adidas, Calvin McDonald said that he has found a “blank zone” for the market. He said: "We have tested the footwear products and learned a lot. Consumers support us to sell shoes. We believe that we have found a unique opportunity for Lululemon and the entire market."

“Small brands are booming and growing faster than the overall market.” NPD Group sports analyst Matt Powell described the current US sports shoe market.

It is still unclear what Lululemon's new shoes will look like. Is it a practical fitness sneaker or a trend sneaker that sports shoes lovers like? Calvin McDonald declined to give more details, but said more news will be announced before the end of the year. He said: "We hope to implement this plan personally and then share it with everyone."

Lululemon currently has a small number of sneakers for sale. In August 2017, Lululemon began to launch sneakers in partnership with Los Angeles sneaker manufacturer Atletic Propulsion Labs at a number of stores in the United States, each selling for between $140 and $200, and is currently on the Lululemon website. This is the first time that Lululemon has launched a footwear product and is also testing the footwear market. Calvin McDonald said that in the future, he will enter the footwear market with high success in this successful experience.

The launch of footwear is part of a five-year growth plan announced by Lululemon executives to investors and analysts. The three major growth strategies of the five-year plan include:

Product Innovation

Multi-channel customer experience

Market expansion

In addition, Lululemon stressed that it is hoped that by 2023, the sales revenue of its men's and online businesses will double, the sales revenue of online business will double, and the international sales revenue will triple. Lululemon's overseas expansion will focus on China and other Asian and European markets. Previously, it announced plans to add 25 to 30 stores overseas this year. At the same time, the company said that the North American market still has growth potential.

Lululemon, known for its yoga sportswear and fitness equipment, is expanding its product range. Earlier this month, Lululemon launched a new line of beauty and body care, including moisturizers, balms and dry shampoos designed for the sports crowd.

As of the close of April 24, Lululemon shares closed up 0.84% ​​to $178.27 per share from the previous trading day.

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