Lululemon is taking on Nike and Adidas with a push into sneakers
- Lululemon's CEO, Calvin McDonald, announced Wednesday that the company plans to enter the footwear market in 2019.
- Lululemon's bread and butter has long been women's yoga pants and workout clothing, but it is increasingly diversifying into new categories as competition in the market heats up.
- This includes a push into menswear, self-care, and an Amazon Prime-style membership program.
- Visit Business Insider's homepage for more stories.
View all Offers
- 18% OFF
Mi 11X 5G (Celestial Silver 6GB RAM 128GB ROM | SD 870 | DisplayMate A+ rated E4 AMOLED | Upto 18 Months No Cost EMI)₹ 27999₹ 33999Buy On
- 8% OFF
OnePlus 9R 5G (Lake Blue, 8GB RAM, 128GB Storage)₹ 36999₹ 39999Buy On
- 18% OFF
OPPO A55 (Starry Black, 4GB RAM, 64GB Storage) with No Cost EMI/Additional Exchange Offers₹ 15490₹ 18990Buy On
- 29% OFF
Samsung Galaxy M32 5G (Sky Blue, 6GB RAM, 128GB Storage)₹ 16999₹ 23990Buy On
Redmi Note 10T 5G (Mint Green, 4GB RAM, 64GB Storage) | Dual5G | 90Hz Adaptive Refresh Rate | MediaTek Dimensity 700 7nm Processor₹ 14499₹ 18999Buy On
Lululemon is inching in on Nike's and Adidas' turf as competition in the athleisure market heats up.
During the company's analyst day on Wednesday, CEO Calvin McDonald announced that the brand plans to enter the footwear market in 2019 and is currently testing new products.
"We will be in footwear," McDonald asserted on Wednesday.
This will be the first time that the brand has launched its own footwear collection. It previously teamed up with sneaker label APL (Athletic Propulsion Labs) to create a mix of men's and women's sneakers, which is currently offered online and in select stores.
"We learned a lot through the collaboration," McDonald said. "We believe we have identified an opportunity that will be unique to us in the marketplace."
Lululemon has been best known for women's yoga pants and workout clothing, but it has increasingly diversified into new categories as competition heats up and it looks to gain market share from industry leaders Nike, Adidas, and Under Armour.
This has included a move to grow its menswear business into a $1 billion platform by 2020, launching a new self-care collection, and branching into casual wear. Lululemon said Wednesday that it expects to more than double the size of its men's wear revenues by 2023.
And it seems to be paying off. The company reported strong fourth-quarter and full-year earnings for 2018 in March. After adjusting for currency fluctuations, same-store sales were up 17% for the year, making it one of the company's strongest years to date, McDonald said in a call with investors at the time.
- India starts probe into Facebook’s algorithm, seeks info on moderation process
- Shiba Inu is not only bigger than Dogecoin — it’s now bigger than XRP, Polkadot and USD Coin as the seventh-biggest player in the market
- Amazon-backed digital insurance company Acko is now valued over a billion dollars
- iOS 15.2 beta brings App Privacy Report that shows how apps snoop on you
- Why do brands die?