Nike is making its first men's yoga collection - and Lululemon should be terrified
- Nike is launching a new men's yoga collection to cash in on a booming menswear market.
- Traditionally, the menswear market has come second to womenswear, but new data indicates that it is now on track to outgrow womenswear in the next two years.
- Lululemon, whose bread and butter has long been women's yoga pants and workout clothing, recently outlined a strategy to grow its menswear into a $1 billion business by 2020.
Nike is making moves to woo the male shopper as men's fashion has its moment in the spotlight.
During an earnings call on Thursday, Nike's CEO Mark Parker announced that the company would be rolling out a new men's yoga collection in 2019. A spokesperson for the company did not immediately respond to Business Insider's request for further comment.Nike's decision to diversify into new menswear items is in keeping with the rest of the industry, including its archrival Lululemon, which recently outlined a strategy to grow its menswear into a $1 billion business by 2020.
Traditionally the menswear market has come second to womenswear, but new data indicates that this is changing. This year, business intelligence firm Gartner L2 released a report that estimated menswear revenues will outpace the womenswear market over the next two years.
"As demand for menswear continues to grow, it is essential for brands that carry both men's and women's products to target men both on brand site and in digital marketing across the web," the report said, as was cited by Fashionista.
In Lululemon's quarterly earnings call in May, COO Stuart Haselden said that 30% of the new customers added in the first quarter of 2018 were men. He added that Lululemon was reeling these customers in with casualwear, specifically, the men's office travel commute line.
The ABC (anti-ball-crushing) pant is one of its most popular items in this category, and it's paving the way. These $128 stretchy pants are Lululemon's version of comfortable jeans.Other retailers are also looking for a slice of the pie. In September, Gap launched a new men's athletic wear brand called Hill City, which is sold online and at certain Athleta stores. The collection features a mix of athletic and casual wear, such as shorts, hoodies, and light jackets.
"Active is a key growth area for Gap Inc. and Hill City is our response to consistent feedback from customers looking for a premium men's product that combines highly technical fabrications, performance, and style," Gap Inc. CEO Art Peck said in a statement to the press in September.