Lululemon implements ‘Power of Three’ growth strategy
Yoga and running gear retailer Lululemon has announced plans for a new growth strategy for the next five years.
Called The Power of Three, the plan is being implemented to drive product innovation, create integrated customer experiences, and to help the company to expand further in some of its most important geographical markets.
The strategy includes a plan to double men’s clothing and digital revenues, and to quadruple international sales. In addition, the company will continue to focus on its core women’s business and North American stores which it expects to generate annual revenue growth in the low double digits in the next five years.
Lululemon chief executive Calvin McDonald said: “We’re ready to build upon our success and embark on the next phase of growth at lululemon to realize the full potential of our brand. We believe lululemon has a unique opportunity to push beyond traditional expectations to develop innovative products and become a fully experiential brand that creates compelling experiences for guests who want to completely live into the sweatlife.”
The strategy also includes the company’s trial membership programme for customers.
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