During an April 24 conference call with investors, lululemon laid out a five-year growth plan that includes doubling men’s and digital sales, launching new products including shoes, and introducing new store types. The retailer also will work to quadruple its international sales and form more partnerships with outside brands.
The company seeks to build on its $3.3 billion in 2018 sales by focusing growth efforts beyond its traditional strength, women’s athletic wear. Men’s apparel currently accounts for 21% of lululemon’s business, compared to 70% for women’s clothes, according to CNBC. Additionally, 26% of the retailer’s sales are made online, and 15% comes from foreign countries.
Additionally, lululemon is expanding its product portfolio by adding a larger selection of shoes, including private label products. The retailer also is expanding its smaller product lines by adding more items to the Self Care and Office/Travel/Commute categories.
The company also will introduce new store formats, according to CNBC:
- A temporary pop-up store;
- A 3,000-square-foot store;
- A 5,500-square-foot store; and
- A 25,000-square-foot store.
Lululemon currently operates 440 stores, with 50 openings planned for 2019. These include the brand’s first 25,000-square foot store, a Chicago flagship location built with yoga studios and meditation space, and 30 international stores.