The company is on track to make China its second-largest market by 2026 through an extensive store expansion in the country.
The globally-known athleisure brand has sad that it intends to increase its store number in China. Currently, the brand has 71 stores, over the next five years, the brand intends to grow this to 220. The stores will include flagship locations and community-based stores. The brand intends to open the majority of its 40 new stores in Mainland China where it has achieved a cumulative annual growth rate of 60 per cent over the past three years.
Calvin McDonald, CEO of Lululemon, told China Daily in an exclusive interview, that: “our new goal is to quadruple our international business again by 2026. The Chinese mainland will be a big part of that opportunity as we continue to invest in the market, in stores, in digital and build a community.”
According to data from MarketBeat, the lockdowns in China caused by the Coronavirus breakout saw nearly a third of the brand’s stores temporarily close for a period of time. The retailer also forecasts that it’s digital expansion will double the company’s revenue in five years after it tripled between 2018 and 2021.
