Lululemon Athletica’s growth continues with an extended push into men’s wear and abroad.
The retailer unleashed its five-year growth strategy Wednesday morning ahead of the planned analyst day in New York City, the company’s first in five years.
The ath-leisure company’s ambitious plans include doubling men’s offerings, doubling digital growth and quadrupling international revenues by 2023.
“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,” Calvin McDonald, Lululemon’s chief executive officer said in a statement. “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 sweat life.”
The company plans to introduce new products across both men and women’s categories by building on existing areas like yoga, running and training, as well as moving into new segments like self-care.
In addition, Lululemon hopes to double its digital revenues in the next five years, while also offering guests in-store experiences. The formula is meant to “provoke and celebrate guests who live a healthy and mindful lifestyle across multiple experiences — such as events, dynamic new store formats, and its innovative membership program,” according to the company statement.
The majority of Lululemon’s sales are still in North America. But the company has previously revealed plans to open 25 to 30 stores abroad this year, focusing its expansion on Asia and the Middle East.
“The company’s recent success in its international markets demonstrates that the sweat life translates across cultures and geographies and presents considerable growth potential for the brand,” according to the company.
Shares of Lululemon were trading up more than 2 percent Wednesday morning in pre-market trading.