Lululemon Sets Sights on Spain as It Continues to Expand Internationally
Lululemon is moving into Spain, its first new market in Europe since 2019.
According to the Canadian athletic company, it plans to open two new stores in the country as well as a local e-commerce site as part of its “Power of Three ×2” growth plan, which includes a quadrupling of its international revenue from 2021 levels by year-end 2026.
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Lululemon operates almost 40 stores and three local language sites in eight countries in Europe: France, Germany, Ireland, the Netherlands, Norway, Sweden, Switzerland, and the UK. In addition, the company ships to additional countries across Europe via its EU website.
With this launch, Lululemon said in a statement that it will introduce its Lululemon.es e-commerce site later this month, while its first two Spanish retail locations in Madrid’s Calle Serrano and Barcelona’s Paseo de Gracia will open in September.
“We’re looking forward to connecting with Spanish guests, through our website and at our first retail stores opening in Madrid and Barcelona,” André Maestrini, EVP of international at Lululemon, said in a statement. “The strength of our model across product innovation, guest experience, community and culture provides a unique advantage as we introduce Lululemon to our newest market.”
This news comes one month after the company reported better-than-expected results for the first quarter amid what has been a rough quarter for other apparel and footwear retailers.
In June, Lululemon reported that first quarter net revenues increased 32% to $1.6 billion versus an expected $1.53 billion. In North America, revenues increased 32%. Earnings per share were $1.48 compared to an expected $1.43.
These results led Lululemon to raise its outlook for fiscal 2022 and now expects net revenue to be between $7.61 billion to $7.71 billion.
In April, Lululemon announced a plan to expand its men’s business, including the addition of footwear, as part of a larger five-year growth strategy to double revenue to $12.5 billion by 2026. Lululemon launched footwear for women earlier this year.
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