Lululemon is on track to make China its second-largest market by 2026 through an extensive store expansion in the country, according to China Daily.
The athleisure apparel brand said it aims to increase its store number in the country – currently 71 – to 220 over the next five years. These stores include flagship stores and community-based stores.
“Our new goal is to quadruple our international business again by 2026,” Calvin McDonald, CEO of Lululemon, told China Daily in an exclusive interview. “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 MarketBeat, the China lockdowns caused nearly a third of Lululemon’s stores to temporarily close for a period of time. Lululemon aims 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 during the past three years.
The retailer also forecasts its digital expansion will double the company’s revenue in five years after it tripled between 2018 and 2021.