Lululemon Athletica Inc. (LULU): Business Model Canvas

In der dynamischen Welt der Sportbekleidung hat Lululemon Athletica die Art und Weise, wie wir Trainingskleidung wahrnehmen, revolutioniert und sie von reiner Funktionskleidung zu einem Lifestyle-Statement gemacht. Lululemon verkauft nicht nur Yogahosen und Performance-Kleidung, sondern hat auch ein anspruchsvolles Geschäftsmodell entwickelt, das erstklassige Qualität, innovatives Design und gemeinschaftsorientierte Erlebnisse miteinander verbindet. Durch die strategische Positionierung an der Schnittstelle von Fitness, Mode und Technologie haben sie ein einzigartiges Ökosystem geschaffen, das bei gesundheitsbewussten Verbrauchern und städtischen Fachleuten Anklang findet, die mehr als nur Kleidung suchen – sie kaufen eine Wellness-Philosophie ein, die weit über die Grenzen des traditionellen Einzelhandels hinausgeht.

Lululemon Athletica Inc. (LULU) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit High-End-Stoffherstellern

Lululemon arbeitet mit spezialisierten Textilherstellern zusammen, um proprietäre Stofftechnologien zu entwickeln:

Hersteller	Partnerschaftsfokus	Stofftechnologie
Toray Industries	Performance-Stoffe	Luxtreme, Nulu
Teijin Limited	Nachhaltige Materialien	Recycelte Polyestermischungen

Zusammenarbeit mit Fitness-Influencern und Sportlern

Zu den wichtigsten Partnerschaften mit Sportlern gehören:

• Simone Biles (Gymnastik)
• Misty Copeland (Ballett)
• Robert Kraft (Besitzer der New England Patriots)

Einzelhandelspartnerschaften mit Premium-Kaufhäusern

Das Einzelhandelsvertriebsnetz von Lululemon umfasst:

Einzelhändler	Anzahl der Standorte	Partnerschaftstyp
Nordstrom	116 Geschäfte	Großhandelspartnerschaft
Saks Fifth Avenue	40 Geschäfte	Kuratierte Produktauswahl

Technologiepartnerschaften für digitale Innovation

Kooperationen im Bereich der digitalen Technologie:

• Mirror Interaktive Fitnessplattform
• Apple Health-Integration
• Konnektivität der Strava Fitness-App

Nachhaltige Materiallieferanten und umweltfreundliche Anbieter

Kennzahlen der Umweltpartnerschaft:

Nachhaltigkeitsinitiative	2023 Prozentsatz	Verpflichtung des Anbieters
Verwendung von recyceltem Polyester	75%	Bluesign-zertifizierte Lieferanten
Beschaffung von Bio-Baumwolle	25%	Fair-Trade-zertifiziert

Lululemon Athletica Inc. (LULU) – Geschäftsmodell: Hauptaktivitäten

Produktdesign und Innovation in der Sportbekleidung

Lululemon investierte im Jahr 2022 110,4 Millionen US-Dollar in Forschung und Entwicklung. Das Unternehmen unterhält weltweit zehn Designzentren mit primären Innovationszentren in Vancouver, Kanada und New York City.

Designschwerpunkte	Jährliche Investition
Technische Stoffentwicklung	45,2 Millionen US-Dollar
Innovation im Bereich Performance-Bekleidung	35,6 Millionen US-Dollar
Nachhaltige Materialforschung	29,6 Millionen US-Dollar

Digitales und physisches Retail Experience Management

Lululemon betreibt im Jahr 2023 weltweit 664 unternehmenseigene Geschäfte. Der digitale Umsatz machte im Geschäftsjahr 2022 41 % des Gesamtumsatzes aus.

• Online-Plattformverkehr: 125 Millionen monatliche Besucher
• Downloads mobiler Apps: 8,3 Millionen aktive Benutzer
• Investition in die Omnichannel-Integration: 78,5 Millionen US-Dollar im Jahr 2022

Markenmarketing und Community-Engagement

Die Marketingausgaben erreichten im Geschäftsjahr 2022 340,6 Millionen US-Dollar, was 8,2 % des Gesamtumsatzes entspricht.

Marketingkanal	Zuteilungsprozentsatz
Digitales Marketing	52%
Influencer-Partnerschaften	22%
Event-Sponsoring	15%
Traditionelle Medien	11%

Lieferketten- und Bestandsmanagement

Lululemon arbeitet mit 47 strategischen Produktionspartnern in 13 Ländern zusammen. Die Lagerumschlagsquote betrug im Jahr 2022 das 4,2-fache.

• Nachhaltige Beschaffung: 84 % der Materialien stammen aus verantwortungsvollen Quellen
• Produktionsstätten: 75 % befinden sich in Asien
• Inventarwert: 1,2 Milliarden US-Dollar, Stand Januar 2023

Kontinuierliche Produktentwicklung und Trendprognose

Das Unternehmen brachte im Jahr 2022 600 neue Produktmodelle auf den Markt, von denen 35 % durch direkte Kundenfeedbackmechanismen entwickelt wurden.

Produktkategorie	Neue Stile eingeführt
Yogabekleidung für Damen	210 Stile
Trainingsbekleidung für Herren	185 Stile
Zubehör	125 Stile
Schuhe	80 Stile

Lululemon Athletica Inc. (LULU) – Geschäftsmodell: Schlüsselressourcen

Starker Markenruf für Premium-Sportbekleidung

Im vierten Quartal 2023 meldete Lululemon einen Markenwert von 4,76 Milliarden US-Dollar, mit einem globalen Markenbekanntheitswert von 82 %. Das Unternehmen behält eine Premium-Positionierung mit durchschnittlichen Produktpreisen zwischen 88 und 178 US-Dollar pro Artikel bei.

Proprietäre Stofftechnologie und Designkompetenz

Stofftechnologie	Hauptmerkmale	Entwicklungsinvestitionen
Luon	Feuchtigkeitsableitendes Vier-Wege-Stretchmaterial	23,4 Millionen US-Dollar F&E-Investition im Jahr 2023
Nulu	Leichter, atmungsaktiver Stoff	Kosten für die Patententwicklung: 8,7 Millionen US-Dollar
Everlux	Schnelltrocknend, temperaturregulierend	Jährliches Budget für Stoffinnovationen: 16,5 Millionen US-Dollar

Umfangreiches globales Einzelhandels- und Online-Vertriebsnetzwerk

Seit Januar 2024 betreibt Lululemon:

• 521 unternehmenseigene Einzelhandelsgeschäfte weltweit
• Internationale Präsenz in 18 Ländern
• E-Commerce-Plattformen in 12 Hauptmärkten
• Jährlicher Online-Umsatz: 2,1 Milliarden US-Dollar (36 % des Gesamtumsatzes)

Kompetente Design- und Marketingteams

Zusammensetzung der Belegschaft ab 2023:

• Gesamtbeschäftigte: 28.700
• Designteam: 672 Fachleute
• Marketingteam: 514 Spezialisten
• Durchschnittliche jährliche Investition in die Mitarbeiterschulung: 3,2 Millionen US-Dollar

Fortschrittlicher E-Commerce und digitale Plattformen

Kennzahlen für digitale Plattformen	Leistung 2023
Mobile App-Downloads	4,3 Millionen
Investition in digitale Plattformen	47,6 Millionen US-Dollar
Online-Conversion-Rate	3.8%
Digitale Kundenbindung	2,1 Millionen aktive monatliche Benutzer

Lululemon Athletica Inc. (LULU) – Geschäftsmodell: Wertversprechen

Hochwertige, leistungsorientierte Sport- und Lifestyle-Bekleidung

Die Produktlinie von Lululemon erwirtschaftete im Geschäftsjahr 2023 einen Umsatz von 8,1 Milliarden US-Dollar, mit einem durchschnittlichen Verkaufspreis von 89 US-Dollar für Damenprodukte und 85 US-Dollar für Herrenprodukte.

Produktkategorie	Umsatzbeitrag	Wachstumsrate
Damenbekleidung	62%	18 % im Jahresvergleich
Herrenbekleidung	28%	25 % im Jahresvergleich
Zubehör	10%	15 % im Jahresvergleich

Innovative und stilvolle Trainingskleidung

• Im Jahr 2023 wurden 42 neue Stofftechnologien entwickelt
• Investierte 48,3 Millionen US-Dollar in Forschung und Entwicklung
• Einführung von 237 neuen Produktdesigns

Erstklassiger Komfort und technische Stofftechnik

Kosten für Materialinnovationen: 22,7 Millionen US-Dollar im Jahr 2023, mit Schwerpunkt auf feuchtigkeitsableitenden und Vier-Wege-Stretch-Technologien.

Stofftechnologie	Leistungsmetrik
Luon	92 % Feuchtigkeitstransportfähigkeit
Nulu	86 % leichte Leistung
Everlux	95 % schnell trocknende Eigenschaften

Lifestyle-Marke, die über traditionelle Sportbekleidung hinausgeht

Globale Einzelhandelsstandorte: 682 Geschäfte in 17 Ländern, wobei Online-Verkäufe im Jahr 2023 40 % des Gesamtumsatzes ausmachen.

Community-orientiertes Wellness- und Fitnesserlebnis

• Im Jahr 2023 werden 1.246 kostenlose Community-Fitnesskurse angeboten
• 387.000 Community-Event-Teilnehmer
• 5,2 Millionen US-Dollar in Wellness-Programme investiert

Lululemon Athletica Inc. (LULU) – Geschäftsmodell: Kundenbeziehungen

Community-getriebenes Engagement durch Fitness-Events

Lululemon veranstaltet jährlich etwa 1.200 Fitnessveranstaltungen in ganz Nordamerika. Im Jahr 2023 zogen diese Veranstaltungen über 250.000 Teilnehmer an. Das Unternehmen unterhält weltweit 454 Filialen, davon 355 in den Vereinigten Staaten.

Ereignistyp	Jährliche Teilnehmer	Häufigkeit
Yoga-Kurse	85,000	Wöchentlich
Laufvereine	65,000	Wöchentlich
Schulungsworkshops	100,000	Monatlich

Personalisierte digitale und In-Store-Einkaufserlebnisse

Kennzahlen zum Engagement auf digitalen Plattformen für 2023:

• Downloads mobiler Apps: 3,2 Millionen
• Online-Conversion-Rate: 4,7 %
• Durchschnittliche Dauer der digitalen Sitzung: 7,3 Minuten

Treueprogramm mit exklusiven Vorteilen für Mitglieder

Das im Jahr 2022 gestartete Treueprogramm von Lululemon berichtet:

Mitgliedschaftsmetrik	Daten für 2023
Gesamtzahl der Mitglieder	1,5 Millionen
Wiederholungskaufrate	62%
Durchschnittliche Mitgliederausgaben	425 $ jährlich

Aktive Social-Media-Interaktion und benutzergenerierte Inhalte

Statistiken zum Social-Media-Engagement für 2023:

• Instagram-Follower: 2,7 Millionen
• Benutzergenerierte Content-Beiträge: 45.000 monatlich
• Durchschnittliche Engagement-Rate: 3,2 %

Kundenfeedback und kontinuierliche Produktverbesserung

Einblicke in die Produktentwicklung:

Feedback-Metrik	Daten für 2023
Kundenbefragungen durchgeführt	12,500
Produktiterationen basierend auf Feedback	87 Produktlinien
Bewertung der Kundenzufriedenheit	4.6/5

Lululemon Athletica Inc. (LULU) – Geschäftsmodell: Kanäle

Firmeneigene Einzelhandelsgeschäfte

Im vierten Quartal 2023 betrieb Lululemon weltweit 699 unternehmenseigene Einzelhandelsgeschäfte.

Region	Anzahl der Geschäfte
Nordamerika	521
International	178

E-Commerce-Website

Die Direct-to-Consumer-E-Commerce-Plattform von Lululemon erwirtschaftete im Geschäftsjahr 2023 einen Umsatz von 2,35 Milliarden US-Dollar.

• Website-Verkehr: 52,4 Millionen einzelne Besucher pro Monat
• Besuche mobiler Websites: 68 % des gesamten Online-Verkehrs

Online-Marktplätze von Drittanbietern

Lululemon verkauft über ausgewählte Online-Plattformen und erwirtschaftet im Jahr 2023 einen Marktumsatz von etwa 157 Millionen US-Dollar.

Plattform	Verkaufsprozentsatz
Amazon	37%
Zalando	22%
Andere Plattformen	41%

Großhandelsvertrieb

Die Großhandelskanäle trugen im Geschäftsjahr 2023 567 Millionen US-Dollar zum Umsatz von Lululemon bei.

• Premium-Sportartikelhändler
• Kaufhäuser
• Fachgeschäfte für Fitness

Mobile Shopping-Anwendung

Die mobile App von Lululemon hat im Dezember 2023 3,2 Millionen aktive monatliche Nutzer.

App-Metrik	Wert
App-Downloads	8,7 Millionen
Durchschnittlicher Bestellwert per App	$128

Lululemon Athletica Inc. (LULU) – Geschäftsmodell: Kundensegmente

Gesundheits- und Fitnessbegeisterte

Demografische Aufschlüsselung für das Gesundheits- und Fitnesssegment:

Altersspanne	Prozentsatz	Jährliche Ausgaben
25-44 Jahre	62%	1.250 $ pro Jahr
45-54 Jahre	22%	875 $ pro Jahr

Urbane Profis

Hauptmerkmale des städtischen professionellen Kundensegments:

• Durchschnittliches Jahreseinkommen: 125.000 US-Dollar
• Durchschnittsalter: 35 Jahre
• 72 % arbeiten in Unternehmensumgebungen
• Durchschnittliche Ausgaben für Sport: 850 $ pro Jahr

Yoga- und Wellness-Praktiker

Häufigkeit der Yoga-Praxis	Prozentsatz
3-4 mal pro Woche	48%
1-2 mal pro Woche	35%
Täglich	17%

Modebewusste Millennials und Gen Z

Segmentausgabenkennzahlen:

• Durchschnittliches Bekleidungsbudget: 1.500 $ pro Jahr
• 65 % bevorzugen nachhaltige Modemarken
• Einfluss sozialer Medien: 89 % von Online-Trends beeinflusst

Personen mit hohem Einkommen

Einkommensklasse	Prozentsatz des Kundenstamms	Durchschnittliche jährliche Ausgaben
$150,000-$250,000	42%	$2,100
$250,000-$500,000	28%	$3,500
Über 500.000 US-Dollar	15%	$5,200

Lululemon Athletica Inc. (LULU) – Geschäftsmodell: Kostenstruktur

Produktdesign- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Lululemon Forschungs- und Entwicklungskosten in Höhe von 196,1 Millionen US-Dollar, was 2,3 % des Gesamtumsatzes entspricht.

Ausgabenkategorie	Betrag (USD)	Prozentsatz des Umsatzes
Produktdesignkosten	87,5 Millionen US-Dollar	1.02%
Technische Entwicklung	108,6 Millionen US-Dollar	1.28%

Herstellungs- und Lieferkettenkosten

Die Gesamtkosten für Herstellung und Lieferkette beliefen sich im Jahr 2023 auf 2,4 Milliarden US-Dollar, mit einer detaillierten Aufschlüsselung wie folgt:

• Rohstoffbeschaffung: 752 Millionen US-Dollar
• Produktionsarbeit: 436 Millionen US-Dollar
• Logistik und Transport: 412 Millionen US-Dollar
• Bestandsverwaltung: 318 Millionen US-Dollar
• Qualitätskontrolle: 184 Millionen US-Dollar

Marketing- und Werbeinvestitionen

Die Marketingausgaben für das Geschäftsjahr 2023 beliefen sich auf insgesamt 433,7 Millionen US-Dollar, was 5,1 % des Gesamtumsatzes entspricht.

Marketingkanal	Ausgaben (USD)	Prozentsatz des Marketingbudgets
Digitales Marketing	218,5 Millionen US-Dollar	50.4%
Einzelhandelswerbung	132,6 Millionen US-Dollar	30.6%
Sponsoring und Events	82,6 Millionen US-Dollar	19%

Betrieb und Wartung von Einzelhandelsgeschäften

Die Gesamtausgaben im Zusammenhang mit Einzelhandelsgeschäften beliefen sich im Jahr 2023 auf 687,3 Millionen US-Dollar.

• Ladenmiete und -belegung: 312,4 Millionen US-Dollar
• Gehälter des Filialpersonals: 248,6 Millionen US-Dollar
• Ladenwartung und Betriebskosten: 126,3 Millionen US-Dollar

Technologie und digitale Plattforminfrastruktur

Die Investitionen in die Technologieinfrastruktur beliefen sich im Jahr 2023 auf 154,2 Millionen US-Dollar.

Technologie-Investitionsbereich	Ausgaben (USD)	Prozentsatz des Tech-Budgets
E-Commerce-Plattform	68,7 Millionen US-Dollar	44.5%
IT-Infrastruktur	45,3 Millionen US-Dollar	29.4%
Cybersicherheit	40,2 Millionen US-Dollar	26.1%

Lululemon Athletica Inc. (LULU) – Geschäftsmodell: Einnahmequellen

Direktverkauf an Endverbraucher im Einzelhandel

Im Geschäftsjahr 2023 meldete Lululemon einen Gesamtnettoumsatz von 9,59 Milliarden US-Dollar. Der Direktverkauf an den Verbraucher machte 5,68 Milliarden US-Dollar aus, was 59,2 % des Gesamtumsatzes des Unternehmens entspricht.

Vertriebskanal	Umsatz (2023)	Prozentsatz des Gesamtumsatzes
Firmeneigene Einzelhandelsgeschäfte	4,92 Milliarden US-Dollar	51.3%
Vom Unternehmen betriebene Ausstellungsräume	760 Millionen Dollar	7.9%

Online-E-Commerce-Transaktionen

Der digitale Umsatz belief sich im Jahr 2023 auf 2,76 Milliarden US-Dollar und machte 28,8 % des Gesamtumsatzes des Unternehmens aus.

• Wachstumsrate des E-Commerce im Jahr 2023: 12 % im Jahresvergleich
• Mobile Verkäufe: 70 % der Online-Transaktionen
• Durchschnittlicher Online-Bestellwert: 138 $

Einnahmen aus dem Großhandelsvertrieb

Der Großhandelskanal erwirtschaftete im Jahr 2023 1,15 Milliarden US-Dollar, was 12 % des Gesamtumsatzes entspricht.

Großhandelspartner	Umsatzbeitrag
Nordamerikanische Einzelhandelspartner	820 Millionen Dollar
Internationale Großhandelskanäle	330 Millionen Dollar

Vertrieb zur internationalen Marktexpansion

Die internationalen Märkte trugen im Jahr 2023 1,47 Milliarden US-Dollar zum Gesamtumsatz bei.

• Kanada: 620 Millionen US-Dollar
• APAC-Region: 510 Millionen US-Dollar
• EMEA-Region: 340 Millionen US-Dollar

Ergänzende Produktlinienangebote

Die zusätzlichen Einnahmequellen aus der Produktdiversifizierung erreichten im Jahr 2023 450 Millionen US-Dollar.

Produktkategorie	Einnahmen
Herrenbekleidung	1,92 Milliarden US-Dollar
Damenbekleidung	6,48 Milliarden US-Dollar
Zubehör	380 Millionen Dollar
Schuhe	670 Millionen Dollar

Lululemon Athletica Inc. (LULU) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Lululemon Athletica Inc. commands its price point and keeps customers coming back. It's not just about the leggings; it's about the entire ecosystem built around high-performance gear and a specific lifestyle.

Technical, high-quality apparel for performance and versatility

Lululemon Athletica Inc. delivers technical apparel, which is the foundation of its premium positioning. The brand is recognized for innovative fabric technology, like its signature material, "Luon," which sets a high bar for quality and performance compared to rivals. This focus on technical superiority helps justify the price tag you see on the shelf.

The product development pipeline is geared toward keeping the offering fresh and versatile. For instance, management is actively increasing the share of new styles from 23% to roughly 35% by spring 2026, signaling a push to maintain relevance beyond core franchises. Performance categories, including yoga, run, train, golf, and tennis, are still key drivers of growth.

Exclusive community membership and lifestyle affiliation

The brand successfully translates its product quality into a lifestyle affiliation through its community structure. This is a major differentiator against competitors who often rely on mass-market appeal. The Lululemon Membership program has grown substantially, reaching nearly 30 million members as of late 2025.

This community focus is also tied to social impact goals. Lululemon Athletica Inc. announced in May 2025 that its Centre for Social Impact achieved its goal of providing 10 million people by 2025 with access to resources and experiences that improve physical, mental, and social wellbeing. Furthermore, a 2030 commitment is set to reach 20 million participants through wellbeing programes.

Premium, durable products justifying the high-price model

The premium pricing strategy is directly linked to the perceived value and the target customer's financial capacity. The estimated average household income for a Lululemon Athletica Inc. customer is around $100,000 or more per annum. This segment is willing to pay for quality, which is why the company historically maintains a 'no discount strategy' on much of its core inventory.

Financial results from the first half of fiscal 2025 show the premium model is holding, though under pressure. For the second quarter of fiscal 2025, the reported gross margin was 58.5%. Even with margin pressures noted in Q1 2025, the gross margin was 58.3%. The inventory level at the end of Q2 2025 stood at $1.7 billion, a 21% increase year-over-year, which management must balance with demand to protect the premium perception.

Metric	Value (Latest Reported)	Context/Period
Average Customer Household Income	$100,000+	Estimated (2025)
Women's Pants Starting Price Point (Example)	Over $98	General Product Pricing
Gross Margin	58.5%	Q2 Fiscal 2025
Total Inventory Value	$1.7 billion	End of Q2 Fiscal 2025

Commitment to sustainability (Impact Agenda 2030)

Lululemon Athletica Inc.'s commitment to sustainability is formalized under its Impact Agenda 2030, focusing on climate action and circular innovation. The company has already seen success in prior goals, nearly doubling the percentage of products made with at least 25% preferred materials between 2020 and 2024, achieving its recycled polyester target ahead of schedule.

The forward-looking 2030 targets are concrete and measurable:

• Ensure 90% of products contain at least 25% preferred materials by weight.
• Maintain 60% absolute reduction in Scope 1 and 2 GHG emissions from a 2018 baseline.
• Achieve 60% intensity reduction in Scope 3 GHG emissions from a 2018 baseline.
• Source 50% of electricity consumed by core Tier 1 & Tier 2 suppliers as renewable by 2030.
• Offer product repair or resale opportunities in 90% of global markets.

On the social side, the company committed to investing $75 million USD to advance equity in wellbeing in its global and local communities by 2025.

Lululemon Athletica Inc. (LULU) - Canvas Business Model: Customer Relationships

You're looking at how Lululemon Athletica Inc. keeps its high-value customers engaged beyond the transaction. It's all about creating a lifestyle ecosystem, not just selling gear. This relationship strategy is key to their premium positioning, especially when the broader U.S. activewear sector faces softer demand.

High-touch, personalized service through in-store Educators

The in-store experience is built around the Educator role, which is the foundation of their success in retail stores. Educators are tasked with creating world-class customer service by engaging and connecting with guests, sharing top-quality product education, and speaking authentically about the community and culture. They assess guest needs to provide customized, effective purchase and return solutions. This high-touch approach is designed to value the guest's time while ensuring a seamless end-to-end experience, including executing omnichannel programs like buy online/pickup in store.

• Educators are experts in sharing technical product education, articulating the value and benefit of the product.
• They dynamically cover the floor to continuously engage with guests and attend to store needs.
• The role emphasizes creating an equitable, inclusive, and growth-focused environment.

Two-tiered loyalty and membership program for retention

Lululemon Membership is structured to reward frequency and spend, which is critical when management noted a slowdown in purchase frequency from higher-value customers due to product assortment issues. As of late 2025, membership has expanded to nearly 30 million guests across all age groups. Status is determined by yearly spend between January 1 and December 31, and a new level achieved in 2025 grants benefits through the end of 2026.

Here's how the two primary tiers stack up based on the structure that evolved from earlier premium tests, which previously saw annual fees around $100 to $128:

Membership Tier	Annual Cost Structure	Key Differentiating Benefits
Collective	Free	Early Access to Product Drops, Receipt-Free Returns, Free Hemming
Collective Plus	Spend-based qualification (e.g., minimum spend in 2025)	All Collective benefits, plus Exclusive Access to Products, Personal Shopper (launching early 2026)

The strategy here is clear: transactional benefits like free hemming are table stakes; the real differentiation comes from experiential benefits that keep customers emotionally engaged.

Community events and free in-store fitness classes

Community connection is a core driver of loyalty, with research indicating that approximately 65% of Lululemon customers feel more connected to the brand because of its community-driven events. Furthermore, 40% of customers engage with brand ambassadors through these events and social media touchpoints. The company continues to invest heavily in this area through its global impact initiative, lululemon Gives, which evolved from the Centre for Social Impact.

The scope of this community support is significant:

• Lululemon Gives aims to provide 20 million participants with experiences to advance wellbeing (mental health, movement, mindfulness) by 2030.
• The 2025 Community Wellbeing Grant cohort included 100 community-led nonprofit organizations.
• These 2025 grantees received a total of more than $4 million in funding, with an average grant amount of approximately $43,000.

Circularity initiatives like the lululemon Like New resale program

The lululemon Like New branded resale and trade-in initiative directly engages customers beyond the initial purchase, strengthening lifetime value and supporting sustainability goals. By mid-2023, the program had already circulated over 1.7 million apparel items, diverting significant volume from landfills. This circular model captures value from the secondary market.

Financially and environmentally, the commitment is structured as follows:

Metric	Value/Commitment
Items Circulated (by mid-2023)	Over 1.7 million
Profit Allocation (Since 2022)	100% of Like New profits or 2% of Like New revenue, whichever is higher
Beneficiary of Profits	Apparel Impact Institute's Fashion Climate Fund

Finance: draft 13-week cash view by Friday.

Lululemon Athletica Inc. (LULU) - Canvas Business Model: Channels

The distribution of product and brand experience for Lululemon Athletica Inc. centers on a carefully managed omni-channel approach, heavily weighted toward its owned retail footprint.

Company-operated physical retail stores (primary brand experience).

The physical store fleet serves as the core touchpoint for community engagement and brand immersion. As of the end of the second quarter of fiscal 2025, Lululemon Athletica Inc. operated a total of 784 company-operated stores globally. This represented a net addition of 14 stores during that quarter alone, with 5 net new stores opened in the Americas, 5 in China Mainland, and 4 in Rest of World. To give you a sense of the core market density, as of October 28, 2025, there were 475 Lululemon stores in the United States. California held the largest concentration with 67 stores, representing about 14% of the US total. The company had planned to expand its overall global square footage by about 10% in fiscal 2025. Store channel sales increased by 13% on a constant dollar basis in the fourth quarter of 2024. You can see the store count progression here:

Metric	Q1 2025 End	Q2 2025 End	Net Change Q2 2025
Total Company-Operated Stores	770	784	+14
Americas Net New Stores (Q2 2025)	N/A (3 net added in Q1)	5	N/A
China Mainland Net New Stores (Q2 2025)	N/A	5	N/A

Direct-to-Consumer e-commerce platform (key growth pillar).

The digital channel remains a vital engine for growth and reach. In the fourth quarter of 2024, digital channel revenue contributed $1.8 billion to the top line. This digital contribution represented 50% of the total revenue for that period. International comparable sales, which include e-commerce, showed significant strength, increasing by 6% in the first quarter of fiscal 2025. Digital engagement is crucial, as evidenced by the 1% increase in overall comparable sales (which combines store and e-commerce) in Q1 2025.

Strategic international store openings (e.g., Italy, Spain, China Mainland).

International expansion is a central focus of the Power of Three x2 growth plan, aiming to quadruple international revenue from 2021 levels by the end of 2026. The company planned to open 40 to 45 net new stores in 2025, with the majority slated for China Mainland. Lululemon Athletica Inc. executed a significant market entry in Italy, opening its first store in Milan on July 19, 2025. This Milan location spans approximately 5,700 square feet across two floors. The brand already has an established presence in several key European markets, including:

• United Kingdom
• Ireland
• Germany
• France
• Spain (where two stores and a dedicated e-commerce site launched in September 2022)
• The Netherlands
• Norway
• Sweden
• Switzerland

China Mainland demonstrated robust performance in Q2 2025, with net revenue increasing 25% year-over-year, contributing $392.9 million, or 16% of total net revenue. The Americas region, while still the largest segment, accounted for 70% of total net revenue at $1.8 billion in Q2 2025.

Limited-distribution showrooms and outlet stores.

Lululemon Athletica Inc. uses specific formats to manage inventory and engage different guest segments. The company utilizes outlets to offer slower-moving inventory and prior season items at discounted prices. As of February 2, 2025, Lululemon Athletica Inc. operated 52 outlet locations, with the majority situated in the Americas. The company also has a re-commerce program called Like New, which allows guests to exchange used products for merchandise credit. Finance: draft 13-week cash view by Friday.

Lululemon Athletica Inc. (LULU) - Canvas Business Model: Customer Segments

You're looking at the core groups Lululemon Athletica Inc. is targeting right now, which is key to understanding their near-term financial performance. The brand has successfully moved beyond its initial niche, but the high-income, health-focused consumer remains central.

The typical Lululemon customer is affluent, with an estimated household income of $100,000 or more annually. These are educated professionals who integrate wellness into their daily routines and are willing to pay a premium for quality and design. This focus on the high-end market supports their premium pricing structure.

Historically, the core female yoga and training market has been the bedrock of the business. Women have represented approximately 70% of their customer base. To give you a sense of scale, in 2023, sales of women's products generated $6.14 billion in net income.

The men's apparel segment is a major growth driver under the current strategy. Lululemon Athletica Inc. has a stated goal to double its men's business revenue by 2026, relative to 2021 levels. As of 2023, men's products accounted for $2.2 billion in sales, and they represent about 25% of the overall customer base, showing significant runway for growth in this area.

International guests, particularly in China Mainland, are crucial for the next phase of growth. Management had forecast revenues in China Mainland to grow between 25% to 30% for fiscal 2025 on its last earnings call. This focus is evident in the store expansion plan, aiming for 200 stores in China, with 154 outlets open as of the first quarter of fiscal 2025. For context, in the fiscal first quarter of 2025, net revenue on the Chinese mainland rose 22% in constant currency.

Here's a quick look at some of the segment-relevant numbers as of late 2025 projections and recent actuals:

Customer Segment Focus	Key Metric/Data Point	Value/Amount
Affluent Consumers	Estimated Annual Household Income	$100,000 or more
Core Female Market (Historical Base)	Approximate Percentage of Customer Base	70%
Men's Apparel Segment	2023 Revenue Contribution	$2.2 billion
Men's Apparel Segment	2026 Goal (vs. 2021)	Double Revenue
China Mainland Guests (FY2025 Forecast)	Expected Revenue Growth Rate	25% to 30%
China Mainland Guests (Q1 FY2025 Actual)	Revenue Growth (Constant Currency)	22%
China Mainland Guests (Store Count)	Target Store Count / Q1 FY2025 Actual	200 / 154

You can see the brand is balancing its high-value core with aggressive international and men's expansion. Still, sustaining that high-income consumer loyalty while scaling rapidly in new markets like China is the near-term risk to watch.

The primary customer groups Lululemon Athletica Inc. serves include:

• Affluent Wellness Enthusiasts: Consumers with high disposable income prioritizing fitness.
• Core Female Yogis/Trainers: The historical base, still representing the majority of sales.
• Expanding Male Customer Base: Men actively targeted for significant revenue doubling by 2026.
• High-Growth International Guests: Focused heavily on Mainland China for international expansion.

For the full fiscal year 2025, the company is projecting total net revenue between $11.15 billion and $11.3 billion, which represents a 5% to 7% increase over 2024. This shows the overall revenue growth is expected to moderate compared to the explosive growth seen in specific international pockets, like the 19% growth in international markets during Q1 2025.

Finance: draft 13-week cash view by Friday.

Lululemon Athletica Inc. (LULU) - Canvas Business Model: Cost Structure

You're looking at the cost side of Lululemon Athletica Inc.'s operations as of late 2025, and honestly, the numbers show a clear tension between growth investment and external pressures. Here's the quick math on where the money is going and what's squeezing the margins.

Cost of Goods Sold (COGS) (pressured by tariffs and markdowns, gross margin down 300 bps)

The cost of the product itself is facing significant headwinds, primarily from trade policy and the need to move older stock. In the second quarter of fiscal 2025, the gross margin contracted by 110 basis points year-over-year, landing at 58.5%. This pressure is structural, with management now projecting a full-year 2025 gross margin decline of 300 bps versus prior expectations.

The primary drivers for this margin erosion are clear:

• Tariffs and the removal of the de minimis exemption are expected to cause a 220 basis point hit to gross margin for the full year 2025.
• This tariff impact is estimated to translate to approximately $240 million in incremental annual expenses.
• In Q2 2025 specifically, markdowns alone accounted for 60 bps of the gross margin pressure.

To be fair, the third quarter showed some stabilization, with gross margin improving 40 basis points to 58.5% compared to an adjusted 58.1% in Q3 2023, and markdowns were flat year-over-year for that period. Still, the overall 2025 outlook reflects the ongoing fight against these costs.

Selling, General, and Administrative (SG&A) expenses (store staff, marketing)

SG&A expenses reflect continued investment in the store footprint and brand building, even as the revenue growth rate slows. In Q2 2025, SG&A expenses hit $951.7 million, representing 37.7% of net revenue, which was an increase from 36.8% of net revenue (or $872.0 million) in Q2 2024. This resulted in a 90 basis point deleverage in Q2 2025.

By the third quarter, the SG&A rate was approximately 38% of net revenue (or about $910 million), slightly better than the guidance for a 40 to 50 basis point deleverage. Marketing spend is being maintained in the 4.5-5.5% of sales range to support long-term brand building.

Inventory holding costs (inventory up 21% to $1.7 billion in Q2 2025)

Inventory levels are definitely a cost factor you need to watch closely. At the end of Q2 2025, inventories swelled to $1.7 billion, a 21% increase from the $1.4 billion held at the end of Q2 2024. What this estimate hides is that the unit inventory increase was only 13%, meaning higher costs, like tariffs, contributed to the dollar value increase. The sheer volume of stock, especially with softer U.S. demand, flags potential future markdowns, which is a direct hit to gross margin.

Here is a snapshot of the recent balance sheet and investment figures:

Metric	Q2 2025 Value	Q3 2025 Value	Comparison Point
Inventory Value	$1.7 billion	Not explicitly stated for Q3 end	Up 21% YoY in Q2
SG&A Expenses	$951.7 million	Approx. $910 million	Q2 2024: $872.0 million
Capital Expenditures (CapEx)	$177.9 million	Approx. $178 million	Q2 2024: $145.1 million

Capital expenditures for new store build-outs and digital infrastructure

Lululemon Athletica Inc. is actively spending capital to support its physical and digital expansion. Capital expenditures in Q2 2025 were $177.9 million, up from $145.1 million in Q2 2024, primarily due to the timing of new store openings. Similarly, Q3 2025 CapEx was approximately $178 million, an increase from about $163 million in Q3 2024. For the full fiscal year 2025, the company now expects CapEx to land between $700 million to $720 million, a slight reduction from the prior estimate of $740 million to $760 million.

The store count reflects this investment: as of August 2025, the company operated 476 stores in the United States, with nearly 130 in China Mainland.

Finance: draft 13-week cash view by Friday.

Lululemon Athletica Inc. (LULU) - Canvas Business Model: Revenue Streams

You're looking at the top-line expectations for Lululemon Athletica Inc. as of late 2025, and the guidance reflects a slight moderation from earlier projections. For the full fiscal year 2025, the Company now expects net revenue to land in the range of $10.850 billion to $11.000 billion. This range represents growth of 2% to 4% compared to fiscal 2024, or 4% to 6% when you exclude the impact of the 53rd week in 2024. For context, the second quarter of 2025 saw net revenue reach $2.5 billion, with a reported gross margin of 58.5%.

The core of Lululemon Athletica Inc.'s revenue generation remains its direct-to-consumer (DTC) channel, which encompasses both physical stores and e-commerce. This channel has historically been the primary driver. For instance, in fiscal 2023, DTC accounted for 49% of total revenues, totaling $4.7 Bil. By the fourth quarter of 2024, the digital channel alone contributed $1.8 billion, making up 50% of that quarter's total revenue. The physical footprint continues to expand; at the end of the second quarter of 2025, Lululemon Athletica Inc. operated 784 company-operated stores, up from 770 at the end of the first quarter of 2025.

Here's a look at the most granular channel revenue data available for the fourth quarter of fiscal 2025, showing the relative size of the DTC components:

Revenue Stream Segment	Q4 Fiscal 2025 Revenue Amount
Company-Operated Stores	$1.07 billion
E-Commerce	$905.79 million
Other (Wholesale, Franchise, etc.)	$232.58 million

Sales from the core women's apparel and accessories categories remain foundational, though the growth narrative is increasingly focused on diversification. In the first quarter of 2025, women's revenue grew by 7%, while accessories also saw an 8% increase. Still, the strategic push into other areas is clear, as men's revenue grew by 8% in that same period, signaling a successful effort to shift perception away from being solely a women's brand. The company is actively investing in new categories to broaden this base.

The growth from men's and new categories is a key lever for future revenue, building on long-term goals. Management has previously stated an ambition to double the men's business and double digital revenue by 2026. New areas of focus that contribute to revenue growth include:

• Footwear expansion.
• Entry into specialized sports like golf and tennis.
• Continued international expansion, with China mainland revenue expected to grow between 20% to 25% for the full year 2025.

A potentially new, though less quantified, revenue stream involves membership fees. Lululemon Athletica Inc. operates a free loyalty program called the "essential membership," which offers shopping benefits and access to monthly events and experiences. While the primary financial benefit of this program is driving repeat purchases through the DTC channels, the structure suggests a pathway for future premium or subscription-based offerings, similar to models seen in adjacent fitness technology spaces, which could materialize as a distinct revenue line item going forward.