Lululemon Athletica Inc. (LULU): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des vêtements d'athlétisme, Lululemon Athletica a révolutionné la façon dont nous percevons les vêtements d'entraînement, le transformant d'un simple équipement fonctionnel à une déclaration de style de vie. Au-delà de la simple vente de pantalons de yoga et de l'usure des performances, Lululemon a conçu un modèle commercial sophistiqué qui entrelace la qualité de première qualité, le design innovant et les expériences axées sur la communauté. En se positionnant stratégiquement à l'intersection du fitness, de la mode et de la technologie, ils ont créé un écosystème unique qui résonne avec les consommateurs et les professionnels urbains soucieux de la santé à la recherche de plus que des vêtements - ils achètent une philosophie de bien-être qui s'étend bien au-del limites de vente au détail traditionnelles.

Lululemon Athletica Inc. (LULU) - Modèle commercial: partenariats clés

Partenariats stratégiques avec des fabricants de tissus haut de gamme

Lululemon s'associe à des fabricants de textiles spécialisés pour développer des technologies de tissu propriétaires:

Fabricant	Focus de partenariat	Technologie de tissu
Toray Industries	Tissus de performance	Luxtreme, Nulu
Teijin Limited	Matériaux durables	Mélanges de polyester recyclés

Collaboration avec les influenceurs et les athlètes de fitness

Les partenariats clés des athlètes comprennent:

• Simone Biles (gymnastique)
• Misty Copeland (ballet)
• Robert Kraft (propriétaire des Patriots de la Nouvelle-Angleterre)

Partenariats de vente au détail avec les grands magasins premium

Le réseau de distribution de détail de Lululemon comprend:

Détaillant	Nombre d'emplacements	Type de partenariat
Nordstrom	116 magasins	Partenariat en gros
Saks Fifth Avenue	40 magasins	Sélection de produit organisée

Partenariats technologiques pour l'innovation numérique

Collaborations technologiques numériques:

• Mirror Interactive Fitness Plateforme
• Intégration de la santé Apple
• Connectivité de l'application de fitness Strava

Fournisseurs de matériaux durables et vendeurs écologiques

Métriques de partenariat environnemental:

Initiative de durabilité	Pourcentage de 2023	Engagement des vendeurs
Utilisation recyclée en polyester	75%	Fournisseurs certifiés bluesign
Source de coton biologique	25%	Certifié équitable

Lululemon Athletica Inc. (LULU) - Modèle d'entreprise: Activités clés

Conception de produits et innovation dans les vêtements d'athlétisme

Lululemon a investi 110,4 millions de dollars dans la recherche et le développement en 2022. La société conserve 10 centres de conception dans le monde, avec des pôles d'innovation primaires à Vancouver, au Canada et à New York.

Domaines de mise au point de conception	Investissement annuel
Développement de tissus techniques	45,2 millions de dollars
Innovation de vêtements de performance	35,6 millions de dollars
Recherche de matériaux durables	29,6 millions de dollars

Gestion de l'expérience de vente au détail numérique et physique

Lululemon exploite 664 magasins appartenant à l'entreprise dans le monde en 2023. Les ventes numériques ont représenté 41% des revenus totaux au cours de l'exercice 2022.

• Tradition de plate-forme en ligne: 125 millions de visiteurs mensuels
• Téléchargements d'applications mobiles: 8,3 millions d'utilisateurs actifs
• Investissement d'intégration omnicanal: 78,5 millions de dollars en 2022

Marketing de marque et engagement communautaire

Les dépenses de marketing ont atteint 340,6 millions de dollars au cours de l'exercice 2022, ce qui représente 8,2% des revenus totaux.

Canal de marketing	Pourcentage d'allocation
Marketing numérique	52%
Partenariats d'influence	22%
Commandites d'événements	15%
Médias traditionnels	11%

Chaîne d'approvisionnement et gestion des stocks

Lululemon travaille avec 47 partenaires de fabrication stratégique dans 13 pays. Le rapport de roulement des stocks était de 4,2x en 2022.

• Approvisionnement durable: 84% des matériaux provenant de sources responsables
• Installations de fabrication: 75% en Asie
• Valeur des stocks: 1,2 milliard de dollars en janvier 2023

Développement continu des produits et prévision des tendances

La société a lancé 600 nouveaux styles de produits en 2022, avec 35% développés par le biais de mécanismes de rétroaction des clients directs.

Catégorie de produits	Nouveaux styles introduits
Usure de yoga pour femmes	210 styles
Vêtements de formation pour hommes	185 styles
Accessoires	125 styles
Chaussure	80 styles

Lululemon Athletica Inc. (LULU) - Modèle d'entreprise: Ressources clés

Solide réputation de marque dans les vêtements de sport haut de gamme

Au quatrième trimestre 2023, Lululemon a signalé une valeur de marque de 4,76 milliards de dollars, avec un score mondial de reconnaissance de marque de 82%. La société maintient un positionnement premium avec une tarification moyenne des produits allant de 88 $ à 178 $ par article.

Expertise en technologie de tissu propriétaire et conception

Technologie de tissu	Caractéristiques clés	Investissement en développement
Luon	Étirement à quatre voies de l'humidité	23,4 millions de dollars d'investissement en R&D en 2023
Nulu	Tissu léger et respirant	Coûts de développement des brevets: 8,7 millions de dollars
Everlux	Séchage rapide, régulation de la température	Budget annuel d'innovation en tissu: 16,5 millions de dollars

Extensif réseau mondial de distribution de commerces de détail et en ligne

En janvier 2024, Lululemon fonctionne:

• 521 magasins de détail appartenant à l'entreprise dans le monde entier
• Présence internationale dans 18 pays
• Plates-formes de commerce électronique sur 12 marchés primaires
• Ventes en ligne annuelles: 2,1 milliards de dollars (36% du total des revenus)

Des équipes de conception et de marketing qualifiés

Composition de la main-d'œuvre en 2023:

• Total des employés: 28 700
• Équipe de conception: 672 professionnels
• Équipe marketing: 514 spécialistes
• Investissement de formation annuelle moyenne des employés: 3,2 millions de dollars

Commerce électronique avancée et plateformes numériques

Métriques de plate-forme numérique	Performance de 2023
Téléchargements d'applications mobiles	4,3 millions
Investissement de plate-forme numérique	47,6 millions de dollars
Taux de conversion en ligne	3.8%
Engagement client numérique	2,1 millions d'utilisateurs mensuels actifs

Lululemon Athletica Inc. (LULU) - Modèle d'entreprise: propositions de valeur

Appareils athlétiques et de style de vie de haute qualité, axés sur les performances

La gamme de produits de Lululemon a généré 8,1 milliards de dollars de revenus pour l'exercice 2023, avec un prix de vente moyen de 89 $ pour les produits féminins et 85 $ pour les produits masculins.

Catégorie de produits	Contribution des revenus	Taux de croissance
Vêtements pour femmes	62%	18% en glissement annuel
Vêtements pour hommes	28%	25% en glissement annuel
Accessoires	10%	15% en glissement annuel

Vêtements d'entraînement innovants et élégants

• Développé 42 nouvelles technologies de tissu en 2023
• A investi 48,3 millions de dollars dans la recherche et le développement
• Lancé 237 nouveaux conceptions de produits

Confort premium et ingénierie de tissus technique

Coûts d'innovation matérielle: 22,7 millions de dollars en 2023, en se concentrant sur les technologies de lancement d'humidité et d'étirement à quatre voies.

Technologie de tissu	Métrique de performance
Luon	92% de capacité de piqûre d'humidité
Nulu	86% de performances légères
Everlux	Propriétés à séchage rapide à 95%

La marque de style de vie transcende les vêtements de sport traditionnels

Emplacements mondiaux de vente au détail: 682 magasins dans 17 pays, les ventes en ligne représentant 40% des revenus totaux en 2023.

Expérience de bien-être et de fitness axée sur la communauté

• 1 246 cours gratuits de fitness communautaire offerts en 2023
• 387 000 participants à l'événement communautaire
• 5,2 millions de dollars investis dans la programmation de bien-être

Lululemon Athletica Inc. (LULU) - Modèle d'entreprise: relations avec les clients

Engagement communautaire à travers des événements de fitness

Lululemon accueille environ 1 200 événements de fitness par an à travers l'Amérique du Nord. En 2023, ces événements ont attiré plus de 250 000 participants. La société conserve 454 emplacements de magasins dans le monde, avec 355 aux États-Unis.

Type d'événement	Participants annuels	Fréquence
Cours de yoga	85,000	Hebdomadaire
Clubs de course	65,000	Hebdomadaire
Ateliers de formation	100,000	Mensuel

Expériences de magasinage numériques et en magasin personnalisés

Métriques d'engagement de la plate-forme numérique pour 2023:

• Téléchargements d'applications mobiles: 3,2 millions
• Taux de conversion en ligne: 4,7%
• Durée moyenne de session numérique: 7,3 minutes

Programme de fidélité avec des avantages exclusifs des membres

Le programme de fidélité de Lululemon, lancé en 2022, rapporte:

Métrique de l'adhésion	2023 données
Total des membres	1,5 million
Taux d'achat répété	62%
Dépenses moyennes des membres	425 $ par an

Interaction active des médias sociaux et contenu généré par l'utilisateur

Statistiques d'engagement des médias sociaux pour 2023:

• Followers Instagram: 2,7 millions
• Messages de contenu générés par l'utilisateur: 45 000 mois
• Taux d'engagement moyen: 3,2%

Commentaires des clients et amélioration continue des produits

Informations sur le développement des produits:

Métrique de rétroaction	2023 données
Enquêtes clients menées	12,500
Itérations des produits basées sur les commentaires	87 gammes de produits
Évaluation de satisfaction du client	4.6/5

Lululemon Athletica Inc. (LULU) - Modèle d'entreprise: canaux

Magasins de détail appartenant à l'entreprise

Au quatrième trimestre 2023, Lululemon a exploité 699 magasins de détail appartenant à l'entreprise dans le monde.

Région	Nombre de magasins
Amérique du Nord	521
International	178

Site Web de commerce électronique

La plate-forme de commerce électronique directe au consommateur de Lululemon a généré 2,35 milliards de dollars de revenus au cours de l'exercice 2023.

• Trafic de site Web: 52,4 millions de visiteurs uniques par mois
• Visites de site Web mobile: 68% du trafic en ligne total

Places de marché en ligne tierces

Lululemon se vend via certaines plateformes en ligne, générant environ 157 millions de dollars de revenus de marché en 2023.

Plate-forme	Pourcentage de ventes
Amazone	37%
Zalando	22%
Autres plateformes	41%

Distribution de gros

Les canaux de gros ont contribué 567 millions de dollars aux revenus de Lululemon au cours de l'exercice 2023.

• Détaillants d'articles de sport premium
• Grands magasins
• Magasins de fitness spécialisés

Application de magasinage mobile

L'application mobile de Lululemon compte 3,2 millions d'utilisateurs mensuels actifs en décembre 2023.

Métrique de l'application	Valeur
Téléchargements d'applications	8,7 millions
Valeur de commande moyenne via l'application	$128

Lululemon Athletica Inc. (LULU) - Modèle d'entreprise: segments de clientèle

Antactifs de santé et de fitness

Déchange démographique pour le segment de la santé et du fitness:

Tranche d'âge	Pourcentage	Dépenses annuelles
25-44 ans	62%	1 250 $ par an
45-54 ans	22%	875 $ par an

Professionnels urbains

Caractéristiques clés du segment de clientèle professionnel urbain:

• Revenu annuel moyen: 125 000 $
• Âge médian: 35 ans
• 72% de travail dans des environnements d'entreprise
• Dépenses moyennes en athleisure: 850 $ par an

Yoga et praticiens du bien-être

Fréquence de pratique du yoga	Pourcentage
3-4 fois par semaine	48%
1-2 fois par semaine	35%
Tous les jours	17%

Millennials conscients de la mode et Gen Z

Mesures de dépenses de segment:

• Budget moyen des vêtements: 1 500 $ par an
• 65% préfèrent les marques de mode durables
• Influence des médias sociaux: 89% influencés par les tendances en ligne

Individus à revenu élevé

Tranche de revenu	Pourcentage de clientèle	Dépenses annuelles moyennes
$150,000-$250,000	42%	$2,100
$250,000-$500,000	28%	$3,500
Plus de 500 000 $	15%	$5,200

Lululemon Athletica Inc. (LULU) - Modèle d'entreprise: Structure des coûts

Dépenses de conception et de développement des produits

Pour l'exercice 2023, Lululemon a rapporté 196,1 millions de dollars de frais de recherche et développement, ce qui représente 2,3% des revenus totaux.

Catégorie de dépenses	Montant (USD)	Pourcentage de revenus
Coûts de conception des produits	87,5 millions de dollars	1.02%
Développement technique	108,6 millions de dollars	1.28%

Coûts de fabrication et de chaîne d'approvisionnement

Les dépenses totales de fabrication et de chaîne d'approvisionnement pour 2023 étaient de 2,4 milliards de dollars, avec une ventilation détaillée comme suit:

• Procurement des matières premières: 752 millions de dollars
• Travail fabriqué: 436 millions de dollars
• Logistique et transport: 412 millions de dollars
• Gestion des stocks: 318 millions de dollars
• Contrôle de la qualité: 184 millions de dollars

Investissements marketing et publicitaire

Les dépenses de marketing pour l'exercice 2023 ont totalisé 433,7 millions de dollars, ce qui représente 5,1% des revenus totaux.

Canal de marketing	Dépenses (USD)	Pourcentage du budget marketing
Marketing numérique	218,5 millions de dollars	50.4%
Publicité au détail	132,6 millions de dollars	30.6%
Parrainage et événements	82,6 millions de dollars	19%

Exploitations et entretien des magasins de détail

Les dépenses totales liées aux magasins de détail en 2023 s'élevaient à 687,3 millions de dollars.

• Locage et occupation des magasins: 312,4 millions de dollars
• Salaires du personnel des magasins: 248,6 millions de dollars
• Entretien et services publics de magasin: 126,3 millions de dollars

Infrastructure technologique et plate-forme numérique

Les investissements sur les infrastructures technologiques pour 2023 étaient de 154,2 millions de dollars.

Zone d'investissement technologique	Dépenses (USD)	Pourcentage du budget technologique
Plate-forme de commerce électronique	68,7 millions de dollars	44.5%
Infrastructure informatique	45,3 millions de dollars	29.4%
Cybersécurité	40,2 millions de dollars	26.1%

Lululemon Athletica Inc. (LULU) - Modèle d'entreprise: Strots de revenus

Ventes de vente au détail directement aux consommateurs

Au cours de l'exercice 2023, Lululemon a déclaré un chiffre d'affaires net total de 9,59 milliards de dollars. Les ventes de détail directement aux consommateurs ont représenté 5,68 milliards de dollars, ce qui représente 59,2% du total des revenus de l'entreprise.

Canal de vente	Revenus (2023)	Pourcentage du total des revenus
Magasins de détail appartenant à l'entreprise	4,92 milliards de dollars	51.3%
Salles d'exposition exploitées par l'entreprise	760 millions de dollars	7.9%

Transactions de commerce électronique en ligne

Les ventes numériques représentaient 2,76 milliards de dollars en 2023, représentant 28,8% du total des revenus de l'entreprise.

• Taux de croissance du commerce électronique en 2023: 12% d'une année sur l'autre
• Ventes mobiles: 70% des transactions en ligne
• Valeur de commande en ligne moyenne: 138 $

Revenus de distribution de gros

Le canal de gros a généré 1,15 milliard de dollars en 2023, ce qui représente 12% du total des revenus.

Partenaires en gros	Contribution des revenus
Partenaires de vente au détail nord-américains	820 millions de dollars
Canaux de gros internationaux	330 millions de dollars

Ventes d'expansion du marché international

Les marchés internationaux ont contribué à 1,47 milliard de dollars au total des revenus en 2023.

• Canada: 620 millions de dollars
• Région APAC: 510 millions de dollars
• Région EMEA: 340 millions de dollars

Offres complémentaires de la gamme de produits

Des sources de revenus supplémentaires de la diversification des produits ont atteint 450 millions de dollars en 2023.

Catégorie de produits	Revenu
Vêtements pour hommes	1,92 milliard de dollars
Vêtements pour femmes	6,48 milliards de dollars
Accessoires	380 millions de dollars
Chaussure	670 millions de dollars

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.