Lululemon Athletica Inc. (LULU): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de roupas atléticas, Lululemon Athletica revolucionou como percebemos roupas de treino, transformando -a de meros equipamentos funcionais em uma declaração de estilo de vida. Além de vender calças de ioga e desgaste do desempenho, a Lululemon criou um modelo de negócios sofisticado que entrelaça a qualidade premium, design inovador e experiências orientadas pela comunidade. Ao se posicionar estrategicamente na interseção de condicionamento físico, moda e tecnologia, eles criaram um ecossistema único que ressoa com consumidores conscientes da saúde e profissionais urbanos que buscam mais do que apenas roupas-eles estão comprando uma filosofia de bem-estar que se estende muito além limites tradicionais de varejo.

Lululemon Athletica Inc. (LULU) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas com fabricantes de tecidos sofisticados

A Lululemon faz parceria com fabricantes de têxteis especializados para desenvolver tecnologias proprietárias de tecido:

Fabricante	Foco em parceria	Tecnologia de tecido
Toray Industries	Tecidos de desempenho	Luxtreme, Nulu
Teijin Limited	Materiais sustentáveis	Misturas de poliéster recicladas

Colaboração com influenciadores e atletas de fitness

As principais parcerias de atletas incluem:

• Simone Biles (ginástica)
• Misty Copeland (balé)
• Robert Kraft (proprietário do New England Patriots)

Parcerias de varejo com lojas de departamento premium

A rede de distribuição de varejo da Lululemon inclui:

Varejista	Número de locais	Tipo de parceria
Nordstrom	116 lojas	Parceria por atacado
Saks Quinta Avenida	40 lojas	Seleção de produto com curadoria

Parcerias de tecnologia para inovação digital

Colaborações de tecnologia digital:

• Mirror Interactive Fitness Platform
• Integração da saúde da Apple
• Conectividade do aplicativo de fitness strava

Fornecedores de materiais sustentáveis ​​e fornecedores ecológicos

Métricas de parceria ambiental:

Iniciativa de Sustentabilidade	2023 porcentagem	Compromisso do fornecedor
Uso de poliéster reciclado	75%	Fornecedores certificados bluesign
Fornecimento de algodão orgânico	25%	Certificado com comércio justo

Lululemon Athletica Inc. (LULU) - Modelo de negócios: Atividades -chave

Design de produto e inovação em roupas atléticas

A Lululemon investiu US $ 110,4 milhões em pesquisa e desenvolvimento em 2022. A empresa mantém 10 centros de design em todo o mundo, com hubs de inovação primária em Vancouver, Canadá e Nova York.

Projeto áreas de foco	Investimento anual
Desenvolvimento técnico de tecido	US $ 45,2 milhões
Inovação de vestuário de desempenho	US $ 35,6 milhões
Pesquisa de Materiais Sustentáveis	US $ 29,6 milhões

Gerenciamento de experiência de varejo digital e físico

A Lululemon opera 664 lojas de propriedade da empresa em todo o mundo a partir de 2023. As vendas digitais representaram 41% da receita total no ano fiscal de 2022.

• Tráfego da plataforma on -line: 125 milhões de visitantes mensais
• Downloads de aplicativos móveis: 8,3 milhões de usuários ativos
• Investimento de Integração Omnichannel: US $ 78,5 milhões em 2022

Marketing de marca e envolvimento da comunidade

As despesas de marketing atingiram US $ 340,6 milhões no ano fiscal de 2022, representando 8,2% da receita total.

Canal de marketing	Porcentagem de alocação
Marketing digital	52%
Parcerias de influenciadores	22%
Patrocínio de eventos	15%
Mídia tradicional	11%

Cadeia de suprimentos e gerenciamento de inventário

A Lululemon trabalha com 47 parceiros estratégicos de fabricação em 13 países. A taxa de rotatividade de estoque foi de 4,2x em 2022.

• SUPORTION Sustainable: 84% dos materiais de fontes responsáveis
• Instalações de fabricação: 75% localizados na Ásia
• Valor do inventário: US $ 1,2 bilhão em janeiro de 2023

Desenvolvimento contínuo de produtos e previsão de tendências

A empresa lançou 600 estilos de novos produtos em 2022, com 35% desenvolvidos através de mecanismos diretos de feedback do cliente.

Categoria de produto	Novos estilos introduzidos
Vestuário de ioga feminino	210 estilos
Vestuário para treinamento masculino	185 estilos
Acessórios	125 estilos
Calçados	80 estilos

Lululemon Athletica Inc. (LULU) - Modelo de negócios: Recursos -chave

Forte reputação da marca no desgaste atlético premium

No quarto trimestre 2023, a Lululemon registrou um valor de marca de US $ 4,76 bilhões, com uma pontuação global de reconhecimento de marca de 82%. A empresa mantém um posicionamento premium com preços médios de produto que variam de US $ 88 a US $ 178 por item.

Tecnologia proprietária de tecido e experiência em design

Tecnologia de tecido	Principais características	Investimento em desenvolvimento
Luon	Alongamento de quatro vias	US $ 23,4 milhões de investimentos em P&D em 2023
Nulu	Tecido leve e respirável	Custos de desenvolvimento de patentes: US $ 8,7 milhões
EverLux	Seca rápida e regulação da temperatura	Orçamento anual de inovação de tecido: US $ 16,5 milhões

Extensa rede global de varejo e distribuição on -line

Em janeiro de 2024, o Lululemon opera:

• 521 lojas de varejo de propriedade da empresa globalmente
• Presença internacional em 18 países
• Plataformas de comércio eletrônico em 12 mercados primários
• Vendas on -line anuais: US $ 2,1 bilhões (36% da receita total)

Equipes de design e marketing qualificadas

Composição da força de trabalho a partir de 2023:

• Total de funcionários: 28.700
• Equipe de design: 672 profissionais
• Equipe de marketing: 514 especialistas
• Investimento médio de treinamento anual de funcionários: US $ 3,2 milhões

Plataformas E-Comércio e Digital avançadas

Métricas de plataforma digital	2023 desempenho
Downloads de aplicativos móveis	4,3 milhões
Investimento de plataforma digital	US $ 47,6 milhões
Taxa de conversão online	3.8%
Engajamento digital do cliente	2,1 milhões de usuários mensais ativos

Lululemon Athletica Inc. (LULU) - Modelo de negócios: proposições de valor

Vestuário atlético e de estilo de vida de alta qualidade, orientado a desempenho

A linha de produtos de Lululemon gerou US $ 8,1 bilhões em receita para o ano fiscal de 2023, com um preço médio de venda de US $ 89 para produtos femininos e US $ 85 para produtos masculinos.

Categoria de produto	Contribuição da receita	Taxa de crescimento
Vestuário feminino	62%	18% A / A.
Vestuário masculino	28%	25% A / A.
Acessórios	10%	15% A / A.

Roupas de exercícios inovadoras e elegantes

• Desenvolvido 42 novas tecnologias de tecido em 2023
• Investiu US $ 48,3 milhões em pesquisa e desenvolvimento
• Lançado 237 novos designs de produtos

Conforto premium e engenharia técnica de tecido

Custos de inovação materiais: US $ 22,7 milhões em 2023, com foco em tecnologias de alongamento que absorvem umidade e quatro vias.

Tecnologia de tecido	Métrica de desempenho
Luon	92% de capacidade que absorve umidade
Nulu	86% de desempenho leve
EverLux	95% de propriedades de secagem rápida

Marca de estilo de vida transcendendo o desgaste atlético tradicional

Locais globais de varejo: 682 lojas em 17 países, com vendas on -line representando 40% da receita total em 2023.

Experiência de bem-estar e fitness focados na comunidade

• 1.246 aulas de fitness comunitária gratuitas oferecidas em 2023
• 387.000 participantes do evento comunitário
• US $ 5,2 milhões investidos em programação de bem -estar

Lululemon Athletica Inc. (LULU) - Modelo de negócios: Relacionamentos do cliente

Engajamento orientado pela comunidade através de eventos de fitness

Lululemon hospeda aproximadamente 1.200 eventos de fitness anualmente em toda a América do Norte. Em 2023, esses eventos atraíram mais de 250.000 participantes. A empresa mantém 454 locais de lojas globalmente, com 355 nos Estados Unidos.

Tipo de evento	Participantes anuais	Freqüência
Aulas de ioga	85,000	Semanalmente
Clubes em execução	65,000	Semanalmente
Workshops de treinamento	100,000	Mensal

Experiências de compras digitais e na loja personalizadas

Métricas de engajamento da plataforma digital para 2023:

• Downloads de aplicativos móveis: 3,2 milhões
• Taxa de conversão online: 4,7%
• Duração média da sessão digital: 7,3 minutos

Programa de fidelidade com benefícios exclusivos para membros

O programa de fidelidade de Lululemon, lançado em 2022, relata:

Métrica de associação	2023 dados
Total de membros	1,5 milhão
Repita a taxa de compra	62%
Gasto médio de membros	US $ 425 anualmente

Interação ativa da mídia social e conteúdo gerado pelo usuário

Estatísticas de engajamento de mídia social para 2023:

• Seguidores do Instagram: 2,7 milhões
• Postagens de conteúdo gerado pelo usuário: 45.000 mensais
• Taxa média de envolvimento: 3,2%

Feedback do cliente e melhoria contínua do produto

Insights de desenvolvimento de produtos:

Métrica de feedback	2023 dados
Pesquisas de clientes realizadas	12,500
Iterações do produto com base no feedback	87 linhas de produtos
Classificação de satisfação do cliente	4.6/5

Lululemon Athletica Inc. (Lulu) - Modelo de Negócios: Canais

Lojas de varejo de propriedade da empresa

A partir do quarto trimestre 2023, a Lululemon operava 699 lojas de varejo de propriedade da empresa em todo o mundo.

Região	Número de lojas
América do Norte	521
Internacional	178

Site de comércio eletrônico

A plataforma de comércio eletrônico direto ao consumidor da Lululemon gerou US $ 2,35 bilhões em receita no ano fiscal de 2023.

• Tráfego do site: 52,4 milhões de visitantes únicos por mês
• Visitas ao site móvel: 68% do tráfego online total

Mercados on-line de terceiros

A Lululemon é vendida através de plataformas on -line selecionadas, gerando aproximadamente US $ 157 milhões em receita de mercado em 2023.

Plataforma	Porcentagem de vendas
Amazon	37%
Zalando	22%
Outras plataformas	41%

Distribuição por atacado

Os canais atacadistas contribuíram com US $ 567 milhões para a receita de Lululemon no ano fiscal de 2023.

• Varejistas de artigos esportivos premium
• Lojas de departamento
• Lojas de fitness especiais

Aplicativo de compra móvel

O aplicativo móvel da Lululemon possui 3,2 milhões de usuários mensais ativos em dezembro de 2023.

Métrica de aplicativo	Valor
Downloads de aplicativos	8,7 milhões
Valor médio da ordem via aplicativo	$128

Lululemon Athletica Inc. (LULU) - Modelo de negócios: segmentos de clientes

Entusiastas da saúde e fitness

Redução demográfica para segmento de saúde e fitness:

Faixa etária	Percentagem	Gastos anuais
25-44 anos	62%	US $ 1.250 por ano
45-54 anos	22%	US $ 875 por ano

Profissionais urbanos

Principais características do segmento de clientes profissionais urbanos:

• Renda anual média: US $ 125.000
• Idade média: 35 anos
• 72% trabalham em ambientes corporativos
• Gastes médios de atletas: US $ 850 anualmente

Praticantes de ioga e bem -estar

Frequência de prática de ioga	Percentagem
3-4 vezes por semana	48%
1-2 vezes por semana	35%
Diário	17%

Millennials e Gen Z, conscientes da moda

Métricas de gastos com segmento:

• Orçamento médio de roupas: US $ 1.500 anualmente
• 65% preferem marcas de moda sustentável
• Influência da mídia social: 89% influenciados pelas tendências online

Indivíduos de alta renda

Faixa de renda	Porcentagem de base de clientes	Gasto médio anual
$150,000-$250,000	42%	$2,100
$250,000-$500,000	28%	$3,500
Mais de US $ 500.000	15%	$5,200

Lululemon Athletica Inc. (LULU) - Modelo de negócios: estrutura de custos

Design de produtos e despesas de desenvolvimento

Para o ano fiscal de 2023, Lululemon registrou US $ 196,1 milhões em despesas de pesquisa e desenvolvimento, representando 2,3% da receita total.

Categoria de despesa	Quantidade (USD)	Porcentagem de receita
Custos de design de produtos	US $ 87,5 milhões	1.02%
Desenvolvimento técnico	US $ 108,6 milhões	1.28%

Custos de fabricação e cadeia de suprimentos

As despesas totais da cadeia de fabricação e suprimentos para 2023 foram de US $ 2,4 bilhões, com um detalhamento detalhado da seguinte maneira:

• Compras de matéria -prima: US $ 752 milhões
• Trabalho de fabricação: US $ 436 milhões
• Logística e transporte: US $ 412 milhões
• Gerenciamento de inventário: US $ 318 milhões
• Controle de qualidade: US $ 184 milhões

Investimentos de marketing e publicidade

As despesas de marketing para o ano fiscal de 2023 totalizaram US $ 433,7 milhões, representando 5,1% da receita total.

Canal de marketing	Gastos (USD)	Porcentagem de orçamento de marketing
Marketing digital	US $ 218,5 milhões	50.4%
Publicidade no varejo	US $ 132,6 milhões	30.6%
Patrocínio e eventos	US $ 82,6 milhões	19%

Operações e manutenção de lojas de varejo

As despesas totais relacionadas à loja de varejo em 2023 totalizaram US $ 687,3 milhões.

• Aluguel e ocupação da loja: US $ 312,4 milhões
• Salários do pessoal da loja: US $ 248,6 milhões
• Manutenção e utilitários da loja: US $ 126,3 milhões

Infraestrutura de tecnologia e plataforma digital

Os investimentos em infraestrutura tecnológica para 2023 foram de US $ 154,2 milhões.

Área de investimento em tecnologia	Gastos (USD)	Porcentagem de orçamento de tecnologia
Plataforma de comércio eletrônico	US $ 68,7 milhões	44.5%
Infraestrutura de TI	US $ 45,3 milhões	29.4%
Segurança cibernética	US $ 40,2 milhões	26.1%

Lululemon Athletica Inc. (LULU) - Modelo de negócios: fluxos de receita

Vendas de varejo direto ao consumidor

No ano fiscal de 2023, Lululemon registrou receita líquida total de US $ 9,59 bilhões. As vendas de varejo direta ao consumidor representaram US $ 5,68 bilhões, representando 59,2% da receita total da empresa.

Canal de vendas	Receita (2023)	Porcentagem da receita total
Lojas de varejo de propriedade da empresa	US $ 4,92 bilhões	51.3%
Showrooms operados pela empresa	US $ 760 milhões	7.9%

Transações de comércio eletrônico online

As vendas digitais representaram US $ 2,76 bilhões em 2023, representando 28,8% da receita total da empresa.

• Taxa de crescimento do comércio eletrônico em 2023: 12% ano a ano
• Vendas móveis: 70% das transações online
• Valor médio do pedido on -line: $ 138

Receita de distribuição por atacado

O canal atacadista gerou US $ 1,15 bilhão em 2023, representando 12% da receita total.

Parceiros por atacado	Contribuição da receita
Parceiros de varejo norte -americanos	US $ 820 milhões
Canais por atacado internacionais	US $ 330 milhões

Vendas de expansão do mercado internacional

Os mercados internacionais contribuíram com US $ 1,47 bilhão para a receita total em 2023.

• Canadá: US $ 620 milhões
• Região da APAC: US ​​$ 510 milhões
• Região da EMEA: US $ 340 milhões

Ofertas de linha de produtos complementares

Os fluxos de receita adicionais da diversificação de produtos atingiram US $ 450 milhões em 2023.

Categoria de produto	Receita
Vestuário masculino	US $ 1,92 bilhão
Vestuário feminino	US $ 6,48 bilhões
Acessórios	US $ 380 milhões
Calçados	US $ 670 milhões

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.