lululemon's June yoga and music concert was a demonstrative event that responded to market demand and brought together yoga enthusiasts. (Image source: internet)
Amid the COVID-19 pandemic that has wreaked havoc on various industries and weakened consumer spending, the clothing industry has been hit hard. From outdoor sports brand Under Armour to fast fashion giants H&M and UNIQLO, no one has been spared. However, one leisurewear brand has successfully turned crisis into opportunity and become a standout in the market - Canadian brand lululemon.
Despite the pandemic, lululemon remains active, and the Hysan Place store in Causeway Bay reopened after renovations recently. (Image source: internet)
Despite being a relatively new brand that was only founded 22 years ago, lululemon has grown rapidly, becoming listed on the Nasdaq and Toronto Stock Exchange in less than a decade. In the past decade, the brand has aggressively expanded overseas, opening its first European retail store in London in 2014 and its flagship store on Tmall in China five years ago. This year, the brand’s performance has been outstanding, with its value increasing by a whopping 40%, making it the fastest-growing company during the pandemic.
These yoga pants, created in collaboration with Swarovski, are priced at $6,588! (Image source: internet)
If you ask your girlfriend or female colleagues, you’ll likely find out that lululemon is one of the fastest-growing yoga clothing brands. With yoga becoming increasingly popular in recent years, lululemon has positioned itself as a yoga product brand, which explains why 70% of its customers are women. In addition, the brand is known for its stylish, high-quality, and performance-driven products, which have earned it high praise from customers. Recently, lululemon collaborated with Swarovski to release a limited edition of 150 Wunder Under crystal yoga pants, which feature crystal-embedded pant legs and retail for HK$6,588, demonstrating the brand’s dominance.
With both the brand ambassador and guest tutor Alex Lam given equal footing, it's evident that lululemon values educators highly. (Image source: internet)
However, today's consumers place increasing emphasis on the value for money of a product. In addition to its primary function, they also consider whether the product can be used for multiple purposes. As the pioneer of the yoga wear trend, lululemon’s sports and leisurewear can be worn for both exercise and everyday wear, making it a popular choice for customers. However, more importantly, lululemon is not just selling clothes, but also promoting a lifestyle.
The Tsim Sha Tsui Harbour City store is the largest lululemon store in Hong Kong. (Image source: internet)
In most lululemon stores around the world, they are not just selling clothes, but also serve as yoga and fitness studios. The brand actively invites local yoga teachers and fitness coaches to become brand ambassadors and offers free classes in-store, attracting yoga and fitness enthusiasts who share the brand's lifestyle and philosophy, promoting them to become brand followers. lululemon also attracts potential customers through its annual 'SweatLife Festival'.
The annual SweatLife Festival is like a gathering of yoga enthusiasts. (Image source: internet)
Undoubtedly, the pandemic has had a certain impact on lululemon's revenue. However, with a huge fan base and a series of online activities, lululemon has successfully emerged from the crisis. This shows that as long as companies respond appropriately, crises can easily turn into opportunities.
