Lululemon Will Enter The Footwear Market To Find The "Blank Zone" Of The Market

On Wednesday, Calvin McDonald, CEO of Lululemon, a famous Canadian yoga sportswear retailer, recently announced the latest five-year growth plan and said Lululemon would enter the footwear market.

Although the sports shoes market has been monopolized by giants such as Nike (Nike) and adidas (Adidas), Calvin McDonald said that he has found a "gap" in the market. He said: "We have tested footwear products and learned a lot from them. Consumers support us to sell shoes. We believe that we have found a unique opportunity for Lululemon and the whole market."

"Small brands are booming, and the growth rate has exceeded the overall situation of the market." Matt Powell, sports analyst of NPD Group, described the sneaker market in the United States today.

At present, it is not clear what Lululemon's new shoes will look like. Are they practical fitness sports shoes or fashionable sports shoes that sports shoe lovers like? Calvin McDonald declined to reveal more details, but said he would release more information before the end of the year. He said, "We hope to implement this plan in person and share it with you later."

Lululemon also has a small number of sports shoes on sale. In August 2017, Lululemon began to launch sneakers in some stores in the United States in cooperation with Athletic Propulsion Labs, a Los Angeles sneaker manufacturer. Each pair of sneakers sells for $140 to $200, and is currently being discounted on Lululemon's official website. This is the first time Lululemon has launched footwear products and is also a test of the footwear market. Calvin McDonald said that in the future, he will make a high-profile entry into the footwear market on this successful experience.

The launch of footwear products is part of Lululemon executives' five-year growth plan announced to investors and analysts. The three main growth strategies of the five-year plan include:

Product innovation

Multi channel customer experience

Market expansion

In addition, Lululemon stressed that he hoped that by 2023, the sales revenue of his men's clothing and online business would double, the sales revenue of online business would double, and the international sales revenue would triple. Lululemon's overseas expansion will focus on China and other Asian and European markets. Previously, it announced plans to add 25-30 stores overseas this year. At the same time, the company said that the North American market still has growth potential.

Lululemon, famous for its yoga clothes and fitness equipment, is constantly expanding its product category. Earlier this month, Lululemon launched a new series of beauty and body care, including moisturizing cream, ointment and dry cleaning shampoo designed for sports people.

By the end of April 24, Lululemon's share price had risen slightly by 0.84% from the previous trading day to $178.27 per share.