Yahoo Finance Lululemon history: Beyond the Ticker
A retailer originally known for its yoga wear, Lululemon (LULU) has evolved into a competitor of Nike (NKE), Adidas (ADDYY), and many more. In 2022 alone, Lululemon's revenue topped $8 billion, a more than 30 percent increase year-over-year.
But what led to Lululemon's success? Let's dive into the company's biggest moments with Beyond the Ticker.
1998
Lululemon was founded in 1998 by Chip Wilson. Its first retail space was inside a local yoga studio in Vancouver, Canada.
2000
In November 2000, Lululemon opened its first official store in Vancouver.
2003
Lululemon’s first store in the United States opened in Santa Monica, California.
2007
On July 27, 2007, Lululemon went public via an initial public offering (IPO) on the NASDAQ at $18 per share.
2013
A few years later, the company hit rocky terrain. In March 2013, Lululemon recalled 17 percent of its black yoga pants for being too sheer, which cost it roughly $60 million in lost sales, according to the New York Times.
Its CEO Christine Day resigned that June, and later told Fortune she left due to conflicting views with its founder Chip Wilson.
That November, Wilson resigned as chairman following accusations of "fat shaming" brand strategies. Wilson previously told Bloomberg TV that issues with his company's leggings were because "some women’s bodies don’t work for the pants."
2014
In the midst of all this noise, Lululemon marched on, pushing more into menswear and investing in digital sales. It also opened its first European store in London.
2018
Day's successor, Laurent Potdevin then resigned in 2018. That August, Calvin McDonald took the helm as CEO and carried forward the momentum as the company moved its appeal beyond yoga.
2020
In June 2020, Lululemon took a chance at at-home, online fitness with the acquisition of Mirror for $500 million and rebranded it as Lululemon Studio.
2023
The company announced plans to ditch the Mirror fitness hardware with plans to end its classes in 2024.
To soften the blow for investors, it signed a five-year strategic global partnership with Peloton (PTON), which would stream its classes on the connected fitness platform and produce and sell Peloton-branded clothes.
After joining the S&P 500 in October, Lululemon's shares soared over 57% in 2023, with the company hitting an all-time high stock price of $511.29 on December 29.
Lululemon continues to expand and compete with the giants of the athletic apparel industry, just this year announcing new footwear offerings, including its first-ever men’s collection.
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Editor's note: This video was produced by Zach Faulds.
Video transcript
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- A retailer originally known for its yoga wear. Lululemon has evolved into a competitor of Nike, Adidas, and many more. In 2022 alone, Lululemon's revenue topped $8 billion, a more than 30% increase year-over-year.
But what led to Lululemon's success? Let's dive into the company's biggest moments with beyond the ticker. Lululemon was founded in 1998 by Chip Wilson. Its first retail space was inside a local yoga studio in Vancouver, Canada.
In November of 2000, Lululemon opened its first official store in Vancouver. Lululemon's first store in the United States opened in 2003 in Santa Monica, California.
On July 27, 2007, Lululemon went public via an initial public offering, an IPO on the NASDAQ at $18 per share.
In March 2013, Lululemon recalled 17% of its black yoga pants for being too sheer, which cost it roughly $60 million in lost sales according to the New York Times.
Its CEO Christine Day resigned that June. And later told fortune, she left due to conflicting views with its founder Chip Wilson.
That November, Wilson resigned as chairman following accusations of fat-shaming brand strategies. Wilson previously told Bloomberg TV that issues with his company's leggings were because quote, "some women's bodies don't work for the pants." In the midst of all this noise, Lululemon marched on pushing more into menswear in 2014 and investing in digital sales. It also opened its first European store in London.
Day's successor, Laurence Potvin, then resigned in 2018. That August, Calvin MacDonald took the helm as CEO and carry forward the momentum as the company moved its appeal Beyond Yoga.
In June 2020, Lululemon took a chance at home online fitness with the acquisition of mirror for $500 million and rebranded it as Lululemon Studio.
In 2023, the company announced plans to ditch the mirror fitness hardware with plans to end its classes in 2024. To soften the blow for investors, it signed a five-year strategic global partnership with Peloton, which had stream its classes on the connected fitness platform and produce and sell Peloton-branded clothes.
After joining the S&P 500 in October, Lululemon shares soared over 57% in 2023 with the company hitting an all-time high stock price of $511.29 on December 29.
Lululemon continues to expand and compete with the giants of the athletic apparel industry just this year announcing new footwear offerings, including its first-ever men's collection.
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