Lululemon to open first stores in Spain
Canada's Lululemon announced on Tuesday plans to expand further globally, with the activewear company set to open its first stores in Spain as well as an e-commerce site dedicated to the new market over the summer.
The Vancouver-based company said it will open two stores this September, in the heart of Madrid and Barcelona’s shopping districts, on Calle Serrano and Paseo de Gracia, respectively. Prior to that, the yoga wear maker will debut Lululemon.es in late July, bringing the company’s active apparel and accessories for men and women to a dedicated e-commerce platform in Spanish for the first time.
“As a brand which supports wellbeing, Lululemon has a strong synergy with the active, balanced lifestyle enjoyed in Spain,” said André Maestrini, executive vice president, international. “We’re looking forward to connecting with Spanish guests, through our website and at our first retail stores opening in Madrid and Barcelona. The strength of our model across product innovation, guest experience, community and culture provides a unique advantage as we introduce lululemon to our newest market.”
Market expansion is one of three key pillars in Lululemon’s growth strategy. Lululemon currently operates almost 40 stores and three local language sites in eight countries in Europe: France, Germany, Ireland, the Netherlands, Norway, Sweden, Switzerland, and the UK. In addition, Lululemon ships to additional countries across Europe via its EU website.
In its most recent trading update in early June, Lululemon recorded a 32% uptick in revenues for the first quarter. At the time, the company raised its full-year 2022 forecast and now expects revenue between $7.61 billion and $7.71 billion, up from its prior forecast of $7.49 billion to $7.62 billion.
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