Canada-based athletic apparel retailer Lululemon Athletica has revealed plans to expand its international presence by entering the Spanish market.
As part of the expansion, the company will open two stores in Madrid and Barcelona and launch a local e-commerce website.
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lululemon’s first Spanish retail locations will open in Calle Serrano, Madrid, and Paseo de Gracia, Barcelona, in September this year.
In addition, the retailer will launch its e-commerce site, lululemon.es, later this month, making its active apparel and accessories for men and women available in Spain for the first time.
lululemon athletica International executive vice-president André Maestrini said: “As a brand which supports wellbeing, lululemon has a strong synergy with the active, balanced lifestyle enjoyed in Spain.
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“We’re looking forward to connecting with Spanish guests, through our website and at our first retail stores opening in Madrid and Barcelona.
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By GlobalData“The strength of our model across product innovation, guest experience, community and culture provide a unique advantage as we introduce lululemon to our newest market.”
The expansion marks lululemon’s first entry into a new market in Europe since 2019 and is in line with its ‘Power of Three ×2’ growth plan.
Under this strategy, the retailer aims to deliver $12.5bn in revenue, compared with $6.25bn last year, as well as quadruple its international revenues.
The company currently operates nearly 40 stores and three local language sites in France, Germany, Ireland, the Netherlands, Norway, Sweden, Switzerland and the UK.
lululemon also ships to other countries across Europe through its European Union website.
Last month, the retailer reported $1.6bn in net revenue for the first quarter (Q1) of the fiscal year 2022 (FY22), up by 32% from a year earlier.
Its total comparable sales for the three-month period rose by 28%, or 29% on a constant dollar basis.
