- Lululemon continues to outpace sales expectations during the pandemic due to demand for athleisure.
- The company has also succeeded in investing in digital growth, including its acquisition of Mirror.
- Insider identified 11 power players driving the brand’s growth, based on public info and past reporting.
- Visit the Business section of Insider for more stories.
Lululemon had an impressive 2020, and now its gearing up for an even bigger 2021.
The athleticwear company, best known for championing the athleisure trend, has been among the rare few winners of the pandemic as demand for comfortable clothing among remote workers and quarantined Americans has skyrocketed. In its most recent quarter, Lululemon reported a 22% year-over-year increase in net revenue, reaching $1.1 billion, while its e-commerce business nearly doubled, growing by 94%.
Founded in 1998 in Vancouver, Canada, Lululemon has evolved from a high-end purveyor of yoga pants for women to outfitting all genders in everything from high-intensity exercise apparel to garb for lounging around the house or running errands. In recent years, the company has expanded its product assortment to include a wider array of performance-driven items, as well as fashion-forward styles that can be worn both at the gym and the office.
The company’s success is largely thanks to its current executive team led by CEO Calvin McDonald, who took over in 2018, after previously serving as CEO of Sephora Americas. In addition to leading Lululemon into a new era highlighted by e-commerce and new product offerings, McDonald was tasked with improving the company’s reputation after a series of high-profile blips, including the resignation of former chief executive Laurent Potdevin and infamous fat-shaming comments made by Lululemon founder Chip Wilson in 2013.
Now, Lululemon has found a sweet spot in digital initiatives, both within its stores and its growing e-commerce business. The company solidified its commitment to digital with its 2020 acquisition of Mirror, the at-home connected fitness company that has also seen impressive sales during the pandemic.
Insider took a closer look at 11 power players at Lululemon who are leading the impressive growth of the athletic apparel company. We used publicly available information and previous reporting to select these executives based on seniority and their levels of influence and responsibility.
Scroll down to read about them, listed alphabetically.